Insured Bank Deposits At Risk, America Burns While Obama GolfsYouTube
Mar. 19, 2013
Somali Terrorist Behind Canada Attack Entered U.S. From Mexico, Obama DHS Let Him Go
Progress: "Artist" Who Breastfed Dog, Fertilized Her Own Egg With Dog Cell Wins Prestigious Prize
Anti-Establishment, Trump-Like Billionaire Wins Czech Election
Jimmy Carter On Clinton Foundation: 'Rosie And I Put Money In The Carter Center, We Never Take Any Out'
U. Of Penn Teaching Aide: I "Always" Call On Black Female Students First, White Men Last
What happens in Cyprus doesn't necessarily stay in Cyprus. The media says it can't happen here but it can. If several major U.S. banks failed, trillions of deposits would be at risk, including hundreds of billions insured by the FDIC. However, the FDIC barely has any reserves to cover the potential losses. A bigger bailout than TARP would be required to bailout depositors. Where would the government get the money? If the Fed prints it, deposits would lose a much larger percentage of their value to inflation than Cyprus depositors are paying in deposit taxes!