In the future, we may be restricted from wire transfers, cash transactions, owned foreign businesses, or many other controls policymakers can conjure up. There is already discussion about any transfer of funds over $1,000,000 requiring approval from the US Treasury Department. What if they decide to block your transfer of funds?
A more serious threat to impending currency controls comes not from the domestic side, but from abroad. If foreigners see more and more currency restrictions in the US, it reduces the incentive for investing. If that happens, we will see a dramatic fall in the value of the US dollar. This will be devasting to our economy.
The time to act is now. Take precautions to protect your wealth. Asset protection is not a strategy for only the super wealthy. There are still opportunities to open foreign bank accounts. Many banks outside of the US are much better capitalized and much safer than US banks and are deposits are protected by their governemnt’s central banking system. There are investment opportunities outside of the US that most Americans are unaware of. There are opportunities to take advantage of this as well.
You can also own gold and real estate without any necessity for US reporting – at least for now. Buying gold and holding it in a safe deposit box outside of the US or buying real estate can be a great option for many people. In 1933 President Roosevelt confiscated all gold held by US citizens and devalued the dollar 60% in only a few short months. Think it won’t happen again?
I thought it was going to be some boring old post, but it really compensated for my time. I will post a link to this page on my blog. I am sure my visitors will find that very useful.
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Certainly got us thinking here are work, expect a few replies later.
There is obviously far more to know about it as I expected. I like to stress that you have made a lot of good points in your post.
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Many folks pay little attention to this stuff, and I believe that their money making ability is lacking because of it. There’s such a tendency to rely on the elusive Holy Grail that many people wind up fighting against their own success. An occasional look at the real world helps us all to keep our footing in a treacherous market.
I have a preference for utilizing mechanical systems myself, but I can definitely see the points you’re mentioning in this post. You’ve broader background and better viewpoints than the bulk of the so-called expert who are preaching about trading on the web. Thank you for the helpful post.