Bank Bail-ins: The Illusion of FDICsteemCreated with Sketch.

in money •  2 years ago 

Here is the article referenced for bank bail-ins (this was back in 2015):

Here is the corresponding FDIC white paper referenced in the article above:

It is not easy to read on purpose...

Direct from the FDIC website (latest quarterly document):

On page 24, the FDIC shows that on 9/17 the Deposit Insurance Fund currently has $90 billion on balance, while the number Deposit Insurance Fund Account deposits exceed a $7 trillion balance.

So using simple math, $90 billion will not cover $7 trillion in the event of another financial crisis....

JP Morgan Chase alone has over $2 trillion in deposits.

This is a good info-graphic to explain:

It is a fallacy to believe that FDIC and the US government has your back especially when are currently pushing a budget with a TRILLION dollar per year deficit. There will NOT be a government bail out next time. The main stream media does not want you to know the laws and fine print.

You must be responsible for yourself and do your own research.

This is meant to enlighten and educate you to be prepared for anything.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Congratulations @farlowdna! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Do not miss the last post from @steemitboard:

The Steem community has lost an epic member! Farewell @woflhart!
SteemitBoard - Witness Update
Do not miss the coming Rocky Mountain Steem Meetup and get a new community badge!
Vote for @Steemitboard as a witness to get one more award and increased upvotes!