I am watching the video link supplied by non recourse called "Inside Job". We save regularly in ING bank and although the amount is tiny in the scheme of things, it it a lot of money to us, not everything but I would be pretty sad if it dissapeared. I always knew this could happen which is why I'm in PM's but watching the movie hits home. We are with ING because of their interest rate. Is this bank particularly risky? Would any banks be considered safer than others in Australia? I understand that this will just be throwing ideas around and I have to do my own research. Thanks in advance.
Not sure about ING. If I was holding cash (which im not, gimme silver anyday)it would be mostly the Chinese RMB and it would be in note form in a vault.
INGDirect Have you looked at uBank? I've been with them a while and find them great to deal with. It is online only but they pass on the savings by way of their interest rates. Depends what type of savings plan you're looking for but remember they always came out on top when comparing rates. I have it linked to my ANZ account and money is transferred there within 24hours. Security is very good with confirmation emails and text codes. They're backed by NAB but after watching Inside Job, it's hard to know who to trust. They're all defrauding the system by the sounds of it!
There is always RaboDirect (also from the Netherlands and whose parent is Rabobank). Their security system is something else..Digipass widget (aka random number generator) that gets sent to you which you need to access any online accounts. Very James Bond-ish... As I understand, balances up to $250,000 are guaranteed by the Aust Govt; feel free to correct this statement.
All the banks are insolvent because of fractional reserve banking..All is OK as long as you don't all want your money on the same day. Today all the banks are into casino trades in the Derivatives game with some banks betting 1000 times of what they own in assets. The greatest Ponzi scheme of all times. It can be like a domino effect , like ten pin bowling Regards Errol 43
All banks are as bad as each other. From my personal experience over the last four years when the SHTF like 08 the bank will work out a "technical default" or "force majeur" way of taking your money for themselves and make you have to sue them back for it knowing that you wont be able to fight their lawyers. It happenned in 08 with CBA/Bankwest and it WILL happen again. (Ref: my thread about the CBA/Bankwest senate hearing). We buy PMs cos we don't trust the banks, so in this case theres no such thing as an each way bet. The only fiat I have is to pay my bills. IMO (having gone through it on 08)
IMO, yes. Commsec are only brokers - they do not own the shares in your account. However, if the things are that bad that the Commonwealth dies, your shares may not be worth much anyway.
The $250,000 government bank account guarantee is only a nominal amount. If the banks collapse and need a bail out the government has not got that sort of cash as it is they are alreay $300+ Billion in the hole (thank Julia and Wayne for that). So they will print up the cash to bail out the banks and your newly printed $250,000 will have the buying power of 250,000 -X ? That is why the government guarantee is only of political value and has no real world worth. Keep cash for paying bills and for undervalued asset buying and save your money in PM.
