Are bank deposits safe? - Galt's Gulch

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Are bank deposits safe?

Posted by prof611 9 years, 8 months ago to Economics

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I have searched the gulch for this, and couldn't find it. I seem to recall something being said about deposits in a bank not really being the depositor's property any more. Could someone enlighten me on this? Is it true? If so, is it possible to do something else with our savings that the government would have absolutely no way of confiscating?

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Posted by MinorLiberator 9 years, 8 months ago

As an advanced degree, free-market economist, all I can say is, regardless whether any laws have actually changed, cash in the bank is not safe, and getting less safe as unheard amounts of fiat money continue to flood the market. In case of a crisis (when rather than if), it will be worthless, and if you think it's really "insured"...well, never mind...

I'd say you cant go wrong with some hard assets like gold or silver (I probably just violated several licensing laws even suggesting that), not to mention some supplies of food, water etc. in case of a real collapse.

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  Posted by prof611 9 years, 8 months ago
  
  Thank you all for your input. I guess my best bet so far is to buy the gold at jmbullion, since they will ship it to me. Then I hide it someplace ( effectively stealing it ). If I want to sell, I'm sure there are places here in the Caribbean where I can do that anonymously.
  
  BTW, if anybody has a better way, and it might be not legal, please PM me.
  
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    Posted by jbrenner 9 years, 8 months ago
    
    I used SwissAmerica instead, but basically I did the same thing you are going to do.
    
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  Posted by prof611 9 years, 8 months ago
  
  Thanks, ML. I would love to get some gold. I've seen it advertised on sites such as jmbullion.com, and they say it is an "IRA approved product". However, does that mean it's going to be reported to the government if I buy it? And if it is, what happens when I want to sell it?
  
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    Posted by jbrenner 9 years, 8 months ago
    
    Yes, that is what it means. It also means they know how to confiscate it.
    
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      Posted by MinorLiberator 9 years, 8 months ago
      
      I agree, sir. I bought both gold and silver when gold was first legalized again in the 1970's, and always bought and held the real thing in my possession. I am looking to buy again, and I found what I thought was an easy way to do it - until I found out they keep the gold "for you" in a vault, and you get a piece of paper. I don't think so.
      
      My latest option is that I found out my bank buys and sells the real thing, even at my local branch. And I can hold it.
      
      However, having said that, while maybe better than an "IRA" or certificate, if the worst happens, NOTHING will keep the government from attempting to confiscate it, should they choose to.
      
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      Posted by prof611 9 years, 8 months ago
      
      If I actually have it in my possession, how would they confiscate it? I could say I no longer have it - it was stolen. And when I wanted to sell it, I could go to Arizona, where it's legal tender.
      
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        Posted by jbrenner 9 years, 8 months ago
        
        http://www.barbercoins.com/gold_facts/go...
        
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        Posted by MinorLiberator 9 years, 8 months ago
        
        Interesting link, jb. Thanks.
        
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        Posted by MinorLiberator 9 years, 8 months ago
        
        I'm thinking of something drastic like "Executive Order 6102" (yeah, I looked it up). That's when FDR made owning gold illegal and you were forced to turn it in, 1933. I'm sure the Feds would attempt to override Arizona in that case.
        
        I would be all for keeping it...I'm just saying it could be made illegal in a worst case scenario...
        
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        Posted by jbrenner 9 years, 8 months ago
        
        Just like they overrode Arizona's governor a few years ago.
        
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