MCViewPoint

Opinion from a Libertarian ViewPoint

Say Goodbye to Your Safe Deposit Box | International Man

Posted by Martin C. Fox on August 15, 2017

The most dangerous places to leave your cash is a bank and a “safety” deposit box.

http://www.internationalman.com/articles/say-goodbye-to-your-safe-deposit-box

But what form will that take? As I suggested at the time, we should expect that the most obvious next step would be the confiscation of the contents of safety deposit boxes located in banks, and, indeed, there have been EU countries that have made inroads into this area.

In 2013, the banks of Cyprus confiscated the deposits of many of their clients.

Governments and banks the world over nodded in agreement. This was clearly the right thing to do.

The precedent has been set. And, for this reason, we can, in future, expect banks and governments to further pillage those who are foolish enough to store their wealth in banks.

And, in the US in April 2015, Chase Bank advised clients who rent safe deposit boxes that the storage of “cash or coins other than those found to have a collectible value” was no longer acceptable.

Since no notice is required that a confiscation is going to happen, you’re unlikely to know of your loss until you hear that the safe deposit boxes of other individuals have been emptied. At that point, yours may also have been emptied.

In periods of economic crisis, banks and governments have a habit of resorting to desperate measures to save their skins. Such a period is presently unfolding. The warning flag is out—soon, a “safe” deposit box will be anything but safe.

Be seeing you

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I am not a number. I am a free man!

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