Greeks Can’t Tap Cash, Gold, Silver In Bank Safety Deposit Boxes

ETF Daily News ^ | 7/14/15 | unattributed

[winner3000]

After what happened to the Cyprus depositors, and knowing for years how close to bankruptcy Greece is, it shocks me that anybody left anything of value within Greek banks. Sophisticated people probably pulled out a long time ago, and only the regular people were stolen from.

[bert]

I would argue the denial of safety deposit boxes is about security of the inside of the bank. given the era of flash mobs, a bank permitting entry of some could be overwhelmed in short order by a flash mob organized from within the bank

[longtermmemmory]

before, after, and during Cyprus, the Greeks were grabbing safety deposit boxes to deposit cash in order to avoid the same issue.

This is coming from the EU bureaucrats trying to force Greece out of the Euro since their original attempt failed.

I am surprised a BMW or Mercedes dealership is still standing in Greece.

[Cboldt]

Technically, the Federal Reserve is about as much a part of the US Government as Federal Express is.

[SES1066]

How times change and we SHOULD TAKE NOTICE! Fifty years ago, my Dad stored his long guns and pistols in a locked glass-front display case. The brass key and lock were to keep kids out and that was about it.

By the time he sold off his collection, it was kept in a bolted-down bank-style gun safe with a combination lock. This was at the insistence of the insurance company that absolutely refused coverage otherwise. In those 25 years, his home went from a presumed safe residence to a liability hazard without anything other than the society-at-large changing.

Greece is not the first canary in this coal mine. Cyprus, several years ago, did have depositor accounts taxed at 15-20% of assets over a given amount. I also believe that many safe-deposit (hah!) boxes were also opened and items in them legally taken (government taking is never theft - to the government!)

Now we see, in our OWN COUNTRY, a President and Administration and Democrat Party that openly declares that; ‘You did not build that’, ‘You don’t really own that’, ‘After you have so much money it is the government’s duty to make you share it’ and ‘Companies need to share their profits!’ Add to this the noticeable fact that the Wall Street Money Banks have become Government-Influenced yet sacrosanct entities. Obama came into office vowing to punish all and sundry for the 2008 melt-down. Yet, NO INDIVIDUAL has even faced a criminal jury except small-fry like Madoff and Raj. These banks and bankers have paid out fines but they are still the ‘too big to fail’ behemoths that seem to have no interest in the individual but pay great heed to our government overlords.

So who in their right mind would ever put something valuable into a government-monitored and regulated bank? Even insurance papers and birth certificates are at hazard as these facilities are frequently in the basement (flood & sprinkler danger) and the banks themselves say ‘use at your own risk!’

Buying your own safe for storage and security is your best self-insurance. Yeah, renters have more hurdles but even then there are possibilities. I’m not a gold-bug but I do have hard assets that I keep in my safe as well as computer back-ups and papers. The safe is rated for a longer duration fire than my concrete block house would ever burn.

Yes the government has the power and guns to come and confiscate ANYTHING, but if that happens we are so tautly screwed that my empty shotgun lying beside my body won’t make that much difference, now will it?

[PGR88]

Technically, the Federal Reserve is about as much a part of the US Government as Federal Express is.

Technically, you are correct. In fact, the Fed sits on $2.4 Trillion of Federal Gov't debt and another $1.7 Trillion of Agency debt (Freddie/Fannie, etc..). Along with Treasury it decides who primary dealers are. It manipulates interest rates for political purposes and bails out important banks. Its basically the funding arm of the progressive state.

[SkyPilot]

Exactly. The ownership, possession, transfer, or sale of all gold will be made illegal via Executive Order. In 1933, FDR issued a similar Executive Order. The ER referred to the “hoarding of gold.” Expect similar language. In fact, Obama has already signed an ER that allows the government to seize assets, including food, property, and anything else it deems “necessary.” If people think the GOP Congress or the courts will prevent the heft of their gold and silver, they are smoking rope.

[SkyPilot]

The only problem with keeping vast quantities of cash is the fact that cash will be eliminated soon. I give it 3 years, max. The Government and Banks want to eliminate cash - completely. Trust me, they will get their wish. You will be given a very short window to turn in or convert your cash. After a deadline, the currency will be declared worthless.

[mouske]

“The safe is rated for a longer duration fire than my concrete block house would ever burn.”

Care to share what rating you consider acceptable? I’ve been researching safes and think that 1300 degrees for 45 minutes would be sufficient. Do you have recommendations for brand names?

[SES1066]

Care to share what rating you consider acceptable? I’ve been researching safes and think that 1300 degrees for 45 minutes would be sufficient. Do you have recommendations for brand names?

My safe is an older model no longer being sold but it is a 30 min.@1200f which I regard as adequate but by no means great. The key is that for my neighborhood and house location and construction, it should do the job.

As for manufacturer, the one I hear recommended most (not that I hear that much) is Liberty Safe.

Your results may vary.

[SES1066]

The only problem with keeping vast quantities of cash is the fact that cash will be eliminated soon. I give it 3 years, max.

Sorry but I disagree completely. With the U$D being the World's reserve currency, it would not be just the internal US that would be affected and I SERIOUSLY doubt that such an action could be negotiated.

So you and I will just have to see who is right in 2018 - heck I'll give you to 2020, the next general election year. If you are right, I'll probably welsh for being dead.

[SkyPilot]

Yes, we will.

Cash will be eliminated - in some countries already 90% of transactions are cashless. The push is growing stronger every month.

The end of cash as we know it?

How do I know that someday, ALL cash will be eliminated?

It's in the Bible.

"And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name."

Revelation 13: 16-17

No one knows exactly when that will be, but the signs are there. Financial collapse is coming, and it will be global. I see it all happening soon. The financial collapse may even be as soon as this autumn.

A new single currency is coming, and then the mark.