ACCIDENTAL DUPLICATE POST OF:
https://steemit.com/cryptocurrency/@pureblockchain/banker-s-greed-robbing-us-blind
One of the major risks with the current system we transact through is that it is, at all times, leverage, at our expense.
You see, what they don’t teach you at any business school, university, or academic institution, unless your lecturer is also a refined investor, is that the fiat currency model is based on Fractional Reserve Banking.
At an early age, even in my teens, I became inquisitive about how currency works, how much there is out there, who decides on the quantity, where the bank keeps all of my notes, and the process of opening my own bank.
I intuitively knew the game was rigged, somehow.
When your currency is parked in your bank, it’s not really there, which is a huge issue.
The threat of mass withdrawals represents the first major risk with any national banking industry.
At present, most banks keep about 6% of savers’ notes on hand. Put differently, 1 out of every 16 clients can redeem physical cash in the event of an emergency.
I toured Spain, Greece, and Cyprus during their bank runs, when people were only allowed to use the ATM for $100 withdrawals, and it was ugly.
It was a surreal sight, which included long lines of locals desperate to get their hands on their precious currency before the ATM was blocked.
Elderly men and women were collapsing from exhaustion, due to the scorching heat and long hours on their feet.
I never want to find myself in that type of situation, so at my primary residence, I’ve put together a duffle bag with five major currencies: USD, EUR, JPY, CHF, and GBP. It contains roughly the spending money required for my family for 18 months.
In case of an emergency, I’m pretty much covered that way.
Another problem banks pose to us is the collapse of the currency system, due to inflation. Zimbabwe is a recent example, along with Argentina and Venezuela as more recent ones.
In these countries, it is quite problematic to live at the present time, but most can’t leave because they would become illegal immigrants in other countries.
This is one reason I issued a second passport. It makes certain that at least one other nation accepts me with open arms.
That’s not enough, though. Ideally, you should own real estate outside of your major jurisdiction as well. I own properties in three countries, and I am looking at opportunities in a fourth country right now.
But, I remind you that this all wouldn’t matter, if you can’t use your bank to wire money, swipe a debit card, or execute various other actions when the bank is in trouble.
2008 was a reminder that banks are using our currencies to make money for themselves. They loan it, invest it, speculate with it, and use it, instead of “letting it sit idly,” as one corrupt banker attempted to explain to me.
Therefore, a reliable cryptocurrency is vital, essential, and a prerequisite for any enlightened individual. The stakes are too high not to own at least 5%-8% of your net worth in cryptocurrencies, or if your net worth is only symbolic, to have six months of lifestyle expenses tucked away.
I don’t trust governments, and I especially don’t trust bankers.
They’ve proven themselves to be above the law, which is even more dangerous than a criminal.
Be smart. Don’t be naïve. Protect yourself and your family. Diversify geographically, politically, and financially.