No video :(

Bank Failures - What You Need to Know to Protect Yourself

Подписаться 88 тыс.

Просмотров 2,8 тыс.

50% 1

Why are banks failing? How to keep your money safe? Is your bank the next one to go under?
Which banks have more liabilities than assets? Which banks might face liquidity crisis due to a bank run? Are your deposits safe?
Some countries cannot print their own money, and as a result they might need to take the money from the depositors when the times are harsh. This is exactly what happened in Cyprus in 2013, when they faced unprecedented banking crisis.
Mentioned:
Bonds, deposits, assets, liabilities, mortgages, loans, reserves, capital, profitability, FDIC, Washington Mutual, JP Morgan Chase, Cyprus, Iceland, European Central Bank, Bailout, Basel III, liquidity, bank run
------------------------------------------------------------------------------------------------------------------------------
Introducing Michael Rosmer, the true modern-day Renaissance man and international entrepreneur, who has been mentored under top international tax attorneys.
He is widely regarded as the foremost international tax expert for legal cross-border tax planning, with extensive experience in immigration, residency, and second citizenship for those seeking a plan B, asset protection, global offshore banking, and payment processing.
Michael leads a team of lawyers and accountants who are top experts in their respective fields. This multi-lingual, multi-national team has worked with digital nomads, entrepreneurs, and investors from 62 countries, providing practical real-world multi-dimensional solutions for their clients.
At Offshore Citizen we understand that each individual's situation is unique. Unlike most industry service providers, we do not push any particular country or solution. Instead, we analyze your individual situation and custom-tailor the best countries and strategies for you, drawing on every part of the globe.
With Offshore Citizen, you can rest assured that you are in the hands of professionals who have your best interests at heart. Let us guide you through the complex world of international tax planning, immigration, residency, and second citizenship.
Contact Michael today for a personalized consultation and take the first step towards securing your financial future.
..........................................................................................................................................
Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships.
Get personalized advice about tax, asset protection, offshore banking, residency, and citizenships.
☎️ Book a call with Michael:
calendly.com/m...
🌎 Visit our website:
offshorecitize...

Опубликовано:

26 авг 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 34

@DanyBolduc Год назад

Really helpful framework to plan out banking diversification - thank you Michael

@OffshoreCitizen Год назад

Always a pleasure! In case you need any assistance, feel free to reach out

@p.c.h.6721 Год назад

I had an account with Washington Mutual, which had already merged with my previous bank, suddenly one day I received a letter informing me that WM was done and it was now Chase, so somehow I end up in Chase after years of having an account in a regional bank 🏦 I hope Chase is too big to fail 🤷‍♂️

@p.c.h.6721 Год назад

@@m99226 What’s the name of the full reserve bank in Puerto Rico, if it’s EuroPacific bank it’s no longer in business, the Regulator closed it, is there another one?

@OffshoreCitizen Год назад

Note that even in smaller banks US depositors haven't lost money. In Chase or similar they absolutely will not

@andrescv2665 Год назад

I'm from South America, you are right about having your money in a bank where local elites have interests to protect. In the worst case the government will save the deposits even with taxpayers money. Anyway I'm comfortable with some diversification with accounts in US and Panama. For people like me, asian and european banks are too snobby

@OffshoreCitizen Год назад

What do you find snobby about them?

@sammygoh Год назад

Can you make a video regarding BRICs?

@OffshoreCitizen Год назад

Great suggestion yes I can

@malthus101 Год назад

Very interesting considerations...

@OffshoreCitizen Год назад

Thank you! Any considerations you'd like to share?

@michaelgood9218 Год назад

Can you tell me your reasoning for SVB depositors being made whole is `great'? Doesn't the bail out money come from USD debasement?

