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Strategies & Market Trends : Stock and Bond Market-Timing: Can it be Done?
VTI 342.37-0.2%4:00 PM EST
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To: Investor2 who wrote (2262)3/19/2013 10:57:22 AM
From: Honey_Bee  Read Replies (1) of 3605
 
So do I agree, but Bob Brinker also said it can't happen here. That, I disagree with. Others say similar confiscations have already happened. Here are comments sent in reply to the Moneytalk summary:

tomfrompv said...Heres a family story from my wifes grandma. Backin the early 30s, grandma was a single mother, raising 3 kids. In Venice, CA. Hubby had died in 1929. She took whatever job she could - seamstress, laundry, etc. She rented out rooms in her house. Tough times.

Every so often, when she got some money ahead she would go to the bank. In those days, dollars were convertible to gold. You could exchange a 5 dollar bll for a 5 dollar gold coin. She would do this and put the 5 dollar coin into her safety deposit box. She couldn't keep the coins at home due to the lodgers and crime.

Then came FDRs order. Her bank was closed late on a friday. And stayed closed for a week. When she finally got in, her box had been opened and all her gold taken. She got NO recompense. There was no one to complain to. Ordinary accts were lost too. No FDIC.

Prior to FDRs order, gold was a bit over $20/ounce. Once the govt owned all the gold, they raised it to $35. Instant inflation.

There are a lot of lessons from history. Cyprus learned the same one again - banks take orders from the govt, not its customers.

March 18, 2013 at 12:05 PM
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