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In This Report
The
legislation
proposed
in
Custody
risk
the
two
words
your
financial
planner
never
talks
about
but
which
could
cost
you
up
to
40%
of
your
wealth.
Which
banks
the
FDIC
will
take
over
when
the
next
Crisis
hits.
EU
the
bailout
process
once
the
troubled
Cyprus
banks
are
examined
by
EU
officials
(ballpark
estimate
of
capital
needed
is
17.5
billion).
February
25,
2013:
Democratic
Rally
candidate
Nicos
Anastasiades
wins
Cypriot
election
defeating
his
opponent,
an
anti-austerity
Communist.
It
is
at
this
point
that
things
went
into
hyperdrive.
March
16
2013:
Cyprus
announces
the
terms
of
its
bail-in:
a
6.75%
confiscation
of
accounts
under
100,000
and
9.9%
for
accounts
larger
than
100,000
a
bank
holiday
is
announced.
March
17
2013:
emergency
session
of
Parliament
to
vote
on
bailout/bail-in
is
postponed.
March
18
2013:
Bank
holiday
extended
until
March
21
2013.
March
19
2013:
Cyprus
parliament
rejects
bail-in
bill.
March
20
2013:
Bank
holiday
extended
until
March
26
2013.
March
24
2013:
Cash
limits
of
100
in
withdrawals
begin
for
largest
banks
in
Cyprus.
March
25
2013:
Bail-in
deal
agreed
upon.
Those
depositors
with
over
100,000
either
lose
40%
of
their
money
(Bank
of
Cyprus)
or
lose
60%
(Laiki).
The
most
important
thing
I
want
you
to
focus
on
is
the
speed
of
these
events.
Cypriot
banks
formally
requested
a
bailout
back
in
June
2012.
The
bailout
talks
took
months
to
perform.
And
then
the
entire
system
came
unhinged
in
one
weekend.
One
weekend.
The
process
was
not
gradual.
It
was
sudden
and
it
was
total:
once
it
began
in
earnest,
the
banks
were
closed
and
you
couldnt
get
your
money
out
(more
on
this
in
a
moment).
There
were
no
warnings
that
this
was
coming
because
everyone
at
the
top
of
the
financial
food
chain
were
highly
incentivized
to
keep
quiet
about
this.
The
Central
Banks,
the
bank
CEOs,
the
politicians
all
of
these
people
were
focused
primarily
on
maintaining
CONFIDENCE
in
the
Cyprus
banking
system,
NOT
on
fixing
the
systems
problems.
Indeed,
the
financial
elite
cannot
even
openly
discuss
the
systems
problems
because
it
would
quickly
reveal
that
they
are
a
primary
cause
of
them.
For
that
reason,
you
will
never
and
I
repeat
NEVER
see
a
Central
banker,
bank
CEO,
or
politician
admit
openly
what
is
happening
in
the
financial
system.
Even
middle
managers
and
lower
level
employees
wont
talk
about
it
because
A)
they
dont
know
the
truth
concerning
their
institutions
or
B)
they
could
be
fired
for
warning
others.
Consider
the
following
story
from
Cyprus:
''Very
bad,
very,
very
bad,''
says
65-year-old
John
Demetriou,
rubbing
tears
from
his
lined
face
with
thick
fingers.
''I
lost
all
my
money.''
He
had
left
Cyprus
in
the
early
1970s
at
the
height
of
its
war
with
Turkey,
taking
his
wife
and
young
children
to
safety
in
Australia.
He
built
a
life
from
nothing
and,
gradually,
a
substantial
nest
egg.
He
retired
to
Cyprus
in
2007
with
about
$1
million,
his
life
savings.
His
money
was
all
in
the
Laiki
''Popular''
Bank
which
was
the
main
casualty
of
Cyprus'
bailout
package
set
by
the
European
Union.
Laiki
is
to
be
dismantled.
Savings
of
less
than
100,000
are
to
move
to
the
Bank
of
Cyprus.
Anything
more
than
that
will
almost
certainly
be
wiped
out
as
the
bank
is
wound
down,
its
remaining
assets
taken
by
the
bank's
creditors.
Last
week
he
heard
a
rumour
that
the
bank
was
in
trouble
and
went
into
Aiya
Napa
to
ask
his
bank
manager
-
a
friend
-
if
he
should
move
his
life
savings.
''There's
no
problem,
nothing
to
worry
about,''
he
was
told.
