Thursday, August 23, 2012

Just How Safe Does FDIC Make Your Bank Account?

A lotta people really believe that the FDIC is capable of ensuring the money in their bank accounts. FDIC has been pushing this narrative since its inception. How much do they have on hand to do this? $11.8 billion dollars. How much money is deposited in American banks that are insured by FDIC?
Bank deposits in the United States at the same time are estimated to be between $8 TRILLION and $10 TRILLION. Let’s be conservative and say the number is $8TTT.
11,800,000,000 divided by 8,000,000,000,000 equals 0.001475, which I will round UP to 0.0015.
That is read as “fifteen hundredths of one percent”. It isn’t one percent, it is fifteen hundredths of one percent. That is how much the FDIC is carrying to back all of those little signs on the teller windows that say “Each Depositor insured to at least $250,000. Backed by the full faith and credit of the United States government.”
Two links:
Ann Barnhardt
Barnhardt also included this image of the exposure major banks have due to derivatives:

Don’t look good.

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