Exactly 25 years ago today, on February 26th, the world watched as the Barings Bank failure took place in front of our eyes. Barings Bank was one of the most prominent and well-respected banks in the history of the world collapsed.
At the time of the Barings Bank failure, Barings was Britain’s oldest merchant bank and the second oldest in the world. It was founded in 1762. And after a 233 year run of prosperity, it was brought down by a greed stricken 28 year old named Nick.
The situation has been analyzed repeatedly, by investigators, regulators, and journalists. But they all have their own bent, their own interest in painting the story one way or another. Fortunately, that’s not what this article is about.
But the Barings Bank failure wasn’t the only one in the past 25 years. Bank failures have continued to happen, in different countries, to different banks, with different Nicks.
It’s a story that will continue to repeat itself. And that’s the only take away worth considering. This will happen again. So how can you protect your money from bank failures?
If you’re interested in learning whether your bank account is safe, to make sure you don’t get caught in a Barings Bank failure, or you want to find a safe bank to open accounts with now, we highly recommend downloading your free copy of Recession-Proof Bank Accounts.
This report is 100% FREE and if you care about whether your money is safe or not, you should grab a copy now…
When it comes to banking, the goal for most people is the same. We want our money to be safe and managed conservatively. But what does save and conservatively managed really mean?
In the context of offshore and international banking, it usually means opening accounts at banks with sound financial practices, that don’t engage in illegal activities, don’t invest in low-grade debt and toxic derivatives, and are located in a politically and economically stable jurisdiction.
If you’re like most people, you’ve probably found that opening accounts offshore or internationally is more difficult than ever before. In many instances, banks won’t even entertain your application because you don’t have the right documents or ties to a country.
But the reality is, applicants from any background and almost any country are able to open bank accounts that offer the services they need, whether that’s a basic savings account, high interest deposits, payment processing, private banking, or anything in between.
Don’t blame yourself for not being able to open accounts. It’s getting more challenging for everybody. Increased regulation, greater coordination by global tax agencies, and the increasing power of compliance departments have made banking difficult to navigate and bureaucratic.
And while compliance personnel, regulators, and tax authorities are certainly out to control the movement of money, they aren’t the only ones holding you back from achieving financial security.
Today, a Barings Bank failure isn’t your biggest challenge. But one of the biggest challenges facing people that want to protect their money is increased negative stereotypes from Hollywood, lawmakers, and society at large… judging you for taking action, protecting your money, and diversifying your risk.
The truth is, they’re blind to the realities of the global financial system and don’t understand the threat that increased government control, overleveraged financial systems, out-of-control compliance departments, and irresponsible banks have on your financial independence.
Think of the thousands of people that were impacted 25 years ago when the Barings Bank failure took place… and the many thousands more that have been impacted in the 25 years since when retail and commercial banks have gone bust.
In the case of the Barings Bank failure, there was little that anyone customer could have done to see the warning signs. But, as with any banking failure, certain customers were far more negatively impacted than others.
Those who were hurt the most kept all their savings at a single bank and did not take any steps to properly diversify themselves from investment, political, and economic risks by banking in multiple countries.
These unwitting customers lacked a strategy, foresight, and basic common sense. And they would have lost their savings in the Barings Bank failure. And that’s the failed approach that friends, family, and others who condemn you for banking offshore will take themselves.
But that’s no strategy at all. It’s a blind hope that bankers will do the right thing. It’s your job to protect your money and you shouldn’t think that regulators have your best interest at heart. Government bureaucrats do not care more about protecting your savings than they do about securing their own salaries and pensions.
Compare the flawed “strategy” above to the actions that others take to protect their wealth and secure their financial freedom…
Even though the “smart money” would have been blind to the warning signs and illicit activities that caused the Barings Bank failure, they would have been insulated from the downfall. They would have already had a diversified portfolio of bank accounts. This includes investments and savings in multiple countries. That would have meant one bank failure wouldn’t ruin them and wipe out their wealth.
And that’s exactly what GlobalBanks is all about. We give you all the tools to protect yourself from Barings Bank failure type situations. That includes intelligence, strategies, and contacts you need to protect your financial well being. It will also help you grow your wealth, access more opportunities, and gain more freedom.
Whether you’re just getting started on your journey to financial freedom, have businesses operating in multiple countries, or find yourself in retirement wanting to preserve your wealth and grow your income, there are steps that you should be taking right now.
If you’re ready to take action and start opening international accounts now, you can access GlobalBanks IQ, our dedicated international banking intelligence platform.
GlobalBanks IQ gives you everything you need to start finding and opening accounts for you or your business today.
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And, you get access to our library of premium (members-only) reports, including proven account opening strategies, country-specific banking options, and lists of banks for specific client types.
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To get started, click here to see if GlobalBanks IQ is the right choice for you to start accessing the benefits of international banking today.