What, FDIC protection eliminated? Who has a short position on banks and wants a panic?
The five biggest mega banks have been ordered to come up with plans to no fail in a financial emergence, how much to you want to bet that part of their plan will be to ‘borrow’ their customer funds for a ‘short term’ to shore themselves up?
FDIC will protect only 250K if, and only if, you are among the first in line. As you move down the line the “insurance funds” available will be reduced.
It was recently posted that the funding behind FDIC was getting extremely low and banks were being charged more to replenish the funds.
IMHO the start of this issue can be placed squarely on the shoes of LBJ when he discovered that the Social Security Trust Fund could be raided to buy votes. Once you crack one firewall it is much easier to crack the next, and the next.
There is no real FDIC protection. If there were a bank collapse just where would the FDIC get all the money to make it good. It can’t, it itself is insolvent at this moment.
The FDIC all along was just something to make us all feel our money was safe when in reality under a fractional reserve banking system it’s all a fraud.