In this video featuring resource investor Rick
Rule and sound money specialist Mike Maloney, both men discuss the
high probability scenario in which governments will confiscate our
bank accounts (or parts of it).
An interesting quote by Rick Rule: ‘The idea
that we have, that we are absolved of responsibility for our own
financial future – in other words: if we’re stupid enough to put
money in a bank, that has too poor of an equity slice, the bank goes
upside down….we’re unsecured creditors of a moron, which makes us
a double moron. We ought to be punished for that stupidity.”
The underlying message is clear: physical
precious metals outside the banking system have the huge benefit of
carrying no counterparty risk. That benefit will not be perceived by
the majority of people, until it’s too late. A one-second event
could prevent people from a metals holding. As the saying goes: you
better be 3 years too early than 3 days too late (or 3 seconds for
that matter).
The video is short but a must-watch.
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