Loading ...Is Your Bank “Important” Enough To Save? Don’t Count On It…
The Elites are bailing out their own banks, not yours…
98% of the deposits in SVB were uninsured, meaning that those deposits wouldn’t shouldn’t have been covered by FDIC insurance. That means any accounts with balances above $250K were facing the loss of their funds.
….it was decided that all deposits would be covered, insured or not. Crisis averted, right?
Wrong. It turns out that only SVB and Signature banks would be covered; if any other banks fail, like your bank, your community co-op in your hometown or state, or any other bank in flyover America far away from the Coastal elites – if they get into trouble (because people are moving their money into “protected” banks), then that’s not covered……. That’s tough titties for you.
https://www.zerohedge.com/personal-finance/your-bank-important-enough-save-dont-count-it
There have been times here in the U.S. when many people did not trust banks and their kept their money hidden at home.
That was when we had real money, gold coins and silver coins, and banks had to pay a decent interest rate on savings deposits.
Now we have monopoly money, banks pay little to no interest on savings deposits, and people spend this monopoly money before it is earned.
Here in the U.S., most banks are financially connected to one another. Small banks will deposit money daily in accounts at larger commercial banks.
Credit unions are said to be safer than commercial banks.
https://wallethub.com/edu/sa/ncua-fdic-insurance-limits/10877
“if any other banks fail, like your bank, your community co-op in your hometown or state, or any other bank in flyover America far away from the Coastal elites – if they get into trouble (because people are moving their money into “protected” banks), then that’s not covered”
Legally, not accurate.
These discussions were ENTIRELY about funds exceeding 250k.
Legally, you’re covered under 250.
To avoid systemic risk (cough cough, to placate their buds) they extended FDIC to larger balances also.
The real risk, as in Cyprus, are the wealthy and especially for the business accounts with payrolls to meet.