Not
so.
http://www.smh.com.au/national/i-went-to-sleep-friday-as-a-rich-man-i-woke-up-a-
poor-man-20130328-2gxab.html#ixzz2PK3U3Cbn
Here
is
an
older
man
who
worked
every
day
of
his
life
and
saved
for
retirement
who
was
told
by
his
bank
manager,
who
was
a
personal
friend,
that
theres
no
problem,
nothing
to
worry
about.
The
man
lost
virtually
everything
in
one
weekend.
Whether
the
bank
manager
was
ignorant
of
the
facts
or
lied
doesnt
change
the
outcome:
the
man
LOST
ALMOST
ALL
OF
HIS
MONEY.
So
do
not
expect
to
EVER
hear
a
Central
Banker,
politician,
banker,
regulator
or
anyone
else
in
a
position
of
power
warn
you
of
the
real
risks
to
your
wealth.
Indeed,
as
Cyprus
has
now
SHOWN
us,
the
only
people
who
WILL
be
warned
are
the
elites
cronies:
One
hundred
and
thirty-two
companies
reportedly
had
inside
knowledge
of
Cyprus
impending
levy
tax
as
they
withdrew
deposits
worth
US$916
million
in
the
run-up
to
the
bailout
deal.
The
companies
withdrew
their
savings
in
the
two-week
period
(between
March
1
to
March
15)
leading
up
to
the
rescue
deal
that
enforced
heavy
losses
on
wealthy
depositors
in
Cypriot
banks,
according
to
Greek
newspaper
Proto
Thema.
Shortly
after
this
the
EU
ministers
and
the
IMF
hammered
out
a
10-billion-euro
(US$13
billion)
bailout
agreement
with
Cyprus,
which
included
a
one-time
tax
on
deposits
held
in
Cypriot
banks.
In
the
meantime
all
banks
in
Cyprus
temporarily
froze
the
amounts
required
to
pay
the
tax
on
their
clients
deposits
and
stopped
all
transactions
while
the
government
negotiated
the
details
of
the
agreement.
The
companies
on
the
list
withdrew
their
deposits
in
euro,
USD,
GBP
and
Russian
rubles
and
later
transferred
to
banks
outside
of
Cyprus.
The
total
amount
withdrawn
comes
to
US$916
million.
http://rt.com/news/cyprus-companies-withdraw-money-218/
How
about
that?
The
insiders
were
able
to
get
nearly
$1
billion
out
of
the
banks
while
ordinary
savers
deposits
were
frozen.
Please
take
a
few
minutes
to
digest
what
Im
telling
you
here.
You
will
not
be
warned
of
the
risks
to
your
wealth
by
anyone
in
a
position
of
power
in
the
political
financial
hierarchy.
With
that
in
mind,
now
is
a
good
time
to
prepare
for
systemic
risk.
I
cannot
forecast
precisely
when
things
will
get
as
ugly
as
they
did
in
Cyprus
for
the
financial
system
as
a
whole
(no
one
can).
However,
I
can
tell
you
the
primary
issues
you
need
to
be
concerned
with
when
it
comes
to
preparing
for
whats
coming.
concerning
issues
of
custody
rule
AND
failed
to
have
independent
audits
of
their
clients
funds
performed.
In
other
words
they
didnt
really
know
where
their
clients
funds
were,
how
big
or
how
small
they
were
in
fact,
many
of
them
didnt
even
realize
that
they
themselves
were
legal
custodians
of
their
clients
funds.
Custody
risk
goes
beyond
investment
advisors.
Indeed,
these
issues
are
endemic
to
the
financial
system
today.
Lets
say
the
financial
firm
which
is
actually
keeping
custody
of
your
assets
(your
stock
shares,
money
market
account,
etc.)
goes
belly-up.
What
happens
then?
How
quickly
can
you
access
your
accounts?
How
soon
can
they
be
transferred
out
of
the
firm
to
another
custodian?
You
see
where
Im
going
with
this.
Even
if
an
appropriate
legal
framework
is
in
place
to
eliminate
the
risk
of
loss
of
value
of
the
securities
held
by
the
custodian
in
the
event
of
its
failure,
it
can
take
weeks
or
even
months
to
transfer
the
securities
to
a
new
custodian.
During
that
time,
you
cannot
close
out
open
positions
they
are
effectively
frozen.
