Tuesday, June 28, 2011

Get Your Money Out Of The Bank

Every evening I get an email from Lew Rockwell and they are eye opening.  I highly encourage you to subscribe on his web site at lewrockwell.com to get your daily dosage of what's actually happening in the world.  The email I received last night was in particular interesting to me given what I do for a living which is teach people about safe money solutions and how to implement the Infinite Banking Concept into their financial life.

At the bottom of the email is the link from Lew Rockwell which contains a list of banks here in America that have failed in the past 10 years.  The list is alarmingly long.  In short, your bank could be next and you'd never know it.

I know there is a great deal of faith placed in the money we deposit at our banks.  Unfortunately, this faith is misplaced and I want to you to be forewarned.  As I have written before, banks are highly insolvent institutions because of the fractional reserve banking system.  When over 10,000 banks failed during the Great Depression, there was a need for the government to step in and provide assurance that accounts would be protected from bank failure.  FDIC was created and it's done exactly what it was supposed to do: restore confidence.

But it's just a sticker of confidence.  Another depression will wipe out banks again and this time the FDIC along with it. The FDIC doesn't actually have enough assets to insure the repayment of all accounts in the event of another systemic bank failure like what occurred during the Great Depression.

If you are going to keep money domestically, the safest institutions to house your savings are with mutually held life insurance companies which are 100% solvent.  They survived the Great Depression as did their policyholders who had access to their money during this crisis.  The same cannot be said of those who kept their life savings at the bank.  Indeed, those who do not know their history are destined to repeat it.

If you have not heard of Bank on Yourself or the Infinite Banking Concept, I highly encourage you to do your own research.  You can create a safer financial system for your money without the sleepless nights others will experience when their bank fails and they discover that the FDIC sticker confidence was just an empty promise.

Click here for the link to Lew Rockwell's failed bank list.

John Montoya
JLM Wealth Strategies, Inc.
(925) 386-6639 Office
Authorized Advisor-Bank on Yourself®
CA Life#0C42222

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