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Saturday, October 19, 2013

Your Money Is Not Safe In The Big Banks

In the US, a fund called the FDIC insures bank deposits. Since it was created in the 1930s, the fund has always been able to pay 100 cents on the dollar on accounts in failed banks.

That is until now...

There's a big problem on the horizon and there's a big solution too, This unique video addresses both. 

For the Greek experience go here

Banking malfeasance Are Big Banks safe?
It's insurance - and insurance has loopholes
The FDIC guarantees your bank deposit right?

No, not quite.

The FDIC "insures" them.

What happens when an insurance company goes broke?

You don't get paid.

It's that darn simple, but most people don't realize that.

But the government will come to the rescue if the FDIC fund gets tapped out, right?

Maybe, maybe not.

It depends on the size of the problem - and the problem is very, very, very large. (Did I say "very.)