Thursday, October 17, 2013

IT IS TIME: Move Your Money Out of the US Banking System

I am often asked if it is time to leave the United States because it has becoming too totalitarian. My answer has been that it depends on the individual and his circumstances, but I haven't  given a blanket "Get out of the United States" advisory.

I am still not prepared to give that warning, however, I am now advising that your money be moved outside the US banking system. Within the last 24 hours, I have learned of two major banks that are making it difficult for you to send international wires or draw out large amounts of cash. Both JPMorganChase and HSBC USA have instituted new policies which will make it difficult for you to withdraw your funds in certain ways. This is not good. There are apparently some workarounds relative to these policies, but just try setting up those workarounds when you want to move your money during some kind of panic.

This is what you will face:

Bank line in California in 2008 at IndyMac Bank
Totalitarians don't take away all your freedoms at once. They do it in incremental measures. Watch the movie The Pianist  to understand how many Jews ended up in gas chambers by shrugging off early totalitarian measures.

The prevention or delaying of certain customers from sending international wires, and JPMorganChase stopping some accounts from withdrawing large amounts of cash,  is a serious signal that we are well along the way to a banking sector that doesn't respect its customers and has no compunctions about preventing customers from pulling out their money, if the banks deem it in their interest to prevent such withdrawals.

Bottom line: You are playing with fire if you keep any serious amount of money in a US bank. 

It is time for serious diversification. Depending upon the size of your assets, there are different things that should be done. But almost everyone should have some cash and gold coins stored outside the banking system. Those with significant assets should begin international diversification now, while it is still possible. I don't consider any country completely safe from the clutches of the US government so international diversification, among many countries, is also called for: Switzerland and Hong Kong for starters, but also other countries that are not known as tax havens, the USG has their claws into these countries, be creative.

34 comments:

  1. It wouldn't hurt to acquire a some bitcoins either. I've moved a large percentage of my cash into bullion and Bitcoin. I have one bank account left and keep little in it.

    Whatever means you use, minimize exposure to the thieving bastards as much as possible.

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    1. Agreed. Bitcoin functions much like gold with regard to its essential properties (scarcity, no middleman, etc), but you're also able to transact with it effortlessly in the modern world, near-instantly, anywhere....which makes it of much more practical use than gold. It's like gold on steroids. Granted, you *do* need the internet to use it, so survivalists will prefer gold, but I, for one, consider it a great hedge against a banking system increasingly prone to capital controls and, in a crises, potentially outright theft (Cyprus).

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    2. In a survival situation, gold is useless. Buy bullets.

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    3. Gold makes maaarvlous bullets...

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    4. In the survival situation created when the unitedstate pulled out of south vietnam, many of the locals traded what they had for paper thin sheets of gold, such sheets are part of a very old tradition there.
      As far as I know, it served them well, i.e. gold was not useless in a survival situation. YMMV.

      Also, from what I've read, gold makes for terrible bullets.

      - RothbardianamericanHelot

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    5. Silver makes very good bullets.

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    6. That's what the Lone Ranger said.

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  2. The irony is that the people who think they are suffering under tyrannical rule in the US do not have any assets to move. They're all broke and blame it on someone else.

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    1. Whatever makes you feel better at the end of the day Jerry.

      Keep telling yourself that and I'm sure it will make you feel better when you get to participate in some sort of bail in or can't get all of your money out in a timely manner when you'd like to do so most. Put all of your trust in your bank. I'm so that will work out really well for you.

      It's funny how you created this fantasy that those recognizing tyranny are all poor. It's almost like you are projecting, almost...

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    2. "They're all broke and blame it on someone else."

      Let's not make blanket assertions here, as we'll lose site of what government interventions do to the people they "serve."

      Firstly, government interventions create more dependency on government programs because of the market distortions those very interventions. Those interventions impact the very people who are not apart of the government favored class. So yes, it is the very people who are not rich who are impacted by the Orwellian notion of the government helping you because it knows what is best.

      Secondly, government controlled public education specifically alienates the people learning in those institutions from being able to understand fundamental free-market and independent thought principles. It is no accident that public schools, controlled by government, foster subservience to that very cycle of dependency. If you don't "use" your budge, you "lose" your budget. Success in government project is zeroing out at the end of the fiscal year. The more demand for your project, the more budget you get.

      Lastly, the Federal Reserve by "printing" money is stealing purchasing power from the people who can least afford it. They are taking my "opportunity costs" and redistributing my wealth to it's politically favored banksters. There is a reason why $1 in 1910, before the Jekyll Island backroom deals were created and duped onto the public as the need for "liquidity" in order to stabilize the financial sector, is now worth an inflation adjusted $0.02.

      So, yes we are all broke. Yes, in general, it is safe to blame that on "someone else" as long as you get your facts straight.

      This isn't about finding a job because you're lazy. It's about finding a job period. Or, why find a job when the Federal Government pays more in "Disability" than the prevailing wage for unskilled labor? That's pure free-market economics right there!

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    3. It's best to not take Jerry seriously. He's one of the most prolific (not to mention hilarious) trolls I've seen anywhere on the internet. Assuming he's even half serious, he's basically throwing out the tired, old idea that anyone who disagrees with the elite's System of paper money must be some poor, dumb, yokel. Never mind that Ron Paul, Peter Schiff, Jeff Berwick, and many others, have done quite well for themselves coming from an Austrian perspective. Some yokels, alright haha.

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    4. Sorry but I have plenty of assets... and I plan to move them.

