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The tax levied.
On these sabres in Cyprus can actually happened here in this country.
Despite the FDIC guaranteeing your money -- joining us out -- chambers Clem you actually say that this could happen here in America.
What if it's at forty is happening here because you -- inflation rate higher than the actual interest rates it means that -- poses a losing to a 3%.
All the money every year it by myself.
But you gotta remember also back in 1933.
FDR confiscated everybody's gold.
These confiscated at twenty dollars and about a year late we value -- to 32 dollars which was in effect.
Cutting people's savings in half in terms of -- so -- not -- be happening now in a chronic stealthy way it happened in the -- just want to Cyprus.
And of course with America gotten into ever increasing deficits and every -- -- -- At some point but what I have to come to an end and if they don't do it by stealing it -- inflation going by -- -- -- have to do they did in Cyprus which is just take it.
Well and that's the part that that I -- gives a lot of people I -- you made some great points you could argue obamacare makes the spend money we may not want this thing you could argue this state tax.
Takes -- -- money that's already been taxed you know what capital gains list goes on and on but.
People watching this show right now the idea that this weekend they can go and send up you have got to -- in the bank.
And then on Monday morning may -- at 16100.
That's what's scaring people could something like that that scenario.
Could that play out.
But Europe has said it couldn't happen and I -- -- -- -- can happen is happening and it's suggested that it could happen in the future people have to understand and.
That would economies break down.
Anything can happen to that money and the money is not totally safe -- -- way you walk off if countries go broke your money is not safe.
And America is heading towards going broke any -- you look at it so a -- but it's turned around that's the ultimate destination what happens is it is anybody's guess but.
We are on the wrong Paul tea and -- -- don't change that Paul how.
Happened just -- pure mathematics.
But do you think ultimately we have to find out a way to.
Make these big banks let's vulnerable in other words tonight that this stress -- from a couple weeks ago.
Was an unmitigated -- the idea that that we would have doomsday scenario in these banks which -- -- sold you know past the graveyard.
Because it seems like banks always come before the American public -- we're being held hostage to the banks until we find out a way to -- unwind them.
-- come up something what we always be vulnerable to having our moneys taken from us.
We -- -- look it like that but you have to understand backs -- part of the government.
They're regulate too tightly to the nth degree.
Just -- -- -- All government policy governments want to pump money into the economy that -- -- up on the -- put out the economy they do it through the banks the banks.
And governments are attached -- the -- -- almost one of the same thing.
So what you're looking at when you look at finds he's good looking that basically Paul all the the government structures so you can't do one without the other at the end of the day that governments that cool with these economic problems not the -- the -- -- just the pipeline for the policies.
Having said all that yesterday.
The major -- seen in Italy.
They ultimately had to stop trading in them because you know conventional wisdom is that.
Italy could be the next major economy that needs a bailout that that happens all of you got more than a 100000 -- certainly you'd -- -- To keep that money in an Italian banks but would -- mean that's the key more than 250000.
At any individual bank in this country.
I think for now as -- save your money safe.
Because I don't think this is gonna happen overnight what you really need to worry about.
He's that you put your money -- posted -- one or 2% and you go inflation -- -- of all the sense that you're losing 2% every year you're getting at 2% -- cut.
You're just not being told it's compulsory but it's happening nonetheless we have to look at -- savings and try to think ways to protect it from that process of getting paid less interest there is an inflation.
So I mean I think that's the key thing that you have to bear in mind.
The second -- -- -- five gaze -- -- and lost ten or 15% of that just through that process so that is keeping our people have to think about now.
That is a fantastic point -- I gotta tell you so many people have their heads in the sand just -- -- hoping for the best instead of being proactive and things you just talked about.
Very formidable really appreciate taken -- times when we'll talk again soon.
Thank you want.
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