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Sound Like Cyprus? The SEC Proposed This Strict New Rule on Money Market Account With

Discussion in 'Preparedness & Survival' started by erudne, Jun 10, 2013.

  1. erudne

    erudne The Pie Matrix PPL Say Sleeping W/Your Rifle Is A bad Thing? Bronze Supporter

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  2. Burt Gummer

    Burt Gummer Portland Completely Out of Ammo

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    In a collapse the absolute worst place to have any resources is with a bank or financial institution. Or let's just say 'paper.'

    The banksters openly talk about 'holidays' where the banks lock their doors and everything is re-evaluated, funds withheld, valued reduced, etc - but people don't care. We are taught that the words bank and 'safe' go together since birth.

    I try to tell friends that have IRAs that they might as well be flushing it down the toilet, they'll never see it, but oh well; they'll live and learn I guess. There are going to be massive mobs of very angry naive mobs at some point. Hence, exactly what DHS is prepping for ...

    People just can't look at the Casino (Wall St/stocks), hidden/skyrocketing inflation (purchasing power evaporating, etc) right in front of their faces? The stage is all set.

    http://theeconomiccollapseblog.com/...-the-u-s-economy-is-about-to-really-slow-down
     
  3. billcoe

    billcoe PDX Platinum Supporter Platinum Supporter

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    An IRA can be invested in many different things. A portion of mine is in an ETF that leverages interest rates. If rates rise I make a fortune. If they decline...:-( What would you perceive to be the best place to invest the extra scratch Burt, assuming that one felt that they had too many firearms and ammo of course:)
     
  4. Cortes

    Cortes Tualatin Active Member

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    Well you asked Burt, but I'll comment.

    From my viewpoint this is a time to hedge. So purchasing things that have intrinsic lasting value will best protect the fruit of your hard work. My wife cashed in her 401k, paid the tax hit, and invested it in a water well and pump. This was three years ago, and she is still happy with what she did.

    Not just because of the fragile financial system we have, but also because of worldwide water shortages, the means to produce food is going to be big in the coming years.

    Oregon and Southwest Washington are not as bad hit by water problems, so we are well positioned to help meet that need and make a good profit while doing it.

    Invest in farmland with proven water sources, and all the ancilliary things necessary to operate the farm. If you are not a farm type, you can still invest with those who are.

    The nice thing about farmland vs metals is that it is not just a hedge. There is great potential for future income.
     
  5. EZLivin

    EZLivin SW of PDX Well-Known Member

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    If people could get it through their brains that depositors are considered creditors to these financial institutions then they would understand the risks inherent in these entities (banks, brokerages, insurance companies, etc.). It seems that institutional funds, and accounts in excess of the "insurance" limits, have a real possibility of being hit at some point, but individual depositors & investors with assets at levels covered by insurance could still suffer from frozen accounts, or, insurance paid out not in cash, but via bonds of specific duration (limiting access to funds). I'm 100% convinced we are going to see it happen here in the U.S.
     
  6. knuckle Head

    knuckle Head southeast Well-Known Member

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    Reading these posts I am convinced you guys are right, or at least I believe I am convinced.

    I think I am also suffering from of Normalcy Bias or have gotten the guts up to cash mine I yet.

    Kind a like the fact that I am supposed to get a furlough one day a week starting on the 8th, I have planned for it, prepped and am more prepared than 95% of the people where I work, but part of me says it will not happen. I know I am probably comparing water melons to apples here, but sometimes certain things are hard to accept.

    Also part of my dilemma is I am still trying to get a transfer to the middle of nowhere and have not found the place I want to buy yet, so I am reluctant to cash in the tsp (401K) because I do not trust the banks anymore than I do my retirement account
     
  7. EZLivin

    EZLivin SW of PDX Well-Known Member

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    We haven't exited our retirement accounts either. If the system were to go down tomorrow (however/whatever that means) we would rely on the "insurance" steps we have taken in other areas to hopefully balance the losses. Our future hasn't been written yet so in reality we don't know for sure how (or when) things are going to play out. But the "first the Euro, then the Yen, then the US dollar" scenario seems to be holding true, so maybe the "fourth quarter of 2015" timeline for economic SHTF (in the US) will be about right. But if it looks like things are ready to go down sooner than that we will cash out the IRAs and take the hit (if we still can).

    Not all banks will likely go through bail-ins, and not all brokerages will either. The over-leveraged and derivatives-heavy ones (including the "TBTF" guys) could though. My biggest concern is The Depository Trust & Clearing Corporation (DTCC) going down (permanently or temporarily). Our society can probably handle bail-ins on certain banks and brokerages, but if the DTCC goes down just about EVERYBODY who has an IRA, 401, 403, or securities account will be F'd. If TPTB have an unused magic wand they better save it to wave over the DTCC if needed. If it goes down so will our civilized society.
     
