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

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By

Economic Policy Journal

October 19, 2013

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.

Wenzel: Should You Put the Money You Withdraw in Gold or Bitcoins?

Reprinted with permission from Economic Policy Journal.

http://www.lewrockwell.com/2013/10/robert-wenzel/get-your-money-out-of-the-banks-3/

©2013 Economic Policy Journal



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    Total 4 comments
    • judas iscariot

      What money?

    • crabby

      like a piece of pvc pipe with glued on end caps buried..

      like i trust my money to a foreign govm’t..

      if’n you can’t stand in front of what you got an defend it… it ain’t yours yet..

    • Arcflash

      If you have waited this long you are already screwed since exchange controls are already in place. The smart money started leaving in March as a close freeing was notified by an expensive, exclusive advisory service to get their investments and money out. They were also told to leave the US ASAP while they still can. As well as my friend I also read a blog of an ex-pat American university professor in Europe that received the same message from his US sources in March.

    • manufactured2012

      Some sage advice about money.

      “Wisdom’s protection is like the protection of money; the advantage of knowledge is that wisdom preserves the lives of its possessors.” Eccl 7:12

      “The valuable things of the rich are his strong town, and they are like a protective wall in his imagination.” (Pr 18:11)

      “The rich is the one that rules over those of little means, and the borrower is servant to the man doing the lending.” (Pr 22:7)

      “Stop storing up for yourselves treasures upon the earth, where moth and rust consume, and where thieves break in and steal. Rather, store up for yourselves treasures in heaven, where neither moth nor rust consumes, and where thieves do not break in and steal. For where your treasure is, there your heart will be also” (Mt 6:19-21)

      “No one can slave for two masters; for either he will hate the one and love the other, or he will stick to the one and despise the other. YOU cannot slave for God and for Riches. (Mt 6:24)

      “Keep on, then, seeking first the kingdom and his righteousness, and all these [other] things will be added to YOU. So, never be anxious about the next day, for the next day will have its own anxieties. Sufficient for each day is its own badness.” (Mt 6:33, 34)

      “Let [YOUR] manner of life be free of the love of money, while YOU are content with the present things. For he has said: “I will by no means leave you nor by any means forsake you.” So that we may be of good courage and say: “Jehovah is my helper; I will not be afraid. What can man do to me?”” (Heb 13:4-6)

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