Now Is the Time to Bailout from the Bailout Banks and the Dollar

Dr. Gary North on the right, and Arianna Huffington of the Huffington Post on the left, are urging freedom loving Americans to move their funds out of the bailout banks to smaller local financial institutions who still make loans. I think this is a timely step in the right direction.

It is time that Americans began to vote with their money and tell the Wall Street bailout banks & the Federal Reserve paper dollar where to go. Why should we trust Merrill Lynch or the Bank of America and other bailout firms to handle our investments or even our day-to-day banking needs when both went technically bankrupt due to incompetence and mismanagement. They only survive because of billions in bailouts and guarantees paid for and forced on us, the American taxpayers by a Congress they have bought and paid for?

Personally, given the financial nightmare both political parties, Congress, Wall Street and the Federal Reserve have made with our economy to date and the future threat of a global repudiation of Washington Treasury obligations and the dollar, Americans should also take an extra step to secure a portion of their wealth. They should diversify a percentage of their funds internationally and get them outside the US financial system and dollar before the whole rotten system comes crashing down. It is still legal to diversify funds in gold, the Euro and Swiss francs as long as you follow all the reporting and tax requirements requirements for US citizens.

It is better to begin a program to secure a percentage of your wealth now outside the political and debt risks of the United States while you still have the opportunity because when the full-blown dollar and debt crisis develops, the doors will surely close for American investors.

Yes, an excellent New Years Resolution is to move your funds out of the bailout Wall Street banks and financial institutions as this and future generations will be saddled with this illegitimate debt and drain on the American economy for decades to come. But, second it is time to start small but begin to build a legal escape mechanism for a portion of your wealth to survive the coming dollar and debt crash which will happen sometime in the next decade.

I co-edit a weekly pro-liberty, hard money and Austrian economics newsletter in Switzerland called The Swiss Mountain Vision Newsletter and in this newsletter you can learn how to legally diversify some of your wealth outside the United States.

If you are concerned about the falling Washington dollar, the exploding national debt & the growing threat to our liberty, you can click and sign-up for a free subscription to the newsletter. Just type in “Ron Holland” when the form asks “How Did You Learn About Us”.

I urge you to make your New Year and New Decade Resolutions now and act on both before it is too late!

Ron Holland is a former banker, trust officer and president of an investment firm licensed in 47 states. Today he is retired and writes for several investment newsletters published in Switzerland. The Facebook page is "Time To Bailout From the Bailout Banks & the Dollar." Read other articles by Ron.

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  1. Deadbeat said on January 10th, 2010 at 8:59pm #

    While this idea sounds reasonable I think it is politically impotent. Many of the smaller regional banks are reliant on the larger banks for their own source of capital. They do not have the ability to get their money at the Fed rate of .025%.

    In addition the vast majority of American possess no net wealth. I don’t the numbers but several years ago I do recall seeing a statistic that the median bank account was $3,000.00. Because wealth is so vastly concentrated that even if people started pulling their money out it will not provide enough economic capital to make a political impact on the larger institutions.

    Inflation in housing, health care, child care, education, transportation coupled with unemployment and stagnant wages has stripped peoples ability to live within their income.

    Moving money from one institution to another does nothing to alter the basic assumption of needing debt in order to live and the idea is rather atomizing rather than fostering organizing. So clearly this idea coming from an extremely wealthy elite like Ms. Huffington is typical of liberal bromides to a severe crisis of capitalism.

    One idea that would make a serious economic and political impact against the banks is an ORGANIZED movement for debt repudiation. This has several key benefits:

    [1] it is defiance of laws (civil disobedience) that are unfair to workers and that primarily benefit the banks and the wealthy.
    [2] It raises question about the basic assumption of requiring debt in order to obtain necessities.
    [3] It will require the kind of protection that can only be provided via organizing since the banks has civil law on their side.
    [4] It call into question the whole shakedown “industry” of debt collectors.
    [5] It calls into question the whole property relation of capitalism and the denied access to resource via not having sufficient money in the first place.

    Only Alexander Cockburn on the Left has been calling for this kind of civil action. It’s time to leave rich liberals like Arianna Huffington far behind.