normally yes, but in a SHTF meltdown I’d rather owe the bank money (which I don’t) than have them owe me my own money. “your” money in the bank isn’t yours. you didn’t deposit it for safe keeping, you loaned it to them. when the bank fails, you’re one of hundreds/thousands of creditors. get in line and good luck.
“normally yes, but in a SHTF meltdown I’d rather owe the bank money (which I don’t) than have them owe me my own money. “your” money in the bank isn’t yours. you didn’t deposit it for safe keeping, you loaned it to them. when the bank fails, you’re one of hundreds/thousands of creditors. get in line and good luck.”
Mortgage:
If you owe on your house and the entire system goes to crap, will they still foreclosed on the house. I think they did in the Great Depression, the note will just be sold to another company. If you still owe on the Mortgage somebody will collect.
Fanni Mae Mortgages:
Would Fannie Mae just go under, I do not’t think anyone would buy Mortgage notes from Fanni Mae. Would those just disappear.
Bank FDIC:
I know the banks are FDIC insured $250K. Wonder how that would work if the Federal Government goes completely broke. Our money would be like the Confederate dollars. Very scary thinking about the FDIC failing to do it’s job. I think this is where Gold/Silver comes in.
I am not really sure how this will play out after writing above.