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.
We saw how he reversed his Mexico and Canada tariffs soon after the stock market plunged, so he still cares about the rich who have their money in stocks. He’s also fired federal nuclear arms employees, and is trying to rehire them. So, I think he will easily make this mistake too and try to reverse it afterwards.
I think it already happened. He mentioned that there might be something up with the bonds just a week ago. Luckily he was quiet since then.
I was really surprised that didn’t cause major issues. I guess they all figure BS comes out of his mouth a lot. So maybe they are waiting for the second time to react. I dunno, not sure how he dodged that bullet.
One thing I’ve learned over these past 8 years is to never underestimate his stupidity.
You’re right, but neither would we.
Are you sure about that?
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
- Tariff-taxes increase inflation.
- Declining supply of cheap foreign goods cause consumer price index increases.
- Federal Reserve Board increases federal fund rate to try to decrease inflation.
- Stock market bubble collapses.
- Real estate market declines as owners try to get out of “investment property”.
- Banks start foreclosure on many no-pay mortgages.
- Without mortgage payments coming in, banks become insolvent.
- A few weak banks go bankrupt, leading to a massive run on all banks.
…
- Profit.
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
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
Majority of banks a private companies.
SLPT: But yeah go ahead and take everything out. Let everyone know on social media too. 👍
It’s good to be informed and make education decisions I just hope vulnerable people don’t make dumb decisions.
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.
I mean, they’re offering a 1 year fixed rate bond and paying 6.71% interest, no wonder they went bust 🤭
Ha. I guess that is the give away! I didn’t see that at first.
Picture for the last 10-20 years can look quite similar without any real identification of the time. I sometimes play a daily game that gives you an image and you have to guess the time taken and place. Anything from the last 20 years shot on a camera and without any visible technology and just some random people and buildings can be quite indistinct. Could be 2004 or 2024. Hard to tell.
I don’t know, but I’m gonna get my money out first thing Monday morning just in case /j
Less than 100%, greater than 0%
😉
how many times have you withdrawn your entire balance in a suitcase or whatever
One time, in 2008. It was an envelope, tho.
Not very likely, at least not yet. Ask again in 3 months.
About zero chance in the US. But certainly doesn’t hurt to have some cash.
I’d say nonzero. It’s happened before
It happened in 2020…lmfao If you weren’t aware then you are the sucker who would have gotten fucked
How so? Personal accounts are covered here up to way more than I will ever own
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.
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.
Correct. When there isn’t enough bread to go around, it doesn’t really matter if everyone has money.
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.
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