Replying to Avatar Rich Nost

FDIC has like $50 billion. That is like 1.3% of all deposits they cover.
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MainStreetChungus 2y ago

So the fractional reserve system is insured by fractional reserves?

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The Daniel 🖖 2y ago

I mean…you didn’t actually think they had cash sitting in a vault just hanging around waiting for a bank collapse, did ya?

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MainStreetChungus 2y ago

🤣 I actually just assumed they had absolutely nothing, $0. I thought they would immediately fire up the printers. Surprised there’s anything.

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Rich Nost 2y ago

Well, I mean, they basically take over failing banks, so I'm assuming some of those assets make it to their balance sheet.

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The Daniel 🖖 2y ago

Insurers are insured too. It’s turtles all the way down.