Sipsey Street Irregulars: The wise man learns from the mistakes of others.

Thursday, July 16, 2015

The wise man learns from the mistakes of others.

Greeks Can’t Tap Cash, Gold, Silver In Bank Safety Deposit Boxes

The notion that safe deposit boxes – facilities that are used by many precious metals investors and others seeking to safeguard their wealth and valuables – need to come under capital controls to protect against bank runs is a dubious one. This cash is not in the banking system – its withdrawal would have no negative impact on the system. Its availability to its owner might bring cash into circulation which would benefit the wider community. The only reason to put access to safe deposit boxes under capital controls – measures which were agreed between the government and the banks – is because the banks and governments wish to retain the option of confiscating the contents of those boxes should the crisis deepen.

4 comments:

Anonymous said...: From what I understand, most banks will tell you when you sign the paperwork to open a safe deposit box, that you can not store cash in the box. Also the F.D.I.C. says it does not insure what's in your box. In the event of a bank holiday the bank will be closed and you will not be able to access your safe deposit box until the bank re-opens. In the event that the bank fails your property can be involved in a long legal dispute between you and its creditors as to who owns what property. And you being a nobody will be last in line to be paid out of the assets, if any, in any court settlement. Further more both your safe deposit box and your bank account may be used to re-capitalize the bank in case of another financial disaster. And finally any number of government agencies that you might inadvertently wind up on the wrong side of can seize your safe deposit box too. In short don't have any thing in a safe deposit box! Get a home safe and don't tell anybody that you have it! If you have a bank account keep as little money in it as is nessisary.; July 16, 2015 at 2:10 AM
Anonymous said...: Anyone who hasn't yet learned that safe-deposit boxes are no place to keep your money ( both real and fiat) is totally asleep and in for a rude awakening. If the bank is the place that is going to screw you, then why would you keep emergency funds within their walls?; July 16, 2015 at 5:36 AM
Unclezip said...: My safe deposit box is placed just under a 25 yard marker.; July 16, 2015 at 9:50 AM
Anonymous said...: The mattress is sounding like a better alternative every day.; July 16, 2015 at 10:36 PM

"Progress made under the shadow of the policeman's club is false progress."

I believe that liberty is the only genuinely valuable thing that men have invented, at least in the field of government, in a thousand years. I believe that it is better to be free than to be not free, even when the former is dangerous and the latter safe. I believe that the finest qualities of man can flourish only in free air – that progress made under the shadow of the policeman's club is false progress, and of no permanent value. I believe that any man who takes the liberty of another into his keeping is bound to become a tyrant, and that any man who yields up his liberty, in however slight the measure, is bound to become a slave. -- H.L. Mencken

"The Fate of Unborn Millions. . ."

"The time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves; whether they are to have any property they can call their own; whether their Houses, and Farms, are to be pillaged and destroyed, and they consigned to a State of Wretchedness from which no human efforts will probably deliver them. The fate of unborn Millions will now depend, under God, on the Courage and Conduct of this army-Our cruel and unrelenting Enemy leaves us no choice but a brave resistance, or the most abject submission; that is all we can expect-We have therefore to resolve to conquer or die." -- George Washington to his troops before the Battle of Long Island.

"We will not go gently . . ."

This is no small thing, to restore a republic after it has fallen into corruption. I have studied history for years and I cannot recall it ever happening. It may be that our task is impossible. Yet, if we do not try then how will we know it can't be done? And if we do not try, it most certainly won't be done. The Founders' Republic, and the larger war for western civilization, will be lost.

But I tell you this: We will not go gently into that bloody collectivist good night. Indeed, we will make with our defiance such a sound as ALL history from that day forward will be forced to note, even if they despise us in the writing of it.

And when we are gone, the scattered, free survivors hiding in the ruins of our once-great republic will sing of our deeds in forbidden songs, tending the flickering flame of individual liberty until it bursts forth again, as it must, generations later. We will live forever, like the Spartans at Thermopylae, in sacred memory.

-- Mike Vanderboegh, The Lessons of Mumbai:Death Cults, the "Socialism of Imbeciles" and Refusing to Submit, 1 December 2008

"A common language of resistance . . ."

"Colonial rebellions throughout the modern world have been acts of shared political imagination. Unless unhappy people develop the capacity to trust other unhappy people, protest remains a local affair easily silenced by traditional authority. Usually, however, a moment arrives when large numbers of men and women realize for the first time that they enjoy the support of strangers, ordinary people much like themselves who happen to live in distant places and whom under normal circumstances they would never meet. It is an intoxicating discovery. A common language of resistance suddenly opens to those who are most vulnerable to painful retribution the possibility of creating a new community. As the conviction of solidarity grows, parochial issues and aspirations merge imperceptibly with a compelling national agenda which only a short time before may have been the dream of only a few. For many Americans colonists this moment occurred late in the spring of 1774." -- T.H. Breen, The Marketplace of Revolution: How Consumer Politics Shaped American Independence, Oxford University Press, 2004, p.1.

Sipsey Street Irregulars

Thursday, July 16, 2015

The wise man learns from the mistakes of others.

4 comments:

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