OH come on., Anyone with access to a computer can pull the trigger on a sell order in a matter of seconds. That and the fact that $1. could be invested in short term safe investments that would generate significant cash. There are lots of alternatives that are liquid and more profitable than a checking account.
An economist with $1 million languishing in a checking account in ANY bank is just an idiot. Best to bury it in the back yard. That is as effective of an economic strategy.
not if the jig is up and there is a bank holiday. all the short term investment funds are held in dollar equivalents and NOT dollars. if he thinks the real crash and burn is coming and that even brokerage houses will break the dollar per dollar holding account equivalent, then taking it out and holding cash is best. Insured cash in an account is good but if you think the bank are going to be a little stingy with your money...well the back yard is looking nicer.