What Should I Do?
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The situation seems to be getting worse. It's hard to know when things will finally fall off the cliff, but I sure as heck don't want to be on the ride when it goes. The tough part is that's where everyone else is and that's how the world works right now:by being on the ride.
The US banks are getting bailed out on an ongoing basis, to the tune of at least $75 billion per night in the repo markets. That's massive Quantitative Easing which is a fancy way of saying massive inflation. It hasn't actually hit the markets yet, but it will. All debts eventually have to be paid. The fact that the banks are needing liquidity bailouts means that things in their houses are not in order.
Does that mean I should pull all of my money out of the bank and hold it in stacks of cash?
I haven't decided. Eventually I won't have a choice. Some people are already talking about a time when the banks will limit the amount you can withdraw per day; then eventually prohibit withdraws completely. The sad part is that's not illegal. The laws have been set such that "depositors" are actually "creditors" who are last in line to get paid back. The only reason they let us withdraw money (currency) now is to keep the charade going. How long will it last?
For now I'm going to ponder it a bit longer so I can make the best decision. I don't want to put everything into precious metals because then I won't have anything to use for groceries or gas. Still, I think it's time to reduce my exposure to the banking system.
Has anyone taken the plunge and closed their bank account?
Not investment advice. Do your own research.
