Got a lot of email when
I suggested that safe deposit boxes are not safe from bank or government
intrusion.
In most minds the
“safe deposit box” is the “holy grail.” Our comfort
will always be OK as long as our safe deposit box remains safe from others
ill intent. Noticed the last few years how the Swiss Banks are no longer
confidential places for one to store anything of value? The US government has
applied pressure on Switzerland to make available Swiss bank records at any
time requested by the US Government.
And in light of these
facts you have the foolishness to believe your humble safe deposit box at the
local corner bank is safe? Give me a break. Why is it that US citizens
always seem to be behind the times when assimilating current information?
Well, I can understand this if the only news one watches is Brian Williams or
Katie Couric. I feel informed already. Want to hear a sample of Ms. Courics
world wide exposing articles seen and heard across the world?
“…parenting
expert and author of "Queen Bees & Wannabes," talks about
raising teenagers, what parents can do about bullying in
schools…”
Definitely a worthwhile
subject to study. But on the evening world news? Anyway. Maybe you get my
point. Let’s get back to the story about the inviolability of the
average bank savings deposit box. A lot of readers thought I was nuts when I
told them their safety deposit bank boxes were not safe. I sincerely
encourage you to turn the channel and start following REAL news services
instead of the big 3 at 6:30PM. That is if you really want to learn what is
going on today.
It’s really
amazing to me that the majority of citizens are not even aware of the fact
that many of their personal freedoms that they took for granted yesterday are
already gone. Of course, this process is accomplished a little at a time and
usually in the dark of night when everyone is asleep. When finally discovered
by the average man or woman on the street the shock is kind of like running
to the linen closet and finding the last roll of TP gone. What do you do?
From an email reader below.
David:
“I have always
enjoyed reading your articles and have learned quite a bit from
them. However, I am a little perplexed about the portion that
states" "Hold your physical gold and physical silver and do
not place any thing of value in your bank deposit box. Already across
the nation deposit boxes are being opened and the contents auctioned off by
the banks to raise money. Bank of American being one of these
banks. Again, do not place any thing of value in your bank deposit
box.” "I have what is called a safety deposit box and I do
keep valuables in that box and it is hard for me to believe the contents
could be confiscated and sold. David, please explain!
Thank you Sincerely,
Charles”
And below is another
faithful believer!
David:
“You write that
banks including B of A are seizing the contents of safety boxes and
auctioning it off. I have not heard anywhere else that this is happening? Is
it true? Can you verify this is so? Or is it only in cases where the rental
fee is delinquent on a particular box? Surely this cannot be legal? Please
assuage my shattered nerves!!! Pat”
Wow! There are
this many people that really believe their money to be safe in the hallowed
walls of their local bank vault? What fools these mortals be.
David,
“I was shocked to
read in your article that “Already across the nation deposit boxes are
being opened and the contents auctioned off by the banks to raise money. Bank
of America being one of these banks.” “Would you please point me
to your source for that?”
Thank you, David
Daddy always told me to
trust my local bank.
Dear Sir,
“My only question
is, why are you in the privileged position to know exactly what is going on
and we do not know it?”
Roelof
Uh, oh!!! Someone
has found out about my “privileged position.” I watch other
news other than what is fed as the evening slop at 6:30. I love the email
below.
“I don’t
think the US is anywhere near becoming a totalitarian country…”
Juan.
Welcome to the real
world, Juan. The world of the 21st century. And another email reader below
asks the most appropriate question. At least this fellow below knows
what’s really important.
David,
“Where are you
finding the cheap beer?”
Greg
ABCNEWS -
“Not-So-Safe-Deposit Boxes: States Seize Citizens' Property to Balance
Their Budgets” “Resources to Search for Unclaimed Property in
Your Name”
“The 50 U.S.
states are holding more than $32 billion worth of unclaimed property that
they're supposed to safeguard for their citizens. But a "Good Morning
America" investigation found some states aggressively seize property
that isn't really unclaimed and then use the money -- your money -- to
balance their budgets.” “Not-So-Safe-Deposit Boxes San
Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and
turned over to the state of California, marked "owner unknown."
"I was appalled," Ruff said. "I felt violated."
“Unknown? Carla's
name was right on documents in the box at the Noe Valley Bank of America
location. So was her address -- a house about six blocks from the bank. Carla
had a checking account at the bank, too -- still does -- and receives regular
statements. Plus, she has receipts showing she's the kind of person who paid
her box rental fee. And yet, she says nobody ever notified her. "
“They are zealously uncovering accounts that are not unclaimed,"
Ruff said. To make matters worse, Ruff discovered the loss when she went to
her box to retrieve important paperwork she needed because her husband was
dying. Those papers had been shredded.”
