Exactly 25 years ago today, on February 26th, one of the oldest, most prominent, and well respected banks in the history of the world collapsed.
Barings Bank, at the time, 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.
Frankly, we don’t care why Nick did what he did. And that’s because it doesn’t really matter why it happened, just that it happened.
But Barings wasn’t the only bank failure 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, 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.
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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.
But finding banks and opening accounts that meet that criteria can be challenging…
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 has 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, 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.
Friends, family, and colleagues look down on the idea of offshore banking, painting it with an illicit brush and making you feel bad for even exploring your options.
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 Barings Bank went under… 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 Barings, there was little that any one 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 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, that regulators have your best interest at heart, and that government bureaucrats 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 brought down Barings, they would have been insulated from the downfall. They would have already had a diversified portfolio of bank accounts, investments, and savings in multiple countries, so one bank failure wouldn’t ruin them and wipe out their wealth.
And that’s exactly what GlobalBanks is all about, giving you all the tools, intelligence, strategies, and contacts you need to protect your financial well being, 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 start growing your money, protecting your assets, diversifying your accounts, and building a banking portfolio for yourself or for your business, the first step is to become a GlobalBanks Insider. After you sign up, you’ll get immediate access to all of our reports, intelligence, bank database, along with real-time analyst support. We’ll give you all the tools, intelligence, contacts, and support you need to do it all yourself.
GlobalBanks Insider is the most comprehensive offshore and international banking platform available anywhere. We’re here to help you overcome your banking challenges, identify the best banking solutions for you and your businesses.To learn more about GlobalBanks Insider, just click here to see everything you will receive when you sign up.