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More Bank Failures, Less Backup Cash – Are Your Deposits In Danger?

Taylor Kenney - ITM Trading Mar 25, 2024

Are your savings truly safe? Uncover the shocking truth: a drained FDIC fund, secret problem banks, and power consolidation within megabanks.

VIDEO SUMMARY:

  • The FDIC deposit insurance fund is drained, struggling to recoup losses from recent bank failures
  • Banks and the FDIC operate on a fractional reserve system, with banks not required to keep deposits on hand and the FDIC only keeping 1.35% of insured deposits
  • The government’s confidential “problem bank list” doesn’t accurately represent the number of banks in trouble
  • FDIC bank rescue practices lead to a consolidation of power and wealth within megabanks, which are concentrated and riddled with risky bets and toxic assets
  • The banking system is at risk of collapse, and the FDIC is ill-equipped to handle the failure of even mid-sized banks
  • In a crisis, depositors face the risk of being “bailed in,” with banks freezing accounts and taking deposits to make themselves whole
  • Storing wealth in cash in the current system carries serious risk, and it’s crucial to explore ways to protect your finances outside of the system

CHAPTERS:

00:00 Events Risking Your Deposits
02:26 Draining Funds
03:42 Problem Bank List
05:24 Megabank Takovers

SOURCES:

https://time.com/personal-finance/article/what-is-fdic-insurance/

https://www.wsj.com/livecoverage/stock-market-today-dow-jones-03-08-2024/card/nycb-left-off-fdic-s-problem-bank-list-a-sign-regulators-were-behind-the-curve-again-rOs9esssuAoaMi7z6BY2

https://www.americanbanker.com/news/banks-knock-fdic-over-growing-tab-for-last-years-failures#:~:text=The%20Federal%20Deposit%20Insurance%20Corp,that%20calculation%20to%20%2420.4%20billion .

https://www.ft.com/content/e1ce2ba6-89e3-4132-8061-02120cf8165d

https://www.jdsupra.com/legalnews/gao-report-calls-for-fdic-fed-to-fix-3080990/

https://www.fdic.gov/news/board-matters/2023/2023-11-16-notational-mem-d.pdf

https://www.bloomberg.com/news/articles/2024-03-07/banks-face-extra-4-1-billion-fdic-bill-for-last-year-s-failures

https://www.bloomberg.com/news/articles/2024-03-07/fdic-says-problem-bank-list-grew-by-8-lenders-last-quarter

https://www.federalreserve.gov/monetarypolicy/reservereq.htm

https://www.fdic.gov/analysis/quarterly-banking-profile/fdic-quarterly/index.html

Sources & References In This Article

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