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Your credit is covered by government debt which you have to pay off, so you are the creditor to yourself. Simplified, but interesting.

Yeah fdic insurance- up to $250k but above ?

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Oh you in Germany ? Don’t know what the banking system particulars there is like

All Central banks have loads of government debt in their balance sheet now. Nothing special about Germany here.

But in terms of my bank account balance being backed by tax payers- only up to $250k. If I go abide that, it’s backed by nothing lol

It's less about risk more about understanding how the money system works.