The funds you have placed on deposit and the property you thought was secured in your safe deposit box may not be safe under certain circumstances. They may, in fact, all end up belonging to the bank and not to you. Let me explain.
So say edited excerpts from an article* submitted by Ron Paul on http://dinarvets.com entitled Do not use Safety Deposit Boxes.
[The post by is presented compliments of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds), www.munKNEE.com (Your Key to Making Money!) and the Intelligence Report newsletter (It’s free – sign up here) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.]
The article goes on to say in further edited excerpts:
Rules governing access to safe deposit boxes and money held in accounts are written into the charter of each bank. The charter is the statement of policy under which the bank is allowed by the government to do business. These rules are subject to change at any time by faceless bureaucrats who are answerable to no one. Furthermore, when executive orders that govern national emergencies are enforced – that order allows the suspension of habeas corpus and all rights guaranteed under the Bill of Rights.
A look at the fine print of the contract signed when a safe deposit box is opened reveals that in essence the signer has given to the bank whatever property he has put into that deposit box.
- When times are good you will be allowed open access to your safe deposit box and the property that is in it and to your bank accounts.
- However, when failed banks shut their doors you will not be given advanced notice and will not be allowed into said banks thereafter.
You may find that the funds you placed on deposit and the property you thought was secured in the safe deposit box now belong to the bank, not to you….[If that wasn’t bad enough, apparently] the Department of Homeland Security (DHS) has the absolute right, under the Patriot Act:
- to seize, without any warrant whatsoever, any and all customer bank accounts,
- to open and inspect the contents of “selected safe deposit boxes” and
- to seize or photograph, as evidence, and at the discretion of the supervising agent, the following items:
- “bar gold,
- gold coins,
- firearms (of any kind unless manufactured prior to 1878),
- documents such as passports or foreign bank account records and
- pornography or any material that, in the opinion of the agent, shall be deemed of to be of a contraband nature”
and that should any bank employee, on any level,:
- release “improper” “classified DHS Security information” to:
- any member of the public, including the customers whose boxes have been clandestinely opened and inspected, or
- “any other party, to include members of the media” or
- post any such information on the internet
that would be grounds for the immediate termination of said employee or employees and their prosecution under the Patriot Act.[It should also be noted that the contents of your safe deposit box are not insured – at all. Watch this informative 2:08 long video from CBSMoneyWatch.com entitled The Truth About Safe Deposit Boxes.]
The solution is to take emergency cash or valuables out of the safe deposit box or bank account and secure them somewhere else, like in a home safe. An even better idea may be to close the safe deposit box account completely, letting someone else entertain the illusion of safety….The same holds true for storage facilities.
Don’t put anything valuable and/or non-replaceable in any bank or storage facility.
[Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.]
*http://dinarvets.com/forums/index.php?/topic/52464-do-not-use-safety-deposit-boxes/#ixzz2PGx3B3n6 and http://investmentwatchblog.com/u-s-department-of-homeland-security-has-told-banks-in-writing-it-may-inspect-safe-deposit-boxes-without-warrant-and-sieze-any-gold-silver-guns-or-other-valuables-it-finds-inside-those-boxes/#pe9qtWVX5isHzrPP.99
Cyprus is a trial balloon for the NWO [New World Order], taking a small country that can more easily be controlled, putting the financial screws to bank depositors and then watching how it all unfolds, creating a playbook for future bank raids… If anyone thinks this [was] a one-time, knee-jerk response, the Bank of Cyprus is offering a free toaster for new deposits as a reminder that your money will be toast.
To believe that governments…[won’t confiscate your] gold to help support their national finances… would be naïve, especially in light of past and recent events. That’s why it is now incumbent on all investors to look at the meaning of ownership in investing and investors’ vulnerability to government confiscation as well as vulnerability to exchange and capital controls. We do this below.
The United States has seen four different gold confiscations — the last of which was in 1933. Few people realize that when the freedom to own gold was restored in 1972, the President retained the power to require us to surrender our gold which he can do again any time (probably on a Friday) with the mere stroke of a pen. That means all confiscated gold could possibly be compensated at only $42.22 per 1oz. and not at the world market price. Don’t take this decision lightly. It was another blatant warning that the government may be contemplating grand larceny — AGAIN. Words: 1740
The laws of gold confiscation are very clear in the U.S.: During any time of national crisis, it becomes illegal to buy, sell, or “hoard” gold bullion in any form. It is delineated under an Executive Order and can be re-administered as quickly as the assets in your checking account can be frozen. The penalties for violation are 10 years in prison, $10,000 fine, or both. Words: 821
Imagine living in a country where the government suddenly decides to make it illegal to hold a certain type of asset, and goes on a systematic process to relieve its citizens of such an asset? Such actions happen in wartime and by politically-corrupt regimes but how about private-asset seizure in the good old U.S.A.? Well, it has happened before. [The 64 trillion (in keeping with the times) dollar question is: “Will it happen again?”] Words: 585
Do we really honest-to-God no-fingers-crossed cherry-on-top believe that the powers-that-be will simply allow us to mosey up to the cashiers cage and redeem or convert our Gold for whatever monetary unit reigns supreme or is created [should our current financial system and currencies collapse? As such,] IF there comes a time when the best move forward is to sell most of our Gold and switch to another asset class, one more likely to survive the transition intact, will we be able to see this as obvious and a no brainer? [Let me explain what could well happen and the effect such a development would have on all things Gold.] Words: 3037
There has been a persistent fear among…owners of gold that…their gold will be confiscated by their governments, as was the case in 1933. For very different reasons, we believe that that danger persists and is growing by the day. We feel that because gold is rapidly returning to an active role in the global monetary system…investors should be aware of the conditions in which this would happen. We also indicate what we feel to be a solid solution for protecting yourself against a gold confiscation. (Words: 1581: Charts: 2)
People ask me on a consistent basis if I think the government will confiscate their gold and silver coins if times get rough. I feel there is little chance of this happening, and here’s why. Words: 390
The politicians will do whatever they find convenient, because there is no longer anything to stop them – not an electorate that is jealous of its freedoms and certainly not the Constitution, which is now just a playhouse for judicial imagineering. No one can know what’s coming next from the government and the financial system it has fostered, but for many of us there is an awful suspicion that we are not going to like it. Most Americans still have yet to stick a single financial toe across the border, but more and more are considering it [and in this article I outline 10 ways to internationalize your assets to provide you with some much needed protection as the future unfolds.] Words: 3923
The United States and most of Europe…risk an eruption and collapse of the mountain of unsustainable sovereign debt built up over the last two decades. Frankly, the U.S. dollar and national debt situation is so dire – and our means to contain a sovereign debt crisis so limited by multiple wars and Washington’s debt and political incompetence at home – that anything could happen, almost overnight. [The best] America and most European governments and the central banking elites, which created the criminal sovereign debt fiasco, [appear able to do is] try to buy more time and delay the inevitable. This inaction means the threat of an immediate US debt and dollar collapse cannot be ruled out. Therefore, readers who have not protected themselves certainly have cause to worry because now could be too late. [Let me explain further.] Words: 1689