In
the
case
of
MF
Global,
some
investors
were
locked
out
of
their
accounts
and
couldnt
trade
their
positions
for
weeks.
As
a
result
many
of
them
incurred
massive
losses
(imagine
owning
stocks
and
not
being
able
to
sell
them
during
a
crash).
I
bring
all
of
this
is
up
because
custody
risk
is
one
of
the
biggest,
most
important
issues
to
consider
if
you
want
to
maintain
your
wealth
when
the
next
round
of
systemic
risk
hits.
Remember
from
the
case
of
Cyprus
once
things
get
bad,
they
do
so
in
a
hurry.
With
that
in
mind,
now
is
the
time
to
be
assessing
the
custody
risk
for
your
various
assets.
Review
the
custody
risk
clauses
for
the
firms
that
have
custody
of
your
portfolio
and
account.
Find
out
what
would
happen
in
the
even
that
the
firm
failed.
And
by
all
means
MAKE
SURE
your
money
is
actually
there.
This
goes
for
your
stock
holdings,
bond
holdings,
money
market
accounts,
even
your
Gold.
I
can
assure
you
that
large-scale
investors
have
begun
this
process
already.
Indeed,
the
below
news
story
should
make
it
obvious
that
those
in
the
know
are
concerned
about
where
their
assets
are
and
are
taking
action
to
mitigate
custody
risk:
Texas
Republican
State
Representative
Giovanni
Capriglione
authored
the
bill
demanding
state
owned
gold
bars
be
returned
to
the
Lone
Star
State.
The
legislation
to
pull
$1
billion
in
gold
reserves
from
a
Federal
Reserve
vault
in
New
York
is
supported
by
Governor
Rick
Perry.
The
financial
crisis
in
Cyprus
which
prompted
a
run
on
the
bank
and
ultimately
a
closure
of
the
financial
institutions
reportedly
bolstered
support
for
the
Texas
gold
bar
return
bill.
State
Representative
Capriglione
had
this
to
say
about
why
he
penned
the
bill:
For
us
to
have
our
own
gold,
a
lot
of
the
runs
on
the
bank
and
those
types
of
things,
they
happen
because
people
are
worried
that
theres
nothing
there
to
back
it
up.
Governor
Perry
stated
that
if
Texas
owns
the
gold,
then
no
one
else
should
be
able
to
determine
if
the
state
can
reclaim
possession
of
the
bars
of
precious
metal.
Representative
Capriglione
also
noted
that
Texas
is
not
interested
in
implementing
its
own
gold
standard.
According
to
the
Republicans
statements
about
the
gold
bars
bill,
he
simply
wants
to
bolster
the
states
fiscally
secure
reputation.
The
Texas
public
servant
also
feels
that
such
a
solid
financial
persona
would
be
beneficial
in
case
an
international
of
national
fiscal
crisis
occurred.
The
legislation
notes
the
state
does
not
merely
want
gold
certificates
from
the
Federal
Reserve,
they
want
the
actual
gold
bars
to
store
inside
a
planned
Texas
Bullion
Depository.
Moving
$1
billion
in
gold
bars
from
New
York
to
Texas
would
be
a
huge
task,
one
some
are
calling
impractical.
State
Representative
Capriglione
suggested
selling
the
gold
currently
housed
inside
the
New
York
vault
and
then
repurchasing
the
same
amount
in
Texas.
http://www.inquisitr.com/600185/texas-wants-gold-stored-at-federal-reserve-returned-
to-lone-star-state/#XHeg60ztpexhAROW.99
Why
do
you
think
Texas
is
concerned
about
the
custody
risk
of
its
gold
holding?
The
world
will
soon
be
facing
a
tsunami
of
defaults
on
bad
debts.
This
will
include
municipal
or
local
government
defaults,
governments
defaulting
on
promises
theyve
made
to
the
people
(Social
Security,
Medicaid),
a
default
on
the
social
contract
between
society
and
politicians
such
as
the
one
in
Cyprus
(a
default
on
the
notions
of
private
property
and
Democracy),
stealth
defaults
on
debts
in
the
form
of
inflation
and
finally,
of
course,
outright
sovereign
defaults.
The
sovereign
defaults
will
come
last;
all
other
options
will
be
tried
first.
10
The
reason
for
this
is
that
sovereign
bonds
(think
of
US
Treasuries,
German
Bunds
or
Japanese
Government
bonds)
are
the
senior
most
collateral
posted
by
banks
for
the
hundreds
of
trillions
of
Dollars
worth
of
derivatives
bets
theyve
made
with
each
other.
