Does the FDIC guarantee even mean anything when all Federal agencies are being gutted, and no one can expect to be compensated? With what Trump and DOGE are doing to the Treasury, and the moves they're making both foreign and domestic, ripping up the Democratic system of Checks & Balances, and tearing asunder the post War world order over the objection of nuclear armed European nations.
...
Unlikely unless Trump crashes the bond market by refusing to honor treasuries. If that happens a lot of banks will be underwater in assets.
He would not survive something that stupid.
I think you're right but I wouldn't put it past Musk and Trump
It's not that he wouldn't do it... but that it would hurt rich people, so they would litterally kill him. Then Vance would come in and assure everyone that the US would make good on them all.
One thing I've learned over these past 8 years is to never underestimate his stupidity.
He's already made a few "casual" remarks about ending the FDIC. That would crash them pretty quickly.
https://www.cnn.com/2024/12/18/business/fdic-trump-bank-regulation/index.html
Less than 100%, greater than 0%
😉
I'm not saying it's likely.
I AM saying that you can get a Canadian bank account that holds your money in US dollars.
How does one do that?
It's an absolute PITA in my experience.
I tried this with TD Canada. Accessing the money was problematic.
Not sure really, but probably best to go an remove all your money now just in case! I bet hundreds of people are doing the same thing! /s
Wut? Asunder?
When the government tells you that you can't trust the government, you better believe them.
It's like Ron Swanson took over the government, but with only his attitude and none of his legit skills.
Ron Swanson's idiot brother he doesn't like to talk about, Don Swanson
Wow if they fiddle with FDIC I'd pull my cash out asap if I had an American account.
Basically if a bank collapses after FDIC gets messed with only the richest will be able to get money back. Average Joe's will loose everything in the account.
We saw a bit of this with the silicon valley bank fiasco. That's with protections in place. Without it good luck buying eggs ever again. It's going to make bread lines in the soviet union look like a good time.
FDIC insured up to $250,000 per account. So it’s mainly the little guys who enjoy the protection. FDIC did make all accounts even those over $250,000 whole.
But yes if the Orange Baboon and Electric Hitler decide to fuck with the FDIC I would pull the bulk of my funds and look for offshore safe havens.
Iirc, people in Soviet breadlines had money, but supply was limited and prices not allowed to follow demand. Money to spend, but nothing to buy.
FYI the photo on this post is from a bank run in the UK
I'm puzzled. Northern Rock closed 12 years ago. The photo though doesn't look that old?
Not much has changed in 12 years, another reason time perception is needed nowadays
1980 to 1992 was a massive cultural change, 2013 to now is nothing.
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