  8. 308

    308 ΜOΛΩΝ ΛΑΒΕ ΜOΛΩΝ ΛΑΒΕ Platinum Supporter Silver Supporter

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    I never make decisions based upon fear, and I try to stay focused on what is real rather than what is imagined.
    Fear is expensive.
    Fear convinces one cash out a tax deferred account and give 40% to the very ones who are feared....just so one doesn't feel so afraid.
     
  9. erudne

    erudne The Pie Matrix PPL Say Sleeping W/Your Rifle Is A bad Thing? Bronze Supporter

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    I surprised that you think fear is a bad thing.
    Fear is a survival trait, fear makes you look for what is concealed from you that may do you harm (kill you).
    Fear is what motivates all animals to seek a safer location, change their behavior.
    I'm not recommending you give 40% of your earnings to the .Guv but please realize that .Guv is using your fear of losing that money to keep you immobilized until you loose it all to the enginered inflation and even higher taxes that are coming as a way to steal Trillions out of All American's savings. This is happening already with taxes and fees like the Obama Tire Tax, 35% federal tax on tires.
    You need professional investment advise or wait till you have 0 income. but you need to take action soon.
     
  10. Burt Gummer

    Burt Gummer Portland Completely Out of Ammo

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    I hope you don't mean a gold IRA, because that is just PAPER gold that states you have a certain amount in storage somewhere (you don't).

    I guess WATER can't count because it is free, but I'll say what I always say - something, anything REAL in your possession. A hammer, a can opener, food. A paper representation/certificate will be useless.

    22lr is becoming reasonable again. I don't believe anything could be better for trade/ownership.
     
  11. 308

    308 ΜOΛΩΝ ΛΑΒΕ ΜOΛΩΝ ΛΑΒΕ Platinum Supporter Silver Supporter

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    Never said that. I said I don't make decisions based upon fear. Financial decisions based upon fear are not decisions based upon a wisdom, but rather a primal emotion.
    When you say "you" are you speaking to the audience in general, or me?
    As for me, I subscribe to the logic of Dave Ramsey for personal spending habits, savings and budgets, and also I rely on the sound advise of my personal Financial Adviser at Ameriprise and also The Hartford.
     
  12. knuckle Head

    knuckle Head southeast Well-Known Member

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  13. erudne

    erudne The Pie Matrix PPL Say Sleeping W/Your Rifle Is A bad Thing? Bronze Supporter

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    BOHICA!

    In the wake of the Cyprus Popular Bank’s depositor bail-in, we alerted SD readers on April 2nd to the fact that bail-ins were coming to the US and UK, as The Fed and BOE had quietly created a resolution authority for unlimited bail-ins for TBTF banks.

    Less than 3 months later, the bail-in of the western banking system has officially begun, as the UK’s Co-Operative Bank is seeking a £1.5bn bail-in recapitalization with junior bond holders and investors (including pension funds) facing a complete-100% wipe-out on £370m of permanent interest bearing shares (PIBS) issued by the Co-op.

    As The Telegraph reports, the bail-in is “good news” for Co-Operative Group (Indeed!):
    Co-operative Bank faces nationalisation if junior bondholders reject ‘haircut’
    The Co-operative Bank’s rescue recapitalisation needs the support of £1.05bn – or around 80pc – of the holders of £1.3bn of its junior debt or the lender could end up being nationalised.
    Euan Sutherland, the chief executive of the Co-operative Group, called the rescue plan “good news for The Cooperative Group, The Cooperative Bank, its customers and our members.”
    He said it meant both investors and the group would make “a joint contribution” to the bank’s recapitalisation, without any help from taxpayers.
    However, a group of pensioners and other retail investors in the Cooperative Bank are facing massive losses under the rescue.

    Astonishingly, the banksters are taking the theft to an extreme not even seen in the Cyprus bail-in: 100% losses!:

    http://www.telegraph.co.uk/finance/n...t-haircut.html
     
  14. cookie

    cookie THE SOCIALIST STATE OF KALI - FORNIA Well-Known Member

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    Those that have the gold make the rules. It hurts so bad I can't sit down.
     
  15. Father of four

    Father of four Portland, Oregon Well-Known Member

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    Really big :thumbup::thumbup:!!!!
     
  16. Father of four

    Father of four Portland, Oregon Well-Known Member

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