(Newswire.net — August 7, 2014) — Stopping criminals from stealing your goods has been an ongoing challenge for thousands of years.
And it’s still a problem.
But many people are unaware that are legal ways of having your money stolen.
Your stolen riches cannot be “cashed-in” without a buyer. Or in other words, a counterparty.
Anyone that you enter into a financial contract with is a counterparty. For example this can include your employer, your banks, your investment firm and more.
So security of your wealth takes choosing your counterparties wisely, or if you should have any at all.
Placing money in a bank account makes the bank your counterparty.
But under a little known law, now the bank legally owns that money and you become an “unsecured creditor”.
An “unsecured creditor” is the first to lose. You stand in line behind any “secured” creditors trying to recover their losses.
Just ask anyone if the IRS has asked the account holders for permission to empty a bank account. The bank will roll over and send the money.
But I have FDIC insurance!
Insurance only works if the insurer remains financially sound. In this case the federal government. The United States is in hock to the tune of 17 trillion dollars. Doesn’t sound fiscally responsible at all.
And the government can change the insurance rules anytime they please.
It’s not just items in your home that can be stolen. Your entire home can be stolen by government.
While on the surface it may appear that you own your home, in reality, no one in America owns a home. Whether your mortgage is paid or not, you rent your home from the government (your counterparty) thanks to property taxes.
If you don’t pay your rent (property tax) to the government, it will remove you forcibly and seize your home.
Precious metals, like gold and silver (and possibly bitcoin) have no counterparty. They are in you control. You don’t have to worry about being paid or re-paid by any counterparty.
Related stories:
http://newswire.net/newsroom/financial/00079064-ira-401k-takeover-risk-by-government.html
Sources:
https://www.independentlivingbullion.com/news/2014/08/06/are-you-risking-your-wealth-to-shady-counterparties-000585#disqus_thread