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    5. im not broke and im not blaming anyone for shit. but i am pulling my "wealth" out of the banks. its taken a long time to amass what little i have. my house is paid off. my other house is paid off. my cars are paid off...though i don't drive a beemer or mercedes....i only have USED, CHEAP cars that get me through. Cash is king. rather, pre 64 is king. Go cry it to your administration who is RICHER than my administration. granted my administration is not the dems,or the repubs. Those who cant (Won't) do, LEECH.

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  3. It's not just large banks doing this. I've found an example of a small, state-licensed bank eliminating international wires entirely, for all classes of accounts, "due to recent regulatory changes":

    https://online.1stnb.com/LoginAdv.aspx

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  4. Even local credit unions are doing this:

    "United Heritage Credit Union’s decision to discontinue outgoing international wire services is resultant from a new consumer protection regulation. "

    https://www.uhcu.org/Site-Alerts/Member-Notification

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    1. Interesting, so what exactly is the new "consumer protection regulation?"

      From the United Heritage CU website:
      "Effective October 19, 2013, United Heritage Credit Union will no longer provide wire transfer services (remittances) to locations outside the United States.
      United Heritage Credit Union’s decision to discontinue outgoing international wire services is resultant from a new consumer protection regulation. United Heritage Credit Union will be able to service your international wire transfer needs until October 19, 2013 and we recommend that you use this time to research alternative means to send funds to foreign locations."

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  5. It actually is regulatory changes, and existing US anti-terrorist laws (and similar laws), that are the catalyst here, not the "capital controls" hysteria at Infowars. Not yet anyway.

    Small, non-NWO, banks have been dropping cash businesses for the last several years, generally citing the paperwork burden, regulatory burden, and fines and penalties for any missteps. The US regulatory apparatus has purposely made life a living hell for banks that service cash business owners. It is a policy implemented from above somewhere in the Executive Branch.

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    1. > US anti-terrorist laws

      Capital controls disguised as anti-terrorist laws are still capital controls.

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  6. Time to get out of Dodge.

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  7. Bad advice, bank deposits fund loans. Your suggestion to withdraw funds from US banks would cause a crisis, not avert one. Next you'll be telling everyone to put their life savings into dinars.

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    1. Couple confusions with your statement. Banks do not rely only on deposits for loans. they also float bonds as well as fiduciary media a la the FED. Also, there are financial institutions(non banks) that organize investments from loans privately. And do not forget although the stock market is heavily manipulated, it is a great source of channeling funds from private citizens to capital intensive industries, therefore maintaining the stability of the economy.

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    2. Hey! Lay off the dinners. I had some of the best meals of my life in dinners.

      You young kids just don't know what great foods they had. Cheese burgers and grilled cheese sandwiches and cherry cokes - not to mention the killer shakes.

      Why I remember, just like it was yesterday that...

      What?

      Dinars???

      What the hell is a dinar?

      Oh... Never mind.

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    3. and that's a bad thing how? Shut em all down, they're fucking crooks.. We don't NEED toilet paper money, humans got by bartering for many many many years.

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    4. I think you mean diners.

      I like a good dinner at a diner also.

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    5. Bible,a dinar is a penny,read Matt:20

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  8. Sincere question here (not for Jerry Wolfgang):

    For those of us who are not wealthy, have a small amount of savings (let's say south of $20,000), small amounts of gold and silver, what would you suggest? Withdrawing most money from the bank in cash? Buying precious metals and/or commodities such as food?

    I'm actually interested in what others would suggest doing. I do have enough cash on hand outside of the bank to operate for a good month or two (or perhaps three), but most of my funds are in a credit union and a couple of other banks.

    Thanks.

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    1. My two cents:

      First: 3 to 6 months food storage
      Second: 30 day's worth of expenses in paper dollars stored in your home (outside of the bank)
      Third: put the balance in gold, silver and bitcoin. Gold and silver are your "anchors" while Bitcoin is your flight capital should you have to leave in a hurry (you can carry a lot more bitcoins than you can bullion). Bitcoin may also be the better medium of exchange in this connected, global economy.

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    2. Only leave in banks and credit unions what you can afford to lose.

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  9. My money has been out of the banks and in bitcoin a long time ago. I hope every one else does the same!!!

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  10. bitcoins? I reckon your nuts if you attempt to store your hard earned in these. if you think that
    a) they are anonymous (think nsa) or
    b) protected by the internet (think total shutdown or censorship)
    you should give me your money and ill look after it for you.
    BUY SOLID ASSETS OR TANGIBLES

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  11. I think a commenter is right that most don't have money in banks, but several people have money in retirement accounts(IRAs, 401k's, and Roths). Do you expect or have any evidence that capital controls will show up in retirement accounts?

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    1. Forced savings in Japan's government run pension system have helped them to perpetuate decades of overspending while maintaining their zombie banks & corporations.

      One could easily imagine the US government in a panic to stave off collapse in a variety of economic ways, claiming they need everyone's 401K's in order to provide for systemic stability.

      They've already shown they are willing to create money and hand it over to the banks to protect said stability, if they are smart enough to worry about hyperinflation it might be the next best course for them to take everyone's savings...claiming that everyone still has it...it's just now "safe".

      Maybe such a move allows the US government to build up a 225% debt to GDP ratio and buys them a few more decades of extravagance for the elite on the backs of everyone else...

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  12. a dollars value here will be the same anywhere you put it. the average working class has less than 5k in their bank at one time,and if it comes to rationing than it wont take long to get it out anyway. if you cant get any then your destitute a week or so sooner. I think I'm down with the bullet investment plan.

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