Doug Casey on Protecting Your Assets
August 19, 2009
Louis: Doug, we’re getting a lot of questions from readers on how to follow your advice to diversify assets, politically. I know it’s a prickly subject, but what can you tell us about getting our money out from behind the new iron curtain that seems to be descending?
Doug: First—and I can’t stress this enough—you’ve got to accept the grim reality of impending currency controls. The modern era of foreign exchange controls really started with the perversely Orwellian-named Bank Secrecy Act of 1970. For the first time, that made it obligatory for U.S. citizens to report any foreign bank or brokerage accounts they had to the government.
L: I didn’t know that. If history repeats itself, that could be a key tactical factor for our readers to consider.
D: Yes. There are no guarantees, of course. Those in government today think they can do absolutely anything they deem necessary and expedient. But at least if it’s out of their physical bailiwick, it improves your odds.
L: Why do you think they allowed that exemption last time? I doubt it was because they had any shred of respect for private property; maybe they just recognized that trying to seize gold ...