http://www.billcara.com/archives/2008/03/caras_commentary_community_cha_165.html#more

I have said it before; the banks are toast. There will be many investment and commercial banks that will be eaten up this year, including some very large ones.

Its time to consider putting your liquid assets into a private bank, preferably offshore in a place like Switzerland, and I’ll help you do that if you qualify. Contact me in confidence at bill [at] billcara.com.

Once there in a safe bank, I would sit in cash at the 3-month Libor Interbank USD deposit rate, or temporarily in an offshore forex trading fund, and wait for the inevitable crash in commodity contracts as and when the next Bear Stearns bites the dust. There will be at least one, perhaps several. Commodity prices collapse when counter-parties fail to pay.

And when the damage is extreme – the blood running down Wall Street following margin calls – switch the cash to a combination of precious metals bullion and the shares of superior unhedged junior precious metals developers. The larger ones are held by some hedge funds that will also bite the dust this year.