The End of the Safe Deposit Box as Wealth Storage…”Of one thing we can be certain: there will be no warning of impending confiscation.”
Jeff Thomas
321Gold.com
Aug 10, 2015
On 1st April, 2015, Chase bank in the US advised clients who rent safe deposit boxes from them that there would be some changes in their policies. Of particular interest is the following condition:
“Contents of box: You agree not to store any cash or coins other than those found to have a collectible value.”
Interesting. After all, cash and precious metals are traditional primary storages of wealth. Why single them out as no longer being acceptable?
The banking world, increasingly, pushes people to put their wealth into cash and their cash into banks in the form of deposits. In this effort, they’re being assisted by many of the world’s governments, which are rapidly increasing the level of legislation that controls what individuals are allowed to do with their wealth.
Many people who see the writing on the wall are doing whatever they can to exit the banking system as much as possible, in spite of the fact that the banking system is essential to most types of economic transactions.
I believe that the existing form of paper-and-coin currency will be eliminated and replaced by an electronic one, which will be wholly controlled by the banks. (Direct transactions between private parties will end.)
After this is completed, confiscations will occur. Again, these will be implemented by the banks. But, in order to maximise the amount that will be taken, it will be necessary to force people out of other forms of wealth storage and into bank deposits.
Looked at in this light, the otherwise seemingly-arbitrary restriction on cash and precious metals in safe deposit boxes makes complete sense. Should a bank perform a confiscation on accounts, whatever was in the safe deposit boxes would remain safe.
The Rest…HERE
