When will you start shifting your assets...

[GTaudiophile]

I received a PM last night that indicated that I am not the only one thinking about moving my assets to a European (Euro-based) bank.

Anyone else contemplating the same?

 

[shiner]

You might need to see a doctor about that knee jerk.

 

[wedi42]

out of curiosity, how would one go about doing this?
do you have to fly there, or can this be done online?

 

[FoBoT]

i heard some scary stuff on glenn beck tonight
i think i'll see what my 401(k) options are, i have 10-15% in asia, but i am not sure that counts
need to see what Euro options i have

mostly, i think i need to get some guns/ammo/food in the basement

 

[GTaudiophile]

Originally posted by: johngute
out of curiosity, how would one go about doing this?
do you have to fly there, or can this be done online?

I do not think you have to be a resident. Simply supply all your legit info, open account, wire money from Bank A to Bank E. Allow Bank E to earn most of your interest. Wire money back to Bank A when you need cash for ATM, etc. At least this is how I think it would work.

 

[Mday]

my 401k mix is in international.

 

[Blackjack200]

If you have lost faith in the US banking system I would suggest moving to Europe. If the banks collapse here there are going to be much bigger problems than not being able to access your money. The country would probably start rioting.

If it's the value of the US Dollar that you don't trust, you can just buy Euro futures (or Pound Sterling futures), or short the Dollar, no need to deposit you money in an offshore bank.

 

[George P Burdell]

Also consider asian countries like Singapore. HSBC makes it really easy for people here to open an account there.

 

[axelfox]

Originally posted by: shinerburke
You might need to see a doctor about that knee jerk.

 

[dullard]

May I suggest this bank?

 

[ponyo]

I think you should just go ahead and move to Europe. I don't think you'll be happy until you do.

 

[covert24]

when this country goes doing the shitter. oh wait.....

 

[tfinch2]

When I move to Europe.

 

[Gibson486]

what does "short the dollar" mean?

 

[LegendKiller]

I wouldn't move to foreign banks, no FDIC, worse regulations in many cases. A lot of Euro banks are having just as many, if not worse problems. I work for a huge foreign bank (one of the 10th largest) and mine is safe, but I'd still not put my assets into it.

I'd just buy more foreign heavy assets and hedge domestic inflation with normal defensive stocks and goods (metals and other commodities).

 

[Yossarian]

Originally posted by: Mday
my 401k mix is in international.

all of it? sounds unwise.

 

[Blackjack200]

Originally posted by: Gibson486
what does "short the dollar" mean?

Bad shorthand that's supposed to mean 'make financial bets against the dollar'. Easiest way would be use the financial futures market.

http://en.wikipedia.org/wiki/Financial_future

To be honest, the simplest way would be to just buy a gold fund.

http://finance.google.com/finance?q=NASDAQ%3AVGPMX

 

[Anubis]

when i get some assets

 

[everman]

There are better ways than putting your money in a European bank, just hedge against the dollar if you want to do that. you can invest in foreign currency, stocks, and bonds.

If the U.S. economy really went down the tubes you wouldn't really be safe with your money anywhere though, the effects will reverberate throughout the world economy. In that case, hard assets might be the better choice.

 

[imported_Tango]

As an European living in the US I don't understand your point. If you are concerned about the dollar devaluation you can simply hold your account in Euros or Swiss Franks, or get exposure to foreign equities and debt.

If you are concerned about a possible banking system collapse (and that would be weird) than what you want is a Swiss account.

 

[K1052]

Originally posted by: everman
There are better ways than putting your money in a European bank, just hedge against the dollar if you want to do that. you can invest in foreign currency, stocks, and bonds.

If the U.S. economy really went down the tubes you wouldn't really be safe with your money anywhere though, the effects will reverberate throughout the world economy. In that case, hard assets might be the better choice.

Gold and guns.

 

[halik]

Originally posted by: GTaudiophile
I received a PM last night that indicated that I am not the only one thinking about moving my assets to a European (Euro-based) bank.

Anyone else contemplating the same?

international mutual funds ftw, weak dollar is great when you're making profit in euros

 

[Pliablemoose]

Just find a good foreign mutual fund/ETF, and you'll do just as well.

I don't think that moving your money overseas is going to be particularly effective as this is a global issue, not localized to the US.

In the interests of disclosure, I have 100% of my current 401K in a foreign fund, have for a long time.

 

[Syringer]

Look up Forex trading..

 

[spidey07]

Originally posted by: GTaudiophile
I received a PM last night that indicated that I am not the only one thinking about moving my assets to a European (Euro-based) bank.

Anyone else contemplating the same?

Nope. Diversify and stop buying into the panic of the driveby media. You're part of the problem, not the solution.