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Offshore Banking

Started by RivercrestHog, January 26, 2016, 09:54:58 pm

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RivercrestHog

January 26, 2016, 09:54:58 pm
Came across an article today mentioning that you should consider offshore banking due to the current insolvency of both our national banks and gov't. I'd never heard a recommendation like that before, so it definitely piqued my interest.

I was wondering what some of you with a little more knowledge of the financial world thought about the situation. Is it worth it to start stashing some of your savings away or is it just extreme paranoia?

DeltaBoy

January 29, 2016, 11:27:12 am #1
Something to look into!
If the South should lose, it means that the history of the heroic struggle will be written by the enemy, that our youth will be trained by Northern school teachers, will be impressed by all of the influences of history and education to regard our gallant dead as traitors and our maimed veterans as fit subjects for derision.
-- Major General Patrick Cleburne
The Confederacy had no better soldiers
than the Arkansans--fearless, brave, and oftentimes courageous beyond
prudence. Dickart History of Kershaws Brigade.
 

BigBrandonAllenFan

January 29, 2016, 02:08:28 pm #2
No FDIC bank = 100% risk.

RivercrestHog

January 29, 2016, 07:07:02 pm #3
Quote from: BigBrandonAllenFan on January 29, 2016, 02:08:28 pm
No FDIC bank = 100% risk.



Is it safe to assume that there's no risk in an FDIC insured bank considering that the FDIC fund has less money in it than it has insured? Legitimate question. I don't know the answer.

BigBrandonAllenFan

January 29, 2016, 08:53:10 pm #4
Quote from: RivercrestHog on January 29, 2016, 07:07:02 pm
Is it safe to assume that there's no risk in an FDIC insured bank considering that the FDIC fund has less money in it than it has insured? Legitimate question. I don't know the answer.

Here is the dealio.  Pretty much, there is a two scenario answer...

A single "owner" is insured up to $250,000.00 on their bank deposit.

Two things can happen, one minor in the big scope of things and one major.

1)  Your individual bank goes belly up and blows your money.  Easy fix, the FDIC pays the bill.  Just don't keep more than 250 G's in the bank.

2)  The entire US banking system defaults.  At this point, the effect is worldwide, and it becomes a matter of survival first, and every "owner" (me or you) will likely be given FDIC US bonds in what would be emergency legislative measures to prevent total monetary collapse. A full belly up of the US banking system just isn't likely to ever happen though.  That kinda thing happens only if you are from Greece and as a society everyone believes that the age of retirement should be 50 years old.
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