Tuesday, 7 December 2010

Bankrun2010; Now What?

So maybe you joined Bankrun 2010 and withdrew your money from the bank? Now what?

First, put aside the money you need to pay your basic bills. Pay it in cash. Many general bills like phone bills, water & electricity, and the like can be paid at convenient centres like the Post Office, or certain shopping centres.

Second, take what ever you have remaining and buy gold. If you cannot afford gold, buy silver. Precious metals are generally safer than monetary currency as their value is much stabler. Also, whenever normal currencies are unstable (as is the case at present), physical currency, i.e. gold, increases in value. Such great financial and trend forecasters like Mark Faber and Gerald Celente have been warning of the economic collapse for a very long time (long before it occured) and have also held gold up as a safe investment. Looking at their track records and considering the logic, I agree. I've suggested buying gold on this blog before and to my family and friends I've been recommending this for probably two years now. I hope they listened, for if they did, they would have increased their savings quite a bit buy now. Once you have your gold, find a safe place to keep it.

Third, for most people it has become too difficult to live without the functionality and convenience of the banks. Nonetheless, remember that banks do not have your best interest at heart. Banks are businesses that try to get as much money from you as they possibly can. They will do it through exuberantly expensive services, but also through immoral exploitation. Yes, we cannot function in a bank-dependent society without using banks, so I'm not suggesting closing down your bank accounts and never using banks. However, see how you can use banks less, by saving in physical assets (gold, property, etc.) and using banks only as necessary.

Fourthly, be frugal. Don't waste your money. Saving in gold may help you in that because you are less likely to convert your gold into currency on the whim. The global economy is still far from on its way to recovery, no matter what the big banks are telling you. In fact, quite the opposite is true. If you are going to spend money, do so on quality -- things that will last long and truly bring value to life.

Lastly, if you want to spend money on yourself, do so on things that will improve you. Invest in yourself. Consider investing in your education, health and long term happiness. If you are American I strongly suggest that you do not study in America. American colleges and universities are ridiculously over-priced. You can get just as good and sometimes even better quality education in other countries for cheaper.

Finally, some thoughts on the value of Bankrun2010. In my previous post I did not comment why I see value in this. And I don't have the energy to do so now. (It's late, I need to get to bed.) However, I believe that anyone with one ear to the ground (i.e. proper information sources), and a little insight into the global economic collapse, will know that the big bank cartels are hugely (although not exclusively) to blame. A bank run will not only show these banks that they ought to be service providers, not manipulators, it will also send a clear signal to other oligarchical systems and would-be plutocracies that we will have none of that. The big bank systems have been manipulating economies and made serfs of the common man for far too long.

Another reason why it may be good to withdraw money and invest it somewhere else (like gold), is because many prominent economist and trend forecasters think that if things are continuing as they are, we could see a bank holiday. What does this mean? A bank holiday is when the bank temporarily closes, say for a week or two, during which time you cannot withdraw any money. When it reopens, the monetary economy will have been revalued (read devalued), and your money will be less worth than what it was before the bank holiday. It is therefore pertinent that you have some savings invested somewhere other than banks. Remember that money in the bank is not the only way one can save and in times of economic and global unrest like now, it may not even be the most secure place to have your savings. With the "currency war" going on, you stand the risk of losing your banked money anyway; why not take it out and invest in gold and silver?

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