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Justis

59,131 Posts.

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02/06/19

16:00

Post #: 38868103
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Originally posted by kingpins: ↑

hi justis

Australian banks are backed up by the government so your money is safe.

I don't fully agree that they would honor that commitment as the government also has huge "off the books debt" the guarantee is for a limited amount and the practice of overseas banks is that they just shut the doors and limit what you can have so if property dropped 80% you may not be able to get your own money to take advantage of the opportunity

Also Australian banks have a legal right to take a portion of your funds to pay their debts

Banks started going backward when they sacked all the experienced staff and put uni grads in their place. People who run banks now don't have the ability to run a fish and chip shop successfully

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Originally posted by jantimot: ↑

But what is that guarantee worth? What happened in Argentina was that your funds were frozen, apart from an allowance of $500 a week. By the time the restrictions were relaxed, the currency had devalued by 65%.

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Well anything is possible, how probable is another matter.

Age old question, Where is the safest place to park your money? Each person thinks a bit diffrent
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