Of course, all this assumes the DIF is never really used, but the statutory amount is meant to serve as a confidence booster. After all, the total expanded DIF amount of $230 billion would be insufficient to bail out the uninsured depositors of even one TBTF bank like JPM. In fact, if all deposit insurance had to be used, it would mean the US government somehow has to fund a total of $18 trillion in deposits, an amount equal to 75% of US GDP. It’s ain’t happening.
Our enemies have planned for this for a long time, there is no going back. Is there even a handful of people in DC that will tell the truth? All we wanted was to be left alone to live our lives as we see fit, we ignored our duty to protect the founding principles of our Republic. And now there is only one option left and we cannot bring ourselves to act in defense of our own lives and that of our family and friends. I do not know what it will take to stand and fight, we better HTFU or accept what they have in store for us, one or the other.
The insurance fund is “invested ” in TREASURIES!!
That means the government has to BORROW money to redeem them even as the $250k limit. The government has no well of ready cash.
Do you know anyone who has ever actually received FDIC protection? Crickets.
Paper Chasing Paper in a Circle of Debt. Got Tangibles???
Yes sir General, stacks of ’em, sir!
Anyone not living under a rock knows to never trust the untested. That the FDIC’s first name is “Federal” pretty much tells you everything you need to know. Not to mention that Janet Yellen is the worst liar on American soil.
“It’s the Economy Stupid” Bubba Billy Bob Clintoon
Because it’s where Brutal Reality Hits The Fan (BRHTF) may as well laugh as cry as the saying goes …….
https://genearly.substack.com/p/time-for-home-banking-similar-to?sd=pf
Good read, thanks. The mechanics and timing of everything are the main questions now. I think most people who have any liquid funds will home bank them for a time. The vast majority of people will have nothing in the safe and will be caught flat footed when most banks fail suddenly. The anticipated desperation from the millions of people who no longer have any access to spending power will likely lead to massive unrest. Ironically the already extreme poor will be tolerably positioned to carry on as normal, until the lifelines of support they are accustomed to dry up. The over leveraged at all levels of the economic strata will we burned the worst. They will lose their over priced and over financed homes and cars and probably their jobs. The formerly rich will be calling in favors at all levels of government, but it is hard to see that government can do anything but offer CBDC as a false lifeline to the desperate.
I think our task as individuals trying to survive that is to keep our options open and make sure that exchange of goods and services going forward must be based on tangible tokens of value at the local level. Local governments will need to radically reduce property takes on real property and eliminate all unnecessary services. Any refusal on the part of local Gov to take such action will be grounds to abolish said local government. A 19th Century style farmer’s economy should grow up in the rural areas based upon silver, gold, other valuable metals and viable foreign currency if available.
ok old school math, 128 is greater than 7. Only if you look at it this way. Now let’s put it into correct context, $128 billion is (not) greater than $7 trillion. So my thinking, this ain’t gonna work. (1.338 cents to the “insured” dollar)
We might have more trouble than we think.
Treasury Secretary Janet Yellen will convene the heads of top US financial regulators Friday morning for a previously unscheduled meeting of the Financial Stability Oversight Council.
The meeting will be closed to the public, the Treasury Department said in a statement. The Treasury didn’t say what time the meeting would begin, and it wasn’t immediately clear whether the council would issue a statement following the meeting.
The step comes as regulators continue efforts to instill calm in financial markets and among bank depositors following the recent failure of two mid-sized lenders in the US and the near-collapse of banking giant …
I just posted the information:
https://ncrenegade.com/yellen-convenes-emergency-financial-stability-meeting-on-friday-as-banking-crisis-explodes/
This is an example of information on which you must analyze and make decisions for your family’s future. I define family as kith and kin. Prepare and keep quiet.
Thanks, I saw that at one of my trusted sites and thought I’d pass it on.
As the “Woke” chimpanzees continue to pound on the levers and buttons of power the stress on the system continues to rise.
Have we red lined yet? Time will tell.
Have folks thought what it would be like if the banks take a holiday, the credit cards freeze (as they are mostly bank owned) and the over the road truckers are stuck at a truck stop without the credit to buy diesel?
A lot of loads might be left at the truck stop as they bob tail home.
I was a OTR Trucker for a while with job burnout. Came back to my hospital after a while. I’m not a middle manager, like to be a team member in the OR.
And that would just be the first day. No credit the stores cannot order resupply. So, the lack of resupply orders over a few days would cause a whiplash effect of supply and demand WHEN the truckers started rolling again.