Banks Don’t Have Your Back (They Work Behind It)

Available for Interviews: Harry Abrahamsen

Harry J. Abrahamsen is Founder & CEO Abrahamsen Financial Group. His company offers customized wealth management solutions—creating plans and portfolios that protect, preserve, and grow client’s wealth. He was selected as one of the ten most dependable Wealth Managers in the Mid-Atlantic as published in Forbes magazine.

What Harry Abramhamsen can say in an interview on
The Banking System and How It Affects Your Bottom Line:

People see the Great Recession through the lens of what they themselves experienced and the most popular stories on the news ticker—with a general idea of what the bailout meant, but most people do not know how close America was to falling into another depression. And most people do not realize that the thing that is backing up this bailout is their taxpayer dollars. When the government throws money at a problem, more taxes will be required to make up for it, and inflation goes through the roof. So maybe individuals weren’t as immediately impacted in 2008 as they would have been in the 1930s, but the impact of tax increases and inflation, and speculation, will wreak havoc in their lives in the long term. The banking system is an immense tide that is being held back by a series of weak barriers and bailouts. Your bank is a watery grave, not a trusted institution.

Many people are lured into the water thinking everything is safe because they and their parents have always banked with institutions like Wells Fargo. They bought their first home with them, and it helped send their kids to college. And yet in 2021, Wells Fargo announced that it was closing all personal lines of credit within weeks, in favor of personal loans and credit cards, warning people that the new changes might impact their credit score. Do you think that was for the benefit of the families they supposedly supported? This was a mere three years after the bank opened millions of fake accounts under actual customer’s names, literally stealing their identities and moving more money around behind their back. It’s impossible to take on a bank as an individual. 

The bank’s strategy is to get you to deposit your money not just once, but as often as possible; and they want to hold onto it for as long as possible and to give you back as little as possible when you want it because they build their wealth by moving money around (through the velocity of the money multiplier). You put money in, they lend it out over and over again through mortgages, credit cards, personal loans, and student loans. So much so that there is a federal reserve requirement stating that banks and other depository institutions must hold 10% of the amount of all deposits to back up a percentage of the money in your account with an actual reserve. Without this requirement, I assure you that banks would lend out 100% of the money that you deposit—meaning that you would have only as much money as the bank is able to drum up when you asked to withdraw it.  And when that doesn’t work they ask the government to bail them out. This is to say, your savings account is not a safe, and the money in it is not safe. 

Banks put your micro minds to work for them. They spend millions of dollars marketing and training their staff around fear-based strategies that keep you from taking money out. The traditional strategy backed by banks is for you to save money for a period of time and get a rate of return, but this is while they implement the total opposite approach. Banks grow their wealth by keeping your money in motion, and they move it with a macro strategy—all while convincing you to build a micro strategy based around them. In fact, you might have made your bank your most trusted micro, and perhaps it’s the basis of your entire financial strategy, if you are liquid-oriented. (I hope you realize by now that “liquid” in the bank means something more like “gas.”) But it’s based on a misrepresentation that is built by a gaslight.

Now, we have to use banks, just like we have to pay taxes. They will be pieces in play on your financial chessboard if you have an intelligent strategy. Burying money in a vault in your basement doesn’t stop it from burning. I’m just telling you: Banks don’t have your back, they work behind it. 

Solution: Having a good financial advisor will help you and keep your money moving . . . just like banks do.  We can’t let it sit. It must be making money (or we’re losing it).