Insured Bank Deposits At Risk, America Burns While Obama GolfsYouTubeMar. 19, 2013 |
Texas Gov. Greg Abbott Signs Executive Order to Punish 'Antisemitic Rhetoric' on College Campuses
All-Indian Crew On Ship That Crashed Into Baltimore's Francis Scott Key Bridge
Israel 'Admits It May Not Be Able to Destroy Hamas,' Blames America
RFK Jr Names Nicole Shanahan as VP Pick
Israeli Lawyer Who Pushed 'Hamas Mass Rapes' Hoax Accused of Scamming Donors
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! |