Jim Rickards On Trump, The Coming Crash, Bail-Ins, Cashless Society & What We Can Do
Jim Rickards is Wonderful---Erudite, Experienced, Shrewd, Wise, and able to convey Complex Information in a way that Ordinary People can Understand and find Fascinating. Please as soon as possible ASK JIM RICKARDS whether American CREDIT UNIONS will be closed too, and whether you can put a little Cash in a Credit Union Safety Deposit Box so that it will be Safe and Accessible during the next Financial Crisis? Credit Unions are part of the Financial System, so it sounds like the Credit Unions will definitely be Closed/Shutdown too, even though Credit Unions are not considered part of the problem-plagued "Banking System." For example, Credit Unions are structured differently from Banks; Credit Unions have Members, whereas Banks answer to Shareholders. When you Deposit your Money in a Bank, that Money legally becomes the property of the Bank and the Depositor becomes an Unsecured Creditor; however I think perhaps Credit Union Members legally retain Ownership of their Deposited Money. I think that the same is probably true regarding Items that a Bank or Credit Union Patron places in a Safety Deposit Box; I think the Bank owns the Box contents and the Patron is an Unsecured Creditor, whereas I think the Credit Union Patron legally retains Ownership of the Box's Contents. The Laws that apply to Banks do not always apply to Credit Unions; supposedly Dodd-Frank does not apply to Credit Unions, so Credit Unions will not be subject to Bail-ins. During a Bank Failure Banks can withhold Patrons Deposited Money, and I think withhold Patrons' Items in Safety Deposit Boxes. (Many Bank Patrons in Greece are being Denied access their Safety Deposit Box Items). However if a Credit Union Fails, I think Patrons are at least entitled to the return of their Safety Deposit Box Contents. Also, Credit Unions do not engage in DERIVATIVE BETS. And most Credit Unions do not do Overnight Sweeps of their money into Banks. So how VULNERABLE will CREDIT UNIONS be during the next Financial Crisis---in the early stages and in the long run? . Exactly what types of Financial Institutions will be Shut-down during the next Financial Crisis? . I can understand Banks (ATMs, Checks, Credit Cards, Debit Cards, Bank Teller Window Transactions, etc.) and Wall Street type Institutions being Shutdown. Also probably Insurance Companies will Shutdown. But exactly what other Financial Institutions and Financial Services will Shutdown?. It simply seems that at the very least, there is no practical reason for Credit Unions to deny Members access to their Credit Union Safety Deposit Boxes. However, if Bank and Credit Union Safety Deposit Boxes will be Unsafe and Inaccessible during the next Financial Crisis, then Exactly WHICH Private Vault Companies or whatever else will keep a little of my Cash etc. Safe and Accessible during the next Financial Crisis; please give names, locations, and contact info for HONEST, RELIABLE, SAFE Vault Companies.
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