The
minute
an
actual
sovereign
default
occurs
in
Europe,
Asia
or
the
US,
then
the
large
global
banks
will
all
be
vaporized.
End
of
story.
As
is
now
clear,
the
Central
banks
do
not
care
about
ordinary
citizens.
They
only
care
about
propping
up
the
big
banks.
This
is
why
Cyprus
decided
to
default
on
the
social
contract
with
its
people
and
steal
their
funds
rather
than
simply
instigating
a
formal
default.
And
its
why
in
general
were
going
to
see
Governments
implementing
more
and
more
theft
in
the
form
of
taxes
(Cyprus
called
its
theft
a
tax)
in
the
future.
Make
no
mistake,
the
words
wealth
tax
mean
freezing
of
assets
and
then
taking
some
of
your
savings.
Anyone
with
more
than
$100,000
in
a
bank
account
should
be
prepared
for
this.
This
will
be
sold
to
the
public
as
either
an
attempt
to
tax
those
with
a
lot
of
money
because
its
only
fair
that
they
put
in
more
to
bailout
the
nation
OR
as
a
form
of
financial
terrorism
e.g.
either
you
take
a
7%
cut
on
your
deposits
and
the
bank
stays
afloat
or
the
bank
crashes
and
you
lose
everything.
This
will
be
spreading
throughout
the
world,
GUARANTEED.
Spain,
Canada
(which
allegedly
has
the
safest
banks
in
the
world),
New
Zealand
and
now
even
Germany
have
already
begun
discussing
confiscation
schemes
for
depositors
in
the
event
of
a
banking
crisis.
It
can
happen
in
the
UK
and
the
US
as
well.
I
am
not
writing
that
to
simply
scare
people.
The
FDIC,
working
with
the
Bank
of
England
published
a
paper
proposing
precisely
these
methods
to
deal
with
Systemically
Important
Financial
Entities
(SIFIs).
The
paper
was
published
in
December
2012.
Below
are
some
excerpts
worth
your
attention:
This
paper
focuses
on
the
application
of
top-down
resolution
strategies
that
involve
a
single
resolution
authority
applying
its
powers
to
the
top
of
a
financial
group,
that
is,
at
the
parent
company
level.
The
paper
discusses
how
such
a
top-down
strategy
could
be
implemented
for
a
U.S.
or
a
U.K.
financial
group
in
a
cross-border
context
These
strategies
have
been
designed
to
enable
large
and
complex
cross-
border
firms
to
be
resolved
without
threatening
financial
stability
and
without
putting
public
funds
at
risk
11
10
Under
the
strategies
currently
being
developed
by
the
U.S.
and
the
U.K.,
the
resolution
authority
could
intervene
at
the
top
of
the
group.
Culpable
senior
management
of
the
parent
and
operating
businesses
would
be
removed,
and
losses
would
be
apportioned
to
shareholders
and
unsecured
creditors.
In
all
likelihood,
shareholders
would
lose
all
value
and
unsecured
creditors
should
thus
expect
that
their
claims
would
be
written
down
to
reflect
any
losses
that
shareholders
did
not
cover.
Under
both
the
U.S.
and
U.K.
approaches,
legal
safeguards
ensure
that
creditors
recover
no
less
than
they
would
under
insolvency.
An
efficient
path
for
returning
the
sound
operations
of
the
G-SIFI
to
the
private
sector
would
be
provided
by
exchanging
or
converting
a
sufficient
amount
of
the
unsecured
debt
from
the
original
creditors
of
the
failed
company
into
equity.
In
the
U.S.,
the
new
equity
would
become
capital
in
one
or
more
newly
formed
operating
entities.
In
the
U.K.,
the
same
approach
could
be
used,
or
the
equity
could
be
used
to
recapitalize
the
failing
financial
company
itselfthus,
the
highest
layer
of
surviving
bailed-in
creditors
would
become
the
owners
of
the
resolved
firm.
In
either
country,
the
new
equity
holders
would
take
on
the
corresponding
risk
of
being
shareholders
in
a
financial
institution.
Throughout,
subsidiaries
(domestic
and
foreign)
carrying
out
critical
activities
would
be
kept
open
and
operating,
thereby
limiting
contagion
effects.
