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The Safest Banks in the World Revealed to This Forum
The World's safest Banking System
The following article came by email from a service called the Investment
U Reader. I thought it would help the people on this forum. I am sure you will agree.
FREEDOM
P.S. There is a special way to open an account at one of these banks. In fact,
summer time is the best time of the season to do it.
Editor's Note: As the market hovers over the fate of Citibank and Bank of
America, our former Investment U Chairman and Advisory Panelist Mark
Skousen gives us some good news in a sector filled with negativity…
Dear Investment U Reader,
The U.S. financial system is a mess – according to the World Economic
Forum, the United States ranks 40th among banking systems around the
world. Without federal bailouts, the two largest banks in the country,
Citibank (NYSE: C) and Bank of America (NYSE: BAC), would be in
bankruptcy, and the good ol' USA would be headed for the Greater
Depression, as my friend Doug Casey likes to call it.
But you'll never guess where the world's No. 1 banking system is. No, it's
not fabled Switzerland nor booming Hong Kong.
While the central banks around the world are desperately trying to stem
the flow of red ink, this country's red is emblazoned on its iconic mounted
police force.
It's right next door: Canada. The land of hockey and moose has the
world's soundest banking system. While European and Asian banks are
collapsing, Canada stands out as an oasis of financial calm.
Four "Mounties" With Solid Balance Sheets
According to the Global Competitiveness Report, Canadian banks
received the highest ranking, 6.8, out of a possible 7.0 (healthy, with
sound balance sheets). The lowest ranking of 1 means insolvent and
possible government bailout.
Canada's stock has been rising quietly – the Canadians are known for their
modesty and self-restraint – as American financiers and media are
astonished to find that their northern neighbors have somehow avoided the
subprime lending scandal and the home foreclosure mess.
What's Canada's secret? With the exception of oil-rich Alberta, Canada
did not have a strong construction surge as the United States did during
the boom years. And mortgage interest is not tax deductible in Canada.
Canadian banks are national in scope; the top five banks have branches in
all 10 Canadian provinces, making them less susceptible to
downturns. They have large numbers of loyal depositors and a more solid
base of capital. They are more tightly regulated than their U.S.
counterparts, more liquid and less leveraged.
Among the top 10 largest banks in North America, four are
Canadian: Royal Bank of Canada (NYSE: RY), Bank of Nova Scotia
(NYSE: BNS) and Bank of Montreal (NYSE: BMO), and Toronto
Dominion (NYSE: TD), which bought Commerce Bank last year.
Canadian bank executives don't have to be excoriated by Parliament
before taking a pay cut. The CEOs of Canada's three-largest banks have
all voluntarily cut their own pay in response to the global economic crisis.
Canada has its share of problems – being linked to commodity prices – but
financially it's done a better job than its southern neighbor. While the
Bush administration ran up massive deficits year after year, Canadian
officials finally pushed through a stimulus package that resulted in the
government's first deficit in a decade!
Right now, the Canadian banks are selling at incredible bargains. With
operating margins exceeding 30%, and dividend yields between 6% and
8%, Canadian banks are selling at only around eight times earnings. Bank
of Montreal is my favorite – it's selling for only six times this year's
expected earnings and is yielding 10%.
During a crisis, the good investments get hit like the bad ones. But when
the markets recover, the good bank stocks will skyrocket, especially those
across the border.
Having lived in Canada for many years I can share with you that it is very difficult to open banking there -- even in person I do not see how you can open an account remotely unless it is through HSBC or Scotia bank with a personal account.
I once walked into a RBC branch with my original Canadian corporate documents (they do not accept non-Canadian corps) , Canadian tax ID for the corp, proof of address and bank reference letter and was told they were not interested based upon the fact that it was an online business.
So while Canadian banking may be strong financially, they are difficult to work with and provide info to the US upon request (phone call etc).
...Canadian banks are very active in offshore jurisdictions, the carribean and channel islands, Scotiabank and RBC especially so.
This is a key to taking advantage of the sound Canadian banking system.
When you are in an offshore jurisdiction and you find Scotiabank there then
take advantage of this safe bank by opening an account there.
When I was in the Dominican Republic and meeting with lawyers for the residency program I have developed there for those interested in getting an offshore second residency without actually living in the D.R., I found Scotia Bank in the D.R. and learned it is about the safest bank there.
Here is another list of "safe banks"
You can look here for the top "safest banks" (meaning that they will probably go out of business last versus other banks) in the world:
Here is more confirmation about Canadian banks being the "safest" banks in
the world. If you get a chance to open an account with Royal Bank of Canada, please do.
Here is more confirmation about Canadian banks being the "safest" banks in
the world. If you get a chance to open an account with Royal Bank of Canada, please do.
FREEDOM
For North American residents indeed Royal Bank of Canada is probably the best choice, but for people in Europe I would recommend Rabobank. They have the highest credit rating (AAA). So it's a pretty safe bank.
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(Remember that no investment with the potential of high returns is without risk)
Taking a VACATION WITH A PURPOSE to accomplish something besides just sitting around is a way to vacation smartly.
For example, plan your vacation this summer with Canada as your destination. Not only are the Rocky Mountains beautiful but you can open a bank account at one of the Canadian banks while you are there. You kill two birds with one stone.
Similarly in the winter time plan your vacation on a beautiful tropical paradise to get offshore residency or start working on a second passport program.
Kill three birds with one stone:
Similarily, you could get your dental work done or cosmetic surgery for a fraction of the price you spend back in your home country and at the same time you could work on offshore residency or a second passport. I know someone who did this last autumn and he saved enough money on his dental work which paid for his offshore residency leading to an eventual passport.
So remember to choose places to vacation at that will allow you to either open a desirable bank account there, get offshore residency leading to a passport, or get dental work or cosmetic surgery done. That way, you can go back home with more than just memories.
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The Safest Banks in the World Revealed to This Forum
Re: The Safest Banks in the World
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