They Can Devalue Your Savings Overnight. Here's the Warning Sign Most People Miss
Four times governments and banks took people's savings or stopped them from getting their money out, and the warning signs to watch for.Hold your Bitcoin with your own keys, with a plan for your family. Swan Vault: https://www.swanbitcoin.com/vault?utm_source=youtube&utm_medium=video&utm_campaign=vault-four-times-savings&utm_content=longform
From Prague, Cory Klippsten walks through four cases. In 1953, Czechoslovakia's communist government announced a currency reform over a weekend: government bonds were canceled, and cash savings above a small allowance converted at a rate ten times worse than wages. In 1992, Italy taxed bank and postal deposits based on balances from two days before the decree was published. In 2013, Bank of Cyprus converted 47.5% of eligible deposits above the 100,000 euro insurance limit into bank shares. And from 2019, Lebanese savers who held US dollars in local banks found those dollars trapped.
Then the warning signs: how much debt a government carries and in what currency, banks paying unusually high rates to keep deposits, officials discussing levies, compulsory investments or limits on moving money abroad, and how much you hold above the deposit insurance limit. Bitcoin held with your own keys can move without a bank approving a withdrawal, and no central issuer can set a new conversion rate on it. With Swan Vault, you hold two of the three keys: Swan can't move the Bitcoin on its own, and you can move it without Swan.
Subscribe for more Outside Money, and tell us in the comments which of the four cases surprised you most.
Chapters
0:00 Prague, 1953
0:48 Czechoslovakia's currency reform
2:22 Italy, 1992: a retroactive deposit tax
3:08 Cyprus, 2013: deposits turned into bank shares
4:14 Lebanon, 2019: trapped dollars
5:24 The warning signs
7:29 Holding Bitcoin with your own keys
7:53 Swan Vault and inheritance planning Receive SMS online on sms24.me
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