“And that's not
all. Her great-grandmother's precious natural pearls and other jewelry had
been auctioned off. They were sold for just $1,800, even though they were
appraised for $82,500. "These things were things that she gave to
me," Ruff said. "I valued them because I loved her."
“Bank of America told ABC News it deeply regrets the
situation…” “…Ruff is not alone. Attorney
Bill Palmer represents her and countless other citizens in a class action
lawsuit against the state of California. "They figured the
safety-deposit box was safer than keeping it under the mattress," Palmer
said. "In the case of a lot of citizens, they were wrong, weren't
they?"
“California law
used to say property was unclaimed if the rightful owner had had no contact
with the business for 15 years. But during various state budget crises, the
waiting period was reduced to seven years, and then five, and then three.
Legislators even tried for one year. Why? Because the state wanted to use
that free money.”
"That's absolutely
correct," said California State Controller John Chiang, who inherited
the situation when he came into office. "What we've done here over the
last two decades has been dead wrong. We've kept the property and not
provided owners with the opportunities -- the best opportunities -- to get their
property back."
“Chiang now faces
the daunting task of returning $5.1 billion worth of unclaimed property to
people. Some states keep their unclaimed property in a special trust fund and
only tap into the interest they earn on it. But California dumps the money
into the general fund -- and spends it. "It's supposed to be segregated
and protected," Palmer said.”
"California has
taken all of that $5.1 billion and has used it as a massive loan."
“California became so addicted to spending people's money, that, for
years, it simply stopped sending notices to the rightful owners.”
“ABC News
obtained a 1996 internal memo in which the lawyer for the Bureau of Unclaimed
Property argued against expanding programs to notify rightful owners. He
wrote, "It could well result in additional claims of monies that would
otherwise flow into the general fund."
“Seizing More
Than Safe-Deposit Boxes. It's not just safe-deposit boxes. A British
man went to retire and discovered the $4 million in U.S. stock he had been
counting on had been seized and sold for $200,000 years earlier -- even
though he was in touch with the company about other matters. A Sacramento
family lost out on railroad land rights their ancestors had owned for
generations -- also sold off as unclaimed property. "If I had hung onto
it, I would be a millionaire, multimillionaire," said John Whitley.
"But that didn't happen because we didn't get to hold it."
“State Reforms.
California's unclaimed property program was so out of control that, last
year, the courts issued injunctions barring the state from seizing any more
property until it made reforms.”
“…all 50
states pay private contractors 10 to 12 percent commissions to locate and
seize accounts for them. It's an inherent conflict of interest: the more
rightful owners are found, the less money the contractors make.”
abcnews.go.com/GMA/story?id=4832471&page=1
“Well, At Least
We Can Trust The FDIC. Not”
“I made a
deposit of $141,000 with IndyMac. Even though the limit for insurability was
$100,000, I felt comfortable. No huge bank had been closed for many years.
Three weeks later, IndyMac bank went belly-up. I found out the day of closing
(a Friday in July) that the bank would return $100,000 and would pay back
another $20,000 as a "dividend" at the direction of Federal Deposit
Insurance Corp. The following week, an FDIC agent told me an IOU would be
issued to me; as the bank's assets were sold, I would be first in line to
receive the rest of my money.”
“A month later, I
spoke to an FDIC agent in Dallas who told me it was very "unlikely"
that I would receive any more money.”
“She said the
FDIC had already decided how much it would invest in that bank's closure and
all but said the IOU was worthless. I see IndyMac's assets being sold now,
and the bank continues to conduct business as usual. But I have had no
communication and it's looking grim. The government keeps throwing money at
financial institutions, but obviously nothing is coming my way.” --
Jackie, Dallas
finance.yahoo.com/banking-budgeting/article/108019/hair-raising-money-tales?”
Never would I have
believed I would see the country moving so quickly down the path to
obscurity. A trillion here. A trillion there. And things will always
remain the same. Other countries love to purchase paper backed by nothing
that is guaranteed to depreciate over time. Yeah, right.
World Finally Freed
From Hate
Well, are you glad that
the new hate crime bill has finally passed?
Passed as an add on to
the defense bill. I’m a little confused though. I thought every crime committed
was based on a foundation of “hate.” Some where here I
don’t get it. We know that every crime is generated by a heart
filled by hate and anger…that is a given. But how do we measure the
level of evil and the intensity of the hate involved with every crime
committed? So the level of punishment will depend on the “type”
of crime committed and to whom? Well, how do we know that another crime
committed for another reason might have had more hate and evil than the other
crime committed?
I guess as time marches
on there will be a level of punishment dictated by the passion of hate and
evil of the criminal. We just are going to have to develop some type of
instrument that will have the ability to measure the level of
“hate” within a man or woman’s heart with every crime
committed. Seriously, how are we going to begin to “measure”
hate?
