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 Replies: 13 / Views: 1,560 |
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Pillar of the Community
United States
931 Posts |
This debt crisis is insolvable and will be headline news for many years. There is absolutely no way to solve this debt problem. They have shipped all of our industrial jobs overseas. The only taxes that will be coming in are from income taxes from government employees and government does not generate anything or produce anything except more debt. They are going to have to raise money through inflation, and inflation takes money from every one in the country that has any savings. They reach right into your savings account and take out all that they can through inflation, which is actually a tax against frugal savers who have done the right thing all of their lives. The only people that are going to survive this modern economy intact are those who move their savings into precious metals or Swiss Francs and a number of other fiat currencies that have shown some restraint in government spending, such as Canada. I live 70 miles from th Canadian Border and I am contemplating going to Canada and putting my cash reserves into a Canadian savings account. I plan to put it into a Canadian based bank as opposed to HSBS or other foreign based banks with branches in Canada. Any opinions on this strategy for preservation of wealth in these days of United States Governmental failure? Edited by junior e
07/27/2011 10:43 am
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Pillar of the Community
United States
830 Posts |
Sounds like a good plan and I concur about gold. I wish I was close enough to Canada to do that. But I do own Canadian and Aussie equities through EWC & EWA, also anyone can basically buy the Swiss Franc by buying FXF.
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Pillar of the Community
United States
3345 Posts |
I think it's a good idea to move your money into foreign banks, but not yet. Maybe wait to silver/gold jumps again and starts to skyrocket. It will when people begin to realize the Gov't can't hold them for long. (I think many people have already realized this but not enough)
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Valued Member
United States
230 Posts |
It's a good idea to hedge physical silver and paper dollars using the markets.
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Pillar of the Community
United States
3670 Posts |
"I think it's a good idea to move your money into foreign banks"
I would suggest if your gonna go that route, then you should do it sooner than later. As I expect the gov to slap so many regulations an taxes on sending ones money over sea's, that it will no longer make sense to do so much longer....
Edited by Silverhawk74
07/27/2011 3:26 pm
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Pillar of the Community
United States
4008 Posts |
Milton Friedman once wrote, "Inflation is the one form of taxation that can be imposed without legislation".
Clearly, the massive printing of US currency will lead to inflation that is just as massive. It is a fundamental law of economics that scarcity and value are related just as commonness and cheapness are related. As the US dollar becomes more and more common due to printing it faster than the US economy grows, it will become cheaper. It HAS to.
To protect our savings from this silent thief, we do need to take whatever measures we can. I agree that putting money into foreign investments and into investments that are denominated in Aussie or Canadian dollars, Norwegian Krone, or Swiss Francs would be a good plan.
There is a Florida bank by the name of Ever Bank that offers CDs that are denominated in individual and baskets of foreign currencies. These do pay a small amount of interest, but it is likely that investing in these will lead to larger gains via the foreign currency to dollar conversion when they are redeemed than they will pay in interest. I believe that this same bank also offers accounts that hold PMs. Either of these investments might be a way of diversifying out of dollars and into other currencies. I have not checked into these accounts or invested in them... yet... but I do plan to check them out with that in mind.
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Rest in Peace
United States
9104 Posts |
e-
If you're going to put money in a Canadian account, make sure it's denominated in CAD, CHF or AUD.
Potential problems: Not having a CA address, moving cash across the border.
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Pillar of the Community
 United States
931 Posts |
Yeah. The details of physically getting the move done are a mystery as I haven't been able to find much on the subject. I had assumed that I could get I done with a cashier's check or a bank wire. I know that you would have toclaim any interest but since no one is paying any interest it's kind of a moot point. That Ever bBank sounds like a legally easier way to achieve the same goal. I hear some say that it's a little late to convert to Swiss Francs but I think it still would maintain current value better than doing nothing at all.
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Pillar of the Community
United States
4008 Posts |
Quote:
I hear some say that it's a little late to convert to Swiss Francs but I think it still would maintain current value better than doing nothing at all. It could well be too late for that. On the other hand, isn't that a bit like saying that it is too late to buy gold? Some of us have been thinking that for the last $1000 or so of gold price increases!  |
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Pillar of the Community
United States
830 Posts |
Yeah I wish I'd bought FXF about a month ago when it was showing weakness. Next put back maybe, or next pull back on gold.
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Rest in Peace
United States
9104 Posts |
Quote:
That Ever bBank sounds like a legally easier way to achieve the same goal. Except for one tiny problem. It falls under US gubmint banking regulations, Canada doesn't. |
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Pillar of the Community
United States
3670 Posts |
From what I continue to see through all this weekend, is the title of this thread proably holds very true....
Speaking of weekend. I bet this is the longest weekend of most of these guys lives. And they probably have not had to put in such a long work week, since they spent their entire FIRST term attempting to get re-elected....
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Rest in Peace
United States
9104 Posts |
I hear even the president has been present.
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Moderator
 United States
16679 Posts |
Quote:
since they spent their entire FIRST term attempting to get re-elected....
Good luck. swcoin.ecrater.com
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Replies: 13 / Views: 1,560 |
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Posted 07/27/2011 10:24 am
