Persistent economic turmoil and current fears over the Greek default has forced several wealthy families to move at least $1 trillion into checking accounts in the USA. This has created a huge cash reserve increase for US banks. Branch managers are saying that this could help them fuel expansion and increase opportunities to increase scale. This sudden move of cash has left several European banks worried.
See Scott Martin, "Wealthy Say Money is Safer in the US Than Europe," thetruthadvisor.com (October 2, 2011).
Posted by Marc Tan, Associate Editor, Wealth Strategies Journal.
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