These moves are
effectively working to develop a caste system similar to India. Don’t
believe me? Now, different degrees of punishment for criminals dependent on
what class of victim they commit their crime against. Sounds like
discrimination to me. Guess which class in the future criminals will be more
apt to commit crimes against? Naturally the class that bears the least degree
of punishment. Forget equality under the law.
And How About All Those
New Stimulus Jobs?
"If we don't have
job growth, we can't have a strong, or even sustained economic
recovery," said Stuart Hoffman, chief economist with PNC Financial
Services.” "At this point, we're still losing jobs. For those who
say the economy has already turned, I'm dubious about that," said Dan
Seiver, a finance professor at San Diego State University.”
money.cnn.com/2009/10/21/markets/thebuzz/index.htm?
Commercial Banks Next
to Go Belly Up
Well, the number of
failed banks has now risen to 115. But don’t worry as the economy is
getting better. 9 banks closed in one day on a Friday. But
don’t worry as the FDIC will protect everyone’s savings. And the
next bubble to snap? And now it appears the commercial real estate loans will
be the next bubble to pop. But don’t worry.
Ever hear of C.S.
Lewis? Smart man. Very perceptive. Sounds like the man lived in our
generation and not the last.
"Of all tyrannies
a tyranny sincerely exercised for the good of its victim may be the most oppressive.
It may be better to live under robber barons than under omnipotent moral
busybodies. The robber baron’s cruelty may sometimes sleep, his
cupidity may at some point be satiated, but those who torment us for our own good will torment us without end
for they do so with the approval of their own conscience."
C. S. Lewis
Ready To Start
Speculating In Gold Mining Stocks?
How do you know which
junior mining stocks are quality and worth buying? While there are many
who believe management is the most important asset to a quality mining
company…I say it’s whether or not they have the gold in the
ground.
Sure, management is
extremely important, but so is the fact of whether or not the company has
discovered an economically viable deposit.
I have seen many top
notch managers who maybe find one good deposit in their lifetime. A few who
have repeated their success. But why guess a mans yet undetermined future
success? Look for the company that has already proven they have the
yellow stuff in the ground. If it’s that good a find there is even the
additional good chance the company may be bought out by a major for a
premium.
Jim Sinclair –
“As gold makes its way past $1000 to $1650 and beyond, the order up to
now has been Major Producers and the top half of Junior Producers
benefiting…” “Watch closely now as a shift takes
place.”
”…I
anticipate that the bottom half of Junior Producers and the viable companies
in Gold Exploration entities to outperform the top half of Junior Producers
and Major Producers as the price of gold continues higher in late 2009 and
2010.” ”History tells us this is how it has always happened, and
I believe it will again.” Respectfully, Jim Sinclair
Look for the gold in
the ground. “Proven & Probable” being the most respected and
affirmed deposit. This is the term the banks like best before lending
money.
Excellent
Gold Stocks to Buy
Last 10 companies
reviewed this past year 2009.............%Gain or Loss…
Vol #142
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XXXXX
|
???
|
2.85
|
10.02
|
$7.17
|
251.58%
|
$10.02
|
Vol #143A
|
XXXXX
|
???
|
3.31
|
7.27
|
$3.96
|
119.64%
|
$7.27
|
Vol #144A
|
XXXXX
|
???
|
1.31
|
1.56
|
$0.25
|
19.08%
|
$1.56
|
Vol #145A
|
XXXXX
|
???
|
0.10
|
0.055
|
$0.04
|
45.00%
|
$0.05
|
Vol #146A
|
XXXXX
|
???
|
1.48
|
4.15
|
$2.53
|
180.41%
|
$3.94
|
Vol #147A
|
XXXXX)
|
???
|
0.17
|
1.00
|
$0.79
|
488.24%
|
$0.95
|
Vol #148A
|
XXXXX
|
???
|
1.32
|
5.97
|
$4.65
|
352.27%
|
$5.97
|
Vol #149
|
XXXXX
|
???
|
4.02
|
5.11
|
$1.03
|
27.11%
|
$4.85
|
Vol #150
|
XXXXX
|
???
|
9.50
|
12.10
|
$2.60
|
27.37%
|
$12.10
|
Vol #151
|
XXXXX.
|
???
|
19.61
|
19.63
|
$0.02
|
0.10%
|
$19.63
|
“When people lose
everything and they have nothing to lose, they lose it.”
Gerald Celente
Comprehenda?
Attention BLACKBERRY
owners!!
David Vaughn
Editor,
Gold Letter, Inc.
www.goldletterdv.com
All
articles by David Vaughn
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