move your money : Some of you might note that this message is sponsored by “Big american leftist media” like the Huffington Post. That may be the case, but the message is still the same. What most americans do not know is that they could probably take their country back by simply withdrawing money from the collossus banks and putting it into small community banks. One additional note should be made though – don’t think that just pushing the money into your closest bank is enough – you need to know that this bank is a good institution. If you don’t like reading financial reports and balance sheet statements find someone who does and ask if this is a good or bad bank. Usually, the amount of toxic junk should tell you if they deserve your money or not.
In Sweden, I personally recommend that you avoid all smaller banks that try to lure you over with higher-than-average-yields, unless you know specifically that they are sound. These are the banks that will end up costing you as a taxpayer money to replace your deposit once things go south. Also you should avoid all of the giant 4 (Swedbank, SEB, Nordea, Handelsbanken) except Handelsbanken. For your home mortgages, I recommend also avoiding the governments Fannie&Freddie-style lending institute, known as SBAB. I’m in the process of getting my mortgages out of there and put into more sane hands. Why? Expect interest rate shocks as they go belly up.
HT@Delta for the YouTube clip.
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