International Banking Question...

[Zkribbler]

Saras's wife wants him to open a Swiss bank account in case they have to suddenly flee Lithuania.

Decades ago, I looked into Swiss banks and, IIRC, they pay really low interest: 1.5% -- something like that.

U.S. banks pay higher, but the dollar is dissolving.

So where in the world is the best place to stash cash?
In some country that uses the Euro, say Germany?
In the Philappines?
In the Bank of China?

[snoopy369]

Gold... ?

The dollar is actually recovering some, so that is not a terrible place really.

[Saras]

Depends what you want to do. You can have a Cayman islands trust set up, and buy a bond fund just like at home. Same with the swissies - only they're more expensive, and always try do advise you away from anything remotely risky.
In fact, Swiss banks are notorious for being uber-paleo-hyperconservative. If you don't object, they'll put all your money into CHF deposits.

[Zkribbler]

Originally posted by snoopy369
Gold... ?

The dollar is actually recovering some, so that is not a terrible place really.

I don't think tangibles are a good idea. When I was a kid, the family across the street were Hungarian refugees. Just before WWII, the family had put all its wealth into jewels, which they hid in a wall in their house. When the Nazis invaded, the bombed the house and blew it (and the jewels) to pieces.

Gold has the additional problem of being hard to transport, and, if you have any large quantity, you have to pay to have it stored and guarded.

[onodera]

I think you should deposit it in some Russian bank.

[Zkribbler]

Originally posted by onodera
I think you should deposit it in some Russian bank.

Naw. The country's still a bit too much of a kleptocracy for me.

But I did see a story on a new treatment in Moscow for back pain. It seems Russian doctors are using lasers to stimulate the re-growth of spinal disc cartiledge.

[Saras]

Originally posted by onodera
I think you should deposit it in some Russian bank.

Nice try, mr. salesman

[Kidlicious]

US accounts are insurred up to $100,000 each.

[snoopy369]

You know you don't actually have to OWN the gold physically to 'own' it, right? It's traded on the open market in electronic form just like anything else these days...

Heck, at the current rate, Corn might be your best choice

[Lancer]

The inflation rate in the Phils leaves that option out. What I would suggest is that you leave it in USD in a couple different large banks in the US. Bring lots of checks with you to the Phils where you can write checks against your US accounts. You can also have your social security auto deposited to these US accounts and write checks against it in the Phils. You set up a USD account at a bank in Tag and the money transfer costs zilch. Then go and buy maybe 10 oz of gold and when you build your house you bury it in the wet cement when nobody is looking. Insurance policy. I wish I had one. Same reason we canvas to buy some rice fields for you if you want them. The people who you buy the fields from will continue to work the fields, buy the fertilizer, etc all in exchange for half the rice. If all else fails you have rice to eat and sell and friends to help you do it.

[Hercules]

Spread your risks: buy gold, buy bonds, by art.

[Kidlicious]

I just saw an infomercial a couple days ago. Buy US real estate!

[Lancer]

Originally posted by Kidicious
I just saw an infomercial a couple days ago. Buy US real estate!

That's another good option Kid, but I wouldn't advise it for a few years. Zkrib could buy property in the US as an investment when things look like they've bottomed out. When property goes up again he sells it.

[Kidlicious]

Originally posted by Lancer


That's another good option Kid, but I wouldn't advise it for a few years. Zkrib could buy property in the US as an investment when things look like they've bottomed out. When property goes up again he sells it.

Do you have an infomercial? I didn't think so. Buy now!

[Lancer]