As I understand it when the crash happens the bailouts will have stopped working. The next thing will be a bail-in. It will be announced as a cyber attack, bank holiday or whatever they anounce it as and then take your savings, 401K, etc. Anything you have in a financial institution will be gone.
Probably a global devaluataion, tho I expect that the Fed would be made whole.
I agree. But you won’t be totally wiped out. The government will allow you to have a little. (a sudden lowering of FDIC insured amounts) Those that are politically connected will have moved their funds to safer locations, of course.
A Cypriot financial crisis.
And they will seize them. The legal framework to take them in an "emergency" has already been laid down.
Obama was so bold about it that he proposed a "MyIRA" for "every American" last February, and then started worked with the lawyers to make the seizure a done deal once he decides to accomplish it.
Yes Americans need to prepare for the Cyprus haircut. Coming to a Bank of America near you soon.