Don’t Bank On It! The Unsafe World of 21st Century Banking

Could the bank we trust to safeguard our money now be one of the riskiest places to put it?

This is what monetary expert Craig R. Smith, a frequent guest on Fox and other major business media, and former think tank futurist Lowell Ponte conclude in their new book Don’t Bank On It! The Unsafe World of 21st Century Banking, which documents 20 major risks your bank account faces.

Nine out of 10 adult American households have some kind of bank account, but the deeper Craig and Ponte looked into our banking system, the more they discovered that our bank accounts are now a high-risk, low-reward gamble; a bad investment that makes it illogical to keep much of your money in a bank. For example …

  • Under current law, you don’t even own your bank account. Your deposits are an “unsecured asset” belonging to the bank, Craig and Ponte found, and the receipts it gives you are merely IOUs from a bank that could go bankrupt.
  • Are your deposits safe in any bank with an “FDIC Insured” sticker in its window? No, Craig and Ponte reveal because the Federal Deposit Insurance Corporation has only enough reserves, at most, to replace only one out of every $14 it insures.
  • Your bank account and money are threatened digitally by a surprising range of risks, from China’s 120,000 full-time military cyber warriors, to the dawning “cashless” society, to your “Internet of Things” which could become a backdoor into your bank accounts for hackers.
  • Banks, as we know them, may soon disappear – or be nationalized by governments that now use regulatory and other powers to squeeze money from banks and their depositors. Smith and Ponte also show how politicians steal the fruits of your labor vampire-like, by sucking the purchasing power out of our shrinking dollar.

Smith and Ponte propose an alternative future of fullreserve, not today’s fractional-reserve, banking; a return to honest money that would make the Federal Reserve unnecessary; and that people become their own bankers and establish their own personal gold standard. Smith and Ponte show how and why to protect yourself and your family from 20 risks to our banks and savings.