There is no honor among thieves. We must be extremely cautious over the next 33 months. All indications are that there is a economic cataclysmic event on the horizon. Any asset you can’t hold in your hand or physically look at may be at risk. Paper is only as good as honor among both parties. History is full of examples where contracts were broken, money was confiscated, accounts were frozen, and rules were changed while people slept.
The scales will be balanced by Our Heavenly Father. HE knows the nefarious motives of those who think they are in charge of things. HE will allow them to be exposed of their hidden motives. I expect a “Great Reset” and the lawlessness resident in the financial system will be cleansed. Exactly how it plays out, only Our Heavenly Father knows.
I like local banks over the large NY banks. The local banks are “outsiders” and are less risky than the big banks. However, they have inherent risks since they typically sell Fed Funds overnight to the money center banks via the Federal Reserve. In the 70’s, I sat on the “Money Desk” for a few days and sold $300 Million in Fed Funds each day to those same banks. At the same time, I bought around $200 Million from our smaller correspondent banks on an overnight basis. We would make a quarter point spread back then and call it “good”. The next morning, the funds would automatically be returned to all parties. Over the weekends, we bought and sold Fed Funds for 3 days. What would happen if the Fed shut down operations on Friday night? Bank liquidity would go to zero! Depositors could not get their money out. Those excess funds sold might exceed the bank’s liquid capital. In response, the bank might “call” all loans. This would mean borrowers would be given notice that they must pay all outstanding loan balances (read the fine print). This could create a domino effect throughout the economy. That is the current exposure the banking system has.
If you buy a silver coin for about $22 right now, you take value out of your local bank and put it in your pocket. You own “money”, not a claim against a bank account. Obviously, we all need to keep a bank account with money in it to cover bills, mortgages, etc. However, if calamity does come, your silver coin in your pocket is stored value, readily accessible. This is why I view buying a few coins each month as “insurance” against calamity. I don’t give investment advice but I am sharing with you what I believe is coming out of a heart of Love. Who else is interested in us “little guys”? Our Heavenly Father, not the wolves of Wall Street.
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