The Morgan Report, Released on 2/25/22
Given the economic uncertainty caused by the current money printing, war, and health crisis, many borrowers may be forced to default on loans they have with their banks. It is therefore important to understand the legal relationship between a bank and a depositor, and the bank’s right of setoff. You may be surprised to learn that the funds in a general bank account do not technically belong to the depositor. At the moment of deposit, the funds become the property of the depository bank. Thus, as a depositor, you are a creditor of the bank. If the banks make bad loans or bad investments, YOU are on the hook, not the bank.
David Morgan is a world-renown precious metals aficionado. He is the creator of TheMorganReport.com, a monthly report that covers economic news, overall financial health of the global economy, currency problems and the key reasons for investing in precious metals. A dynamic, much-in-demand speaker all over the globe, David’s educational mission also makes him a prolific author, having penned Get the Skinny on Silver Investing, The Silver Manifesto and, most recently, Second Chance: How to Make and Keep Big Money from the Coming Gold and Silver Shock.