One of those generally accepted truths that most people believe is that banks are safe.
We seem to be told this for our entire lives… that banks, in their grandiose buildings and marble floors, are veritable rivers of money.
We’re also told that bankers are conservative fiduciary stewards, unflappably restrained in managing other people’s money. And even in the infinitesimally unlikely event of an anomaly, the government is standing behind the banks to ensure that depositors don’t lose.
With such a strong propaganda machine behind the banks, you can’t really blame people for not giving a second thought to where they park their cash.
But this is actually a huge decision. A bank is like a silent financial partner. And when the going gets tough, choosing the wrong financial partner can be as destructive as a bad marriage. Just ask anyone in Cyprus.
