US Banking system now 108th in the world - time for an offshore bank account

[FreedomOffshore]

US Banking system now 108th in the world

http://news.yahoo.com/s/nm/20090908/...eness_report_1

Switzerland overtook the United States as the world´s most competitive
economy and the US banking system fell to 108th in the world - right behind
Tanzania which is ranked 107th - OUCH !

[FreedomOffshore]

More and More Bank Failures in America - Safety is Found ELSEWHERE

March has produced another 19 US bank failures. It brings the count up to 42 bank failures for 2010. Annualized, at the current Q1 rate, this would imply a total of 168 bank failures, more than in 2009 with over 140 defaults. Has the financial crisis really subsided in the US? It appears that the pace of bank failures is accelerating, as losses mount on loans made for commercial property and development.

In most cases, the deposits of these failed banks are assumed by other institutions, sometimes bridge banks run by the FDIC. However, that is not always the case. Increasingly, the FDIC is carrying at least part of the load and, for depositers with assets of US$ 250,000 or more -- the FDIC insurance limit -- funds can be lost.

In our view, the accelerating rate of failures points out one fact: the threat of another debt crisis, this time triggered in the commercial US real estate sector, is real and growing. Prudent investors in America will look very closely at the balance sheet, the business model, and the management of their banks. And, some will look for international diversification -- in terms of jurisdiction, institutions and currency.

As we´ve pointed out many times in the past, the banks you should work with are commercial. They do not provide credit. They are based on a traditional private banking model, where loans are provided only on a Lombard basis, i.e. backed by a depositer´s funds. We work with such banks. Yes, in Switzerland. Yes, they still accept American clients. And yes, it is perfectly legal.

Article above from: BFIC

Sincerely, Freedom Offshore Dot Com