Past Shows and commentary at BLOG ARCHIVES.
Follow Bill on Twitter: @billmeyershow
YOU AND YOUR BANK ACCOUNT
Talked with Will Reishman today about Cyprus and the "seizures" of deposits, and how it changes the game. It's really pulling the veil back on a legal fact - Your bank deposit isn't an asset "stored for safe-keeping", but truly a liability, a "claim" on the bank. Under fractional-reserve banking, they can loan the money out 10 times, only having to keep the deposit as the "reserve". If everyone wanted their money back at the same time, it couldn't be done, due to the nature of this style of banking. (That's when "bank runs" happen) Sure, there's FDIC, but the time may come, even here, when it's important to know the real health of your financial institution.
Understanding the true relationship between you and your bank is ultimately a good thing. Perhaps we'll see the return of "Banks of Deposit", which don't loan money. They haven't existed since the late 1800s in this country. Naturally you'd pay a fee to store and guard and transfer your assets, but in troubling times, knowing it couldn't be lost or seized through you being a "bank investor" might become a valuable service.
CHECK IT OUT - A MARYLAND 15-YEAR OLD SMACKS DOWN ANTI-2nd A POLS
GUEST INFORMATION 04-04-2013
6:35 F. Michael Maloof, former defense department official, and author of "A Nation Forsaken: EMP: The Escalating Threat of an American Catastrophe". We're talking North Korea, EMP threat, use of its "Space Vehicle" to make it happen.
7:10 Roy Wright, local real estate appraiser. R.E. prices up 29% + in the 1st Quarter 2013.
7:35 Carl Worden, Southern Oregon Militia, discusses Joshua Brewer Case, police corruption, bankrolling of the civil rights lawsuit.
8:10 Will Reishman, Strategic Financial 541-773-7774, What Cyprus really means regarding trust in the system. (articles on UNDOLLARS.COM)
Return to: BILL MEYER'S BLOG Blog