And this is why HB's advice on cash is correct

[Hal]

https://www.facebook.com/adamseconomics ... 9099938751

For US readers, Australian version of FDIC only applies if the bank fails. If Bail-In enacted, bank doesn't fail -> you lose your bank deposit.

[Ad Orientem]

I don't think there is much to worry about here. The level of financial repression you are describing could not be attempted w/o committing political suicide, at least in a democratic society. And if either the US or Australia reached the point where politicians were seriously considering confiscation of bank accounts, then we would have a great more to worry about than the loss of money.

[Hal]

Guess I am old enough to remember this

https://www.theage.com.au/national/vict ... 5232x.html

The Government assured depositors their money was safe before it collapsed....

btw, the State Government Bank collapsed as well. https://en.wikipedia.org/wiki/State_Bank_of_Victoria

Good Memories

[I Shrugged]

There were depositor losses in Europe a few years ago, no? Cyprus or Malta maybe?

[Kriegsspiel]

Cyprus.

[Kbg]

USA...we print the world's money. All of the examples in this thread are completely irrelevant. Why seize money when you can just print it?

[I Shrugged]

^^^ Yes, I think that is the correct answer.

[Kbg]

Cyprus.

Euro

[Kriegsspiel]

Hmm? I think I Shrugged was referring to when Cyprus jacked people's bank accounts. I'm not aware of anything like that happening in Malta.

[Kbg]

Hmm? I think I Shrugged was referring to when Cyprus jacked people's bank accounts. I'm not aware of anything like that happening in Malta.

My point here is that countries who don't control their currency can not be compared to those who do. Countries who don't control their currencies are subject to serious liquidity issues. Those who do are not. (even though you will hear that term used...when it gets used in the US what it really means is some big company or banking institution is probably insolvent and no one trusts them and is trying to yank money away from the failing commercial institution as quickly as possible)