Greeks Get Locked Out of Their Own Safety Deposit Boxes

Let's say that you had put your grandma's diamond necklace, $20,000 in cash, and $50,000 worth of gold and silver coins into your Wells Fargo safety deposit box for safe keeping.  Now imagine that one day you pull up to Wells Fargo to get YOUR STUFF out of THEIR BOX and you are greeted by a sign on the door that says, "NO ACCESS TO BOXES TODAY....CHECK BACK NEXT WEEK"

Think you might be upset?

Capital controls have been in place in Greece since the start of the month to protect the banks from mass withdrawals by nervous Greeks. They have rightly been concerned about their savings, the collapse of the banking system and the loss of their savings in deposit confiscations or bail-ins.

Many Greeks were also withdrawing their cash because they fear the country might be forced back onto the drachma. However a little known fact is that, Greeks who had prepared for bank runs by withdrawing cash and buying gold and silver bullion and then lodging that bullion and indeed cash into safety deposit boxes have also been caught up in the draconian capital controls.

We have warned about this for many years and warned as recently as April this year that people should avoid using safety deposit boxes in banks.

“Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place”, Nadia Valavani, a Deputy Finance Minister in Greece told local television station according to a Reuters report.

The report (Greeks cannot tap cash in safe deposit boxes under capital controls) was little noticed at it was published on the less trafficked ‘Bonds’ section of Reuters.com on Sunday July 5th at 1:58 pm EDT or 6:58 pm GMT. Sunday afternoon and evening is a time when traders, investors and even eagle eyed news junkies are likely to be taking a well earned break.

The notion that safe deposit boxes – facilities that are used by many precious metals investors and others seeking to safeguard their wealth and valuables – need to come under capital controls to protect against bank runs is a dubious one.

This cash is not in the banking system – its withdrawal would have no negative impact on the system. Its availability to its owner might bring cash into circulation which would benefit the wider community.

The only reason to put access to safe deposit boxes under capital controls – measures which were agreed between the government and the banks – is because the banks and governments wish to retain the option of confiscating the contents of those boxes should the crisis deepen.

Here;  http://www.zerohedge.com/news/2015-07-14/greeks-can%E2%80%99t-tap-cash-gold-silver-bank-safety-deposit-boxes

OUCH!!  You mean the government might decide to take your cash, gold and silver to pay their debts if they get in a really big pickle?

Yep!

"But Dennis, that's in Greece....that could never happen here!  This is America!!"

Zephaniah 1:18 
Neither their silver nor their gold will be able to save them on the day of the Lord’s wrath.” In the fire of his jealousy the whole earth will be consumed, for he will make a sudden end of all who live on the earth.

Haggai 2:8 
‘The silver is mine and the gold is mine,’ declares the Lord Almighty.

"But Dennis, SURELY you are not suggesting that the day of the Lord's wrath has come upon Greece and/or the world?"

Nope.  The day of the Lord's wrath is yet to come...but SURELY it may be a foreshadowing of how folks think they can rely on their own horded treasure to keep them safe through all circumstances...when in reality the ONLY place for safety and peace is through Jesus Christ and our faith in Him to see us through all things.