6 Ideas to Protect the Fruits of Your Labor From the Banking Crisis.
From the Best to the Worst.
If you liked reading this, feel free to click the ❤️ button on this issue so more people can discover it on Substack 🙏.
Ten days ago, we learned that nearly half of the American banks were insolvent. Since there are just over 4,800 banks in America, you can see the magnitude of the problem, which is far from being resolved.
More than 2,300 banks in America do not have enough liquidity to cover depositors' funds.
Quite a problem!
Don't worry, if this is any consolation, the problem is the same in Europe and everywhere else in the world. So this should not reassure you.
If you have all your savings in the bank, you must start asking yourself questions, at least I hope for you, by asking yourself how to protect the fruit of your labor.
For the moment, there is no need to panic, because we have seen that the FDIC and the American authorities have chosen to guarantee depositors' funds to prevent the panic from reaching an even higher level.
For individuals, the risks are therefore limited.
However, you can't know in advance if the FDIC will continue to cover deposits up to 100% when the legal limit is $250K. This is especially true since the FDIC only has $127B in assets. At the rate things are going, it is the FDIC that will soon need a bailout ...
Take a look at this infographic to visualize bank failures in America since 2000:
Keep reading with a 7-day free trial
Subscribe to In Bitcoin We Trust Newsletter to keep reading this post and get 7 days of free access to the full post archives.