I guess that is what I meant by a joke - that borrowing the money from the Treasury will make everything okay. My financial advisor awhile ago said something about investing in T-Bills as they are “backed by the full faith and credit of the U.S. Government”. I laughed at him.
He replied “Well, if that is gone, everything else will be gone so it really won’t matter where you keep your money.” I’m pretty sure he is wrong, but not sure what the alternatives are other than some precious metals, food, supplies, etc.
Who said that?
It will mean customers of failed banks will get their money back quickly.