@OffshoreCitizen Год назад

No. Whole bunch of points here 1. You don't need to take a loss to make them whole there are more than enough assets if held to maturity, you only need to bridge the time, doing so can actually even be profitable 2. The consequences of letting depositors lose is far worse in terms of the numbers of businesses failing, people losing jobs, services provided by companies going away, loss of confidence in institutions etc is far worse than any tangible cost 3. The back stop is by FDIC, who has a fund from the insurance fees paid to them so long as it is contained this doesn't require creating any new money 4. If you don't contain the contagion you'll get many more banks failing, which will cost you a lot more than back stopping the depositors

@plauo9913 Год назад

Thank you Michael for sharing your knowledge to us. I had a question please: You are talking about risks of holding cash in banks, what about holding stocks or etf ? For example holding VT etf which is traded on NYSE inside a singapore bank account. If the singapore bank goes bankrupt do you also loose your shares ? The VT etf has shares all over the world inside. Thanks

@OffshoreCitizen Год назад

No typically the stocks are tied to you and can be transferred to another brokerage

@plauo9913 Год назад

Thank you :)

@dovygoodguy1296 Год назад

Michael, this whole scenario you describe only operates in the fiat currency system. What happens when countries start backing currency again with gold etc ?

@OffshoreCitizen Год назад

Both of the risks still exist in the same way with gold Profitability is always an issue & loans can always go bad

@dovygoodguy1296 Год назад

@@OffshoreCitizen Do you mean that you view fiat currency system as just an alternative storehouse of wealth to gold and silver?

@OffshoreCitizen Год назад

I'm not a big gold and silver fan certainly not as the basis of a modern financial system. I've created a bunch of content in the past explaining why gold rose to prominence historically and how the environment is considerably different today. People tend to mislabel the issues with the current system of which there are numerous & as a result prescribe solutions that don't make much sense. A bit like you have a disease and if you eat certain foods it causes you pain so they tell you not to eat that food rather than curing the underlying disease. If you think about bank stability if you're using gold based currencies but still making loans then those loans can go bad and depositors can lose money. Similarly if too many people withdraw money too fast they may be forced to sell assets at a loss and depositors lose money. So you really haven't addressed these risks to depositors by switching to gold. You could address risks to depositors by not having loans at all holding all the money like a vault service. That's got a benefit of reducing the risk but with two trade offs 1. It's going to be MUCH more expensive to hold your money, which is relatively fine for large depositors because say if you had to pay a couple hundred dollars per month in fees it's a small percentage but for small depositors it's really bad. This is why the market has moved almost exclusively to low cost banking 2. Those loans play an important role in the development of local economies. Small businesses being able to borrow money to grow, individuals being able to borrow money to buy homes, etc these are all good things and though they aren't immediately obvious to the individual depositor it boosts system wide productivity, which is useful to all members of the system. This is why lender of last resort systems tend to work better

@dovygoodguy1296 Год назад

@@OffshoreCitizen But what about the whole issue of fiat currency backed by nothing of value that is simply manipulated by the central bankers (i.e. whoever controls those banks in England and New York) for various political agendas??

@b4bmm Год назад

Is your website contact form working? Been taking a while to get a response.

@OffshoreCitizen Год назад

We are experiencing some technical issues. Working on fixing it

@malthus101 Год назад

Are you services cheaper than Henderson's? Because his are ridiculously expensive... 😀

@OffshoreCitizen Год назад

Feel free to reach out and we'll be happy to quote you

@SantandoMartinez Год назад

First!

@OffshoreCitizen Год назад

Nice! How did you like the video?

@SantandoMartinez Год назад

@@OffshoreCitizen pretty useful content. Probably one of the best top 3 creators when it comes to offshore solutions. Keep up the good work.

@leandrog2785 Год назад

@@SantandoMartinez What are the others?

@OffshoreCitizen Год назад

Uh oh if we're top 3 and not top 1 that's an issue

@NomadicDmitry Год назад

Invest in Bitcoin. You will get used to lose money. Just like me 😅 Just kiddiing, not always 😂

@OffshoreCitizen Год назад

Haha, what would be your tips when it comes to investing?

@NomadicDmitry Год назад

@@OffshoreCitizen My tip would be similar to the one that you expressed: 1) Never put stuff in one basket 2) Always assume that your bank CAN screw you, so be ready to move/transfer assets 3) Do not trust a specific country only, diversify and my personal one: 4) Put your crypto on your own wallet. BlockFi and FTX are not the only ones that will screw you eventually.