JIM ROGERS: After Cyprus “Bail-in”–Your Bank Accounts, Pension Plans, Are At Risk
Think banks are pillars of ethics? Wachovia laundered money for Mexican and Columbian drug cartels. Instead of going to jail, they paid a fine and Wells Fargo merged with them.
I appreciate Tekoa Da Silva getting this Jim Rogers interview.
Jim Rogers has always struck me as being candid about what he thinks. In a financial world where there are many hidden land mines, Rogers tries to help those who are what one calls Main Street, USA, the mom and pop businesses and investors. I think it comes from his small town Alabama upbringing, not forgetting one’s roots.
Ask yourself: After the wrath Congress got from bailing out the “too big to fail” banks in the 2010 mid-term elections, do you think those in Congress want a “second flogging”? After all, getting to Congress, the way the system has evolved, might their survival instincts cause them to find another way to bail out the “too big to fail” banks should they have another nosedive?
If they don’t bail out the banks with taxpayer funds, then how is a bailout to occur if there is an assessment that “national security” is at risk?
Would they allow another MF Global raid to occur using pension funds that they’re the custodian?
Or what about the monies on deposits with a failing bank?
What keeps them from doing a Cyprus manuever in the US–basically freezing depositor’s funds and using them as a “bail-in” with an IOU down the road should the bank in jeopardy becomes profitable again?
Do you know the “real health” of the financial institution(s) that holds your hard earned monies?
Should you be doing your due diligence research about the health of your financial institution(s)? How much risk are you willing to take? And what is your financial risk management strategy?
Think about it!–No Name Attorney
April 5, 2013 | By Tekoa Da Silva
I was able to reconnect for an interview with legendary Quantum Fund manager and commodities bull, Jim Rogers. This was an especially groundbreaking interview, as Jim shared thoughts on what governments around the world will be taking next, and what he’s doing right now to protect his personal bank accounts following the Cyprus collapse.
Speaking towards the frightening implications of the Cyprus banking collapse, Jim said that, “It’s been condoned [now] by the IMF, the European union, and everybody else in sight; that a government in need, can take assets. We all knew they could tax us…but this is the first time that I’m aware of, that they’ve gone in and taken bank accounts. They took gold from people in the U.S. in the 1930′s…but I’ve never heard of them taking bank accounts. [Now] they’re doing it. So be careful [because], now they can take your bank account under this precedent.“
When asked if bank account confiscation will be going worldwide, Jim said, ”Well, it’s now in their bag of tricks, but yes, they can do anything they want too now. I for one am worried and I’m taking preparations. Who knows if I’m right or not, but I’d rather be safe than sorry as all of those people who had money in Cyprus have learned. They thought they had a normal bank account…but now it’s been [taken] with the sanctions of many governments and institutions.”
Jim also urged that, “If people have money in any account, anywhere in the world…cut it down to under the guaranteed amount. They might take that too someday when things get desperate, because the precedent has been set, but that’s where I would start if I had money in the bank anywhere in the world.”
With respect to which assets governments will likely be coming for next, Jim said, ”401k plans, IRA’s, and pensions plans which the government knows about [may be next]…They’re rationale would be, ‘Well most people haven’t been doing well in their IRAs and pension plans for the past several years, so we’re going to help you. We’re going to take your pension plan and give you government bonds so that you have a guaranteed return.”
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