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Three CRITICAL reasons to accumulate and have possession of physical, precious metals (Gold)!
1. Your bank accounts are unsecured and can be confiscated at any time by government order.
Few depositors realize that legally, the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs. But until now, the bank has been obligated to pay the money back as cash on demand. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.” The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else. But when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.
2. The FDIC only has enough funds to insure bank accounts as follows:
The Deposit Insurance Fund (DIF) balance continued to increase. The unaudited DIF balance — the net worth of the fund — rose to $47.2 billion as of December 31, from $40.8 billion as of September 30. Assessment income and a reduction in estimated losses from failed institution assets were the primary contributors to growth in the fund balance. Estimated insured deposits increased 0.7 percent, and the DIF reserve ratio — the fund’s balance as a percentage of estimated insured deposits — rose to 0.79 percent as of December 31, from 0.68 percent as of September 30. A year ago, the DIF reserve ratio was 0.44 percent. By law, the DIF must achieve a minimum reserve ratio of 1.35 percent by 2020. That is only 27 pennies on every $100 of deposits in your account that is COVERED! Don’t be fooled.
3. Cyber hackers can access your accounts and deplete your funds.
Last summer a cyber hacker infiltrated JP Morgan Chase and compromised the accounts of 76 million households and seven million small businesses. A tally that dwarfs previous estimates by the bank and puts the intrusion amongst the largest ever. The details of the breach — disclosed in a securities filing — emerge at a time when consumer confidence in the digital operations of corporate America has already been shaken. Target, Home Depot, and a number of other retailers have sustained major data breaches. Last year, the information of 40 million cardholders and 70 million others were compromised at Target, while an attack at Home Depot in September affected 56 million cards.
Moral of the story, EXCHANGE as much fiat (paper) currency as you possibly can into precious metals (GOLD) as a hedge against loss for your financial future.