“In the aftermath of the forced confiscation of bank accounts in Cyprus, the question that clients ask me most is, ‘could it happen here?’ ‘Here’ is wherever the client lives or invests, and could be the United States, Canada, Australia, New Zealand, Switzerland, or any other country.  The answer is yes. This result stems from the nature of our modern financial system, built as it is on the flawed foundation of a poorly-understood concept called ‘fractional reserve banking.’ This new reality is harsh, but as I said before, it’s healthy. People need to be reminded that money deposited in a bank converts their wealth into a debt-claim.”

http://www.nestmann.com/fractional-reserve-banking/

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