Comment on How likely do you think there will be a run on the banks?
chuck@lemmy.ca 6 days ago
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 $260,000 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.
Bigfishbest@lemmy.world 6 days ago
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.
Peruvian_Skies@sh.itjust.works 6 days ago
Correct. When there isn’t enough bread to go around, it doesn’t really matter if everyone has money.