Global: And the riskiest investment is....
Summary
If you feel like it, read my show notes of today for an acerbic left-field view of what is happening. Below, I briefly discuss what you must NOT be invested in....I am harping on the deceptive mendacity of this instrument.Topics Covered
- Deceptive mendacity and Dale Carnegie
- How to protect your money
Background
Deceptive mendacity and Dale Carnegie
Most of us have been told to believe that time deposits are the safest thing around. Well, forget it. That innocuous smile of your banker is dangerous.
Most people think that their money is "safe with the bank". Well, we all know that banks are going to Hades.
But give me one more minute. Most of us don't know that when banks go bust, the time deposits that you and I hold there go into what the bank uses to repay its debts with. Your time deposits are property of the bank you hold them with!
Concerning ETFs, beware. In restructuring my funds today I learned that an ETF goes bust if the company issuing the ETF goes bust. News to me, so I'll share this with you.
Final point, made by that wonderful Dale Carnegie in How to stop worrying and start living: be concerned - but don't worry. We told you last August to get out. We did. Fortune favours the prepared.
2.How to Protect Money
- Always consult your financial adviser first.
- Buy non-bank instruments. When the bank goes under, you remain the holder of this instrument, e.g. a Treasury Bill, bonds and the like.
