The world’s second-largest reinsurance company is pulling its cash out of the bank…

[Reinsurance is the business of insuring other insurance companies.]

Bloomberg reports Germany’s Munich Re pulled $11 million in cash out of its overnight accounts with the European Central Bank (ECB). It did this to avoid paying the ECB’s negative interest rates. Last week, the bank cut rates to -0.4%.

[Negative interest rates mean bank depositors must pay interest instead of earn it.]

Instead, Munich Re paid to house the paper money in a vault. It’s a test run. The company wants to see how easy and cost effective it is to “hoard” paper cash… rather than pay interest to keep it at the bank.

Now, $11 million is nothing compared to the $231 billion in investments the company oversees…

If rates continue lower, companies like Munich Re will pull much larger sums out of the banking system.

That will be tantamount to a global bank run… where the only folks who get to keep their cash are those who pull it out first.

Bottom line: The War on Cash is intensifying. Follow Tom’s advice to pull some cash out of the corrupt banking system. Get it before the bank run accelerates…

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An Important Warning Before You Buy Gold

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Due to recent market volatility, many readers have written in about the best ways to buy gold right now.  But before you consider buying gold (or if you own some already), we strongly encourage you to check out what one of the world’s leading experts is saying right now. Click here to view.

 

 

Millions of seniors cut off from pensions

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The government made it illegal to withdraw money from your bank account… Seniors had no access to their own money… Elderly women were forced to dig through trash bins…

This is what happened to a large European country in 1992. But what is most frightening about this situation…

The same could happen in America very soon.

There’s a large economic shift underway that could hurt millions of American seniors…

Click here to see details on this development.