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Time to move savings $ offshore?

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Time to move savings $ offshore?

Old 09-28-2008, 06:51 AM
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Default Time to move savings $ offshore?

Given the current state of US economic affairs, I wonder if it would be prudent to move a portion of my savings offshore so I'm not uttlerly dependent upon the US Treasury and FDIC for my future well being. Good idea or bad? Where would be a good haven to place those assets? How can one most easily accomplish such a transfer and manage an offshore account of say $25-50K, with a reasonable rate of return? I'm not looking for tax avoidance; just safety and reasonable return. Any other ideas?
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Old 09-28-2008, 06:54 AM
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Default RE: Time to move savings $ offshore?

i have a closet safe.IMHO with the current state of economy this is the only safe bet
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Old 09-28-2008, 07:42 AM
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Default Re: Time to move savings $ offshore?

Any financial institution that is heavily invested in sub-prime loans is at high risk for seizure by the feds. You can shop around with your local banks and find out who is and isn't. I have my checking and savings with a bank that did not go that route...they are fiscally sound and I am not worried.
Offshore banks are not immune to the fallout....many of them are also in it up to their necks. If they fail, you are pretty much screwed since they do not fall under FDIC protection.

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Old 09-28-2008, 10:08 AM
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Default Re: Time to move savings $ offshore?

mattress
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Old 09-28-2008, 10:14 AM
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Default Re: Time to move savings $ offshore?

Maybe a good idea for a portion of your savings, but i think if our economy does tank, it'll take the rest of the world with it and your offshore money could be at risk. Just have to play it safe and wait and see what happens. The government is trying to engineer us out of a depression, for better or worse. Personally, i think it's just delaying the inevitable, but if we can avoid a depression in any way i'm all for it.

Plus, i keep some cash in my gun safe.

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Old 09-28-2008, 11:06 AM
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Default Re: Time to move savings $ offshore?

The inevitable devaluation of the dollar that is coming as the printing presses run 24x7 will pierce any mattress or safe and rot your cash where it sits. You need to turn that cash into precious metal or some other hard asset that will be in demand.
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Old 09-28-2008, 11:34 AM
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Default Re: Time to move savings $ offshore?

Find a country that somewhat can withstand what happens here and change the US currency to theirs,put it in a CD or similar instrument at their local best bank and wait it out. Or perhaps also buy property there and be prepared for whatever happens. Make sure fishing is good so we can go visit you.
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Old 09-28-2008, 01:53 PM
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Default Re: Time to move savings $ offshore?

CopyKat - 9/29/2008 3:06 AM

The inevitable devaluation of the dollar that is coming as the printing presses run 24x7 will pierce any mattress or safe and rot your cash where it sits. You need to turn that cash into precious metal or some other hard asset that will be in demand.


From what I'm reading silver is pretty much gone unless you want to buy 20-lb ingots. Folks are having difficulties trying to get 1-oz, 2-oz, 5-oz coins/bars.

Don't laugh, but uranium should also be a consideration ... not that you're going to want to keep it in under your mattress.

To the OP, yes, moving into something with a solid currency foundation, and not tied to a falling currency would be prudent. China, but do your homework first.


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Old 09-28-2008, 02:46 PM
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Default Re: Time to move savings $ offshore?

Guns & ammo.....Medical supplies, non-perishable foods & water filtration devices & bottled water....
go ahead and laugh if u like....
 
Old 09-28-2008, 06:08 PM
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Bwahhhaaahhhaaa

You guys crack me up.

Are you the same guys that "stocked up" for Y2K?
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Old 09-28-2008, 06:18 PM
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Wagon1 - 9/28/2008 9:08 PM

Bwahhhaaahhhaaa

You guys crack me up.

Are you the same guys that "stocked up" for Y2K?

Nahh, didn't need to then...that was the LEAST of my concerns and I didn't really believe Y2K was going to be a problem....this, is...quite different...keep laughing, at least you'll feel happy right up until......
 
Old 09-28-2008, 06:18 PM
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I wonder what ever happened to those folks? What did they do with all that stuff??
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Old 09-28-2008, 06:47 PM
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Default RE: Time to move savings $ offshore?

Alot of banks will go under.

WM had 18 billion withdrawed within the last 10 days.
WB is next.
http://online.wsj.com/article/SB1222...oo_hs&ru=yahoo
I know they FDIC insured but will take time to get to your money.

Bank with WFC, BAC, JPM and GS and you will be fine.
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Old 09-28-2008, 06:51 PM
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Joe - 9/28/2008 9:18 PM

I wonder what ever happened to those folks? What did they do with all that stuff??
They donated it to get a tax deduction and made a lot of poor people sick.
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Old 09-28-2008, 07:08 PM
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Default Re: Time to move savings $ offshore?

What about Credit Unions?
Are they typically safe or do they also invest in sub-prime loans?
Getting a low return but I feel $$ are safe.
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Old 09-28-2008, 08:19 PM
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Tireless - 9/28/2008 9:51 PM

Joe - 9/28/2008 9:18 PM

I wonder what ever happened to those folks? What did they do with all that stuff??
They donated it to get a tax deduction and made a lot of poor people sick.
 
Old 09-29-2008, 09:35 AM
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Default RE: Time to move savings $ offshore?

I knew some folks who openned dollar accounts in Mexico in the '80s. In the early '90s the Mexican President orderred all deposits to be converted to pesos, which was sliding rapidly. I lost touch with them but I believe they didnt get that early retirement they were hoping for.

Stuff like this doesnt happen often but you do have to be sure you are depositing in a stable country.

Good luck!
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Old 09-30-2008, 12:57 PM
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Default Re: Time to move savings $ offshore?

Panama
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Old 09-30-2008, 01:03 PM
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Default Re: Time to move savings $ offshore?

You are going to want to be in banks docimilled in the United States.

It appear we're riding off into the abyss at the moment, but the rest of the world just flew by on a supersonic Concrode. They'll get there before we do.
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Old 09-30-2008, 01:05 PM
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Default Re: Time to move savings $ offshore?

VAC - 9/30/2008 11:57 AM

Panama
I think that Panama still uses the American Dollar and would not protect against inflation. Same with the Bahama's
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