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I am not sure I agree with all of what Bill Deagle said in this Oct 4 phone call.
One thing he said was that the Bank problems would start in Europe and
Jim Sinclair posted the below message and note Jim states "Dear International
Friends" that suggests the problem may start overseas but Jim has also
suggested that people in USA get some cash on hand. I think Jim's advice is
good and not fear based but just practical.
Quote:
Posted On: Saturday, October 04, 2008, 2:37:00 AM EST
Thoughts For The Weekend
Author: Jim Sinclair
Dear International Friends,
Maybe you should consider a visit to your local bank for their abbreviated Saturday hours.. What do you have to lose? That all depends on how much you have deposited there...
I have no doubt that $1650 will come. My concern is not that it will not happen, but that I am much too conservative in my long-term price objective held since 2000.
If major banks can be torn apart how can we have faith in the small local institutions that hold most of your ready cash?
When I said "This is IT," it is not something that I take lightly. Never in 49 years in finance have I seen a set of circumstances so challenging to the man in the street.
What I am getting at is a simple question. Are you prepared? You have heard us talk repeatedly on removing financial intermediaries between you and your assets, but the time has come for us to recommend going one step further:
Hold enough cash at your household to last you a month or two. It may be largely unnecessary for the majority, but what do you have to lose? If your bank should fail this will save you a lot of grief in the short term. If they do not, you still have all your cash that can easily be deposited back into your account.
Regards,
Jim
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From:
http://www.jsmineset.com/
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