Such
a
resolution
strategy
would
ensure
market
discipline
and
maintain
financial
stability
without
cost
to
taxpayers.
Title
II
of
the
Dodd-Frank
Act
provides
the
FDIC
with
new
powers
to
resolve
SIFIs
[systemically
important
financial
institutions]
by
establishing
the
orderly
liquidation
authority
(OLA).
Under
the
OLA,
the
FDIC
may
be
appointed
receiver
for
any
U.S.
financial
company
that
meets
specified
criteria,
including
being
in
default
or
in
danger
of
default,
and
whose
resolution
under
the
U.S.
Bankruptcy
Code
(or
other
relevant
insolvency
process)
would
likely
create
systemic
instability.
[In
the
US]
Title
II
requires
that
the
losses
of
any
financial
company
placed
into
receivership
will
not
be
borne
by
taxpayers,
but
by
common
and
preferred
stockholders,
debt
holders,
and
other
unsecured
creditors,
and
that
management
responsible
for
the
condition
of
the
financial
company
will
be
replaced
[In
the
UK]
The
introduction
of
a
statutory
bail-in
resolution
tool
(the
power
to
write
down
or
convert
into
equity
the
liabilities
of
a
failing
firm)
under
the
RRD
is
critical
to
implementing
a
whole
group
resolution
of
U.K
But
insofar
as
a
bail-in
provides
for
continuity
in
operations
and
preserves
value
losses
to
a
deposit
guarantee
scheme
in
a
bail-
in
should
be
much
lower
than
in
liquidation.
Insured
depositors
themselves
would
remain
unaffected.
Uninsured
deposits
would
be
treated
in
line
with
other
similarly
ranked
liabilities
in
the
resolution
process,
with
the
expectation
that
they
might
be
12
11
written
down.
http://www.fdic.gov/about/srac/2012/gsifi.pdf
So
if
a
large
bank
fails
in
the
US,
the
FDIC
steps
in
and
takes
over,
replacing
management,
and
works
to
shrink
the
bank
by
writing-down
liabilities
and
converting
debt
into
equity.
In
other
words
any
liability
at
the
bank
is
in
danger
of
being
written-down
should
the
bank
fail.
And
guess
what?
Deposits
are
considered
liabilities
according
to
US
Banking
Law
and
depositors
are
creditors.
So
if
a
large
bank
fails
in
the
US,
your
deposits
at
this
bank
would
either
be
written-down
(read:
disappear)
or
converted
into
equity
or
stock
shares
in
the
company.
And
once
they
are
converted
to
equity
you
are
a
shareholder
not
a
depositor
so
you
are
no
longer
insured
by
the
FDIC.
So
if
the
bank
then
fails
(meaning
its
shares
fall)
so
does
your
deposit.
Lets
run
through
this.
Lets
say
ABC
bank
fails
in
the
US.
ABC
bank
is
too
big
for
the
FDIC
to
make
hold.
So
1) The
FDIC
takes
over
the
bank.
2) The
banks
managers
are
forced
out.
3) The
banks
debts
and
liabilities
are
converted
into
equity
or
the
banks
stock.
And
yes,
your
deposits
are
considered
a
liability
for
the
bank.
4) Whatever
happens
to
the
banks
stock,
affects
your
wealth.
If
the
banks
stock
falls
at
this
point
because
everyone
has
figured
out
the
bank
is
in
major
trouble
your
wealth
falls
to.
Lets
say
you
have
$1,000,000
in
deposits
at
financial
institutions
ABC.
When
ABC
fails,
your
deposits
are
converted
into
$1,000,000
worth
of
ABCs
stock
(lets
say
you
get
1,000,000
shares
valued
at
$1
each
for
$1,000,000).
Now
lets
say
ABCs
shares
fall
in
value
from
$1.00
to
$0.50.
You
just
lost
$500,000
of
your
wealth.
This
is
precisely
what
has
happened
in
Spain
during
the
2012
banking
crisis
over
there.
And
it
is
perfectly
legal
in
the
US
courtesy
of
a
clause
in
the
Dodd-Frank
bill.
13
12
Just
as
importantly,
if
you
have
your
account
in
a
cross-border
subsidiary
or
branch
of
the
bank
(meaning
a
branch
of
the
bank
that
is
located
abroad),
your
deposits
are
still
at
risk.
So
moving
your
money
out
of
the
country
to
another
bank
doesnt
guarantee
the
safety
of
your
deposits.
