Exodus 20:15 – “Thou shalt not steal”
2023: Your Bank Account Is At Risk
In a few days, we will enter 2023 and your bank account is at risk don’t you know?
Many of you may have forgotten about the money stolen from depositors from Laika Bank and the Bank of Cyprus.
Media outlets reported the final theft at anywhere between 40% and 80% of all deposits at these banks that exceeded €100,000 in deposits.
Following the advice of a Wall Street adviser is a personal decision only you can make.
A decade later and billions more lost with cryptocurrency firms “Cyprusing” their clients.
Many traditional bank depositors make the massive mistake of believing that traditional banks are completely safe due to offered insurance on these accounts, such as offered FDIC (Federal Deposit Insurance Corporation) insurance of up to $250,000 per bank account in the United States.
The FDIC insurance is completely meaningless and nothing more than an “IOU”.
Did you know that earlier in November, Genesis suspended all withdrawal requests from its exchange?
This screams red flags from every direction. Why don’t people heed warning signs when they are visible?
Conclusion
The proof is in the actual outcome of a bank run.
One of the biggest criticisms of FTX was its massive imbalance between assets and liquid assets, as FTX claimed $9.4B in assets, only $940M of which were allegedly liquid.
You can’t just walk into a bank unannounced and withdraw 10%, or $10,000.
One will quickly discover that without some type of prior arrangement that it is impossible to do so.
Many bank executives salaries are tied to stock price performance. US bank executives lie about valuations in order to inflate their own annual payouts as much as possible. Lying was actually legalized to encourage a transfer of wealth to US bank CEOs.
So, what is the difference between “regulated” and “unregulated” if “regulated” allows for massive criminal activity as well?
If you’re taking financial guidance from a YouTuber, then hold yourself accountable if things don’t work out!
Global banks are run by executives of extremely questionable character that take massive risks with your deposited money as do cryptocurrency exchanges.
There will be negative consequences once again for unfortunate depositors that do not heed my warnings.
The first step is to become debt free, like consider building your own home. Put your money into safe yet tangible assets, please do your own research.
DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.
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