By: Nick Giambruno
You may have wondered: “What’s the difference between having a bank account at Bank of America and having an offshore bank account?”
The truth is, there’s possibly all the difference in the world.
Here are the top 10 reasons why you need an offshore bank account.
Reason #1: Dilute Your Political Risk
Doug Casey has said over and over that the biggest risk you face today is not market or financial risk—as big as those risks are—but rather the risk from your own government.
There’s no doubt this kind of risk is rising in most parts of the West. Governments are hopelessly sinking deeper into insolvency. They’re turning to the same desperate measures they always have throughout history, and it’s a big threat to your savings.
It’s only prudent to expect more bail-ins (as we’ve seen in Cyprus), bank deposit taxes (as we’ve seen in Spain), retirement savings nationalizations (as we’ve seen in Poland, Hungary, Portugal, and Argentina), and capital controls (as we’ve seen in Cyprus and Iceland), among other destructive actions. And these are just a few recent examples.
If you think these kinds of things can’t happen in your country, think again. [Read more...]