Marc Faber Agrees, ‘Get the Hell Out’
by Dominique de Kevelioc de Bailleul
Aug 30, 2012
The message to investors should be most clear by now: Quickly get your cash out of financial institutions and buy some gold.
“It’s very dangerous to put everything in cash with MF Global or another financial institution, because I’m not too sure about the law . . . if the law will protect you as a depositor or an account holder,” editor of the Gloom Boom Doom Report Marc Faber tells Bloomberg.
Whether the messenger comes way of an up-straight and straight-up N.Y. City Italian, an exiled American living in Central America, a young woman totting firearms and a Bible, or an eccentric Swiss-born money manager living in Chiang Mai, Thailand, each warn investors and savers that cash on account is not safe at financial institutions—no matter how much the FDIC or SIPC insures.
Gerald Celente, Jim Willie, Ann Barnhardt and, now, Marc Faber warn the runs on Greek, Spanish, Italian and several Eastern European banks will eventually come to the U.S. And if investors and savers think they’re covered in the event of a failure, a media-downplayed ruling by United States Court of Appeals for the Seventh Circuit of Aug. 9, regarding the bankruptcy case of Sentinel Management Group, too many will come to know that their cash is most definitely exposed to what many say is legal theft.
“The system is rigged. . . if you don’t have it [assets] in your possession, you don’t own it,” said Celente, following word that his commodities brokerage account was seized in Jon Corzine’s MF Global bankruptcy of Oct. 31, 2011.
“JPM has seen fit to gobble private accounts at both MF Global and PFG-Best, with regulatory blessing as the courts sprinkled fascist holy water,” writes Jim Willie of the Golden Jackass newsletter.