Because
if
the
bank
should
fail,
your
account
is
STILL
a
liability
for
the
parent
company
and
can
be
written
down
or
converted
into
equity.
Lets
use
a
real
world
example
if
Bank
of
America
goes
down
ALL
of
its
subsidiaries
are
at
stake.
You
may
not
know
this,
but
Bank
of
America
has
over
100
subsidiaries
located
throughout
not
just
the
US,
but
the
world.
Heres
the
full
list:
http://www.sec.gov/Archives/edgar/data/70858/000119312507042036/dex21.htm
The
same
is
true
for
ALL
of
the
big
banks.
Anyone
who
claims
what
happened
in
Cyprus
couldnt
happen
in
the
US
is
ignorant
of
the
facts.
Remember,
NO
ONE
in
a
position
of
power
is
going
to
warn
you
of
the
risks
to
your
wealth.
Dont
find
this
out
the
hard
way
like
many
in
Europe
are
today.
With
that
in
mind,
NOW
is
the
time
to
be
getting
your
capital
in
a
safe
place.
I
cannot
provide
detailed
information
here
because
I
am
not
a
tax
or
legal
expert.
However
I
CAN
suggest
the
following:
1) Do
not
keep
large
deposits
with
any
of
the
systemically
important
banks
(any
bank
too
big
for
the
FDIC
to
prop
up).
2) Do
not
keep
large
deposits
in
any
publicly
traded
banks
as
they
are
exposed
to
anything
that
happens
in
the
stock
market.
3)
Do
not
keep
large
deposits
in
any
banks
that
have
large
derivative
exposure
(see
the
graph
below
for
a
list
of
the
top
25
in
the
US).
4) Put
your
money
in
a
bank
that
has
low
leverage
and
a
low
risk
loan
portfolio.
14
13
As
far
as
preparing
to
be
taxed,
it
is
clear
that
confiscation
(read:
theft)
is
now
on
the
table
when
the
next
Crises
hits.
I
do
not
expect
this
to
stop
with
deposits.
The
US
has
confiscated
Gold
before.
If
things
get
very
hairy
it
could
easily
do
it
again.
Indeed,
the
US
Government
recently
attempted
to
force
investors
to
file
a
tax
form
for
any
Gold
or
Silver
purchase
worth
more
than
$600.
This
failed
to
be
passed,
however,
if
you
do
ever
choose
to
sell
some
of
your
Gold
or
Silver
bullion
to
a
dealer,
you
have
to
report
it
to
the
IRS
if
it
meets
certain
requirements.
You
can
read
these
requirements
here:
http://www.usagold.com/cpm/privacy.html
15
14
Moreover,
moving
your
money
out
of
the
US
wont
necessarily
help
you
either.
According
to
US
tax
code,
any
foreign
bank
account
or
ownership
of
a
foreign
financial
asset
greater
than
$10,000
must
be
reported
to
the
IRS.
Failure
to
do
so
can
result
in
fines
of
up
to
$250,000
(or
50%
of
the
amount)
whichever
is
greater
and
up
to
FIVE
YEARS
jail-time.
Again,
I
am
not
a
tax
or
legal
expert.
If
youre
planning
on
moving
money
out
of
the
US
to
keep
it
safe
(or
wherever
you
are
located)
you
NEED
to
talk
to
a
lawyer
about
what
has
to
be
reported
and
what
doesnt.
Cyprus
has
shown
us
that
when
push
comes
to
shove,
the
rule
of
law
goes
out
the
window.
I
fully
expect
that
when
things
get
really
bad
in
the
financial
system
the
money
grabs
will
come
fast
and
furious.
Prepare
to
be
taxed.
I
mean
deposit
confiscation,
wealth
tax,
and
more.
Im
working
to
find
solutions
to
this,
but
honestly,
this
is
how
the
lay
of
the
land
is
looking.
These
two
issues:
Custody
Risk
and
Wealth
Taxation
require
your
attention
the
most.
There
are
others,
but
if
you
begin
assessing
these
now,
youre
ahead
of
99%
of
investors.
And
as
Cyprus
has
shown
us,
when
systemic
risk
really
hits,
being
ahead
of
the
crowd
will
be
the
difference
between
those
who
emerge
largely
intact
and
those
who
lose
almost
everything.
Best
Regards
Graham
Summers
Phoenix
Capital
Research
16