Montreal, Canada

At the Las Vegas Freedom Fest this past week, I met numerous investors alarmed by the shockingly disastrous state of government finances – federal and state. Most investors at our Sovereign Society presentations – over 2,000 delegates this year – didn't have an offshore or European bank account and were hungry to move some assets overseas.

I urged delegates to immediately open a European private banking account to shield some of their assets from domestic economic uncertainty; asset protection is important. But most people are clued-out and think private banking is only for the Big Boys. Not true.

I've always believed it's a big mistake in financial planning to have most, if not all of your assets, denominated in one currency and under the auspices of one legal system. To me, this is a recipe for financial suicide in the age of violent capital markets, the destruction of credit and massive fiscal deficits. This is the essence of The Sovereign Society since its inception 13 years ago: it's your right to diversify worldwide and seek the best strategy to protect your nest egg and minimize taxes.

When you think about it, most of us earn an income in dollars; maintain IRAs or 401ks in dollars; hold insurance and life policies in dollars; investment portfolios in dollars; housing assets in dollars – you get the point. Just how much of the dollar do you need?

But increasingly, more people are learning about the attributes of parking some money in a European private bank. This includes countries like Switzerland, Austria or Denmark. These folks aren't looking to dodge taxes; rather, simply they want to diversify their assets outside of their home domicile because they're genuinely concerned about what Obama is doing to the country.

Many international investors living in Europe feel the same way. More and more people are moving some money outside of their home residence and, increasingly, are buying gold because of the growing instability of the global exchange-rate system.

My advice is to move a portion of your assets to Europe now. It's only a matter of time until the next financial time-bomb hits world markets and governments possibly introduce foreign exchange controls. Don't think it can happen? Look no further than Britain in the mid-1970s, which introduced currency controls. By 1975, the IMF was lending to a near-bankrupt United Kingdom and residents couldn't take more than £50 pounds out of the country.