the official inflation rate now at 2.2 million percent.
Now THAT's inflation! I wouldn't worry about seeing a note that size here anytime soon. Our largest note is $100, and we're still using a 1 cent coin like we did 200 years ago!
FDIC payout for bank depositors within the $100,000 limit is immediate. Over that amount, the payout usually takes 4-6 months, longer if fraud is involved. The FDIC works for maximum recovery for depositors. Your so-called "news" sources evidently did not do any research, just hyping the story. (Are your sources the same “news” organizations that promote pumping nitrogen into your car’s tires, or a bunch of other snake oil bunk?) The insurance is "per depositor" not "per account." If you have a lot of cash it can be split among multiple banks. Historically the FDIC has never broken its promise to depositors – a far cry from pre-Roosevelt administration times.
Just to make you smile, here’s another small fact: in 1933 4,000 banks and S&Ls failed with a total depositor loss of $3.6 billion. In 1934, after the President Roosevelt and Congress forced commercial banks out of speculative activities and instituted the FDIC, there were 57 failures. If you don’t like the truth, maybe you should hop in your time machine, and go back to the glorious era of hundreds of failing financial institutions per year, every year. You’ll likely find a lot less gold and a lot more insecurity.
There's nothing wrong with diversifying and having assets in other things in addition to cash; even “tin-hat blow flies” can attempt that.
The joke is people who put their cash under the mattress, then complain and nosily blame everyone else when it gets stolen or lost.
To answer the OT...NO... I don't think PayPal money is at all insured. If the banks underwriting PayPal become insolvent and are taken over by FDIC, I don't think the federal insurance of 100K extends to these accounts... I think they simply go poof
Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;
Comments
Now THAT's inflation! I wouldn't worry about seeing a note that size here anytime soon. Our largest note is $100, and we're still using a 1 cent coin like we did 200 years ago!
FDIC payout for bank depositors within the $100,000 limit is immediate. Over that amount, the payout usually takes 4-6 months, longer if fraud is involved. The FDIC works for maximum recovery for depositors. Your so-called "news" sources evidently did not do any research, just hyping the story. (Are your sources the same “news” organizations that promote pumping nitrogen into your car’s tires, or a bunch of other snake oil bunk?) The insurance is "per depositor" not "per account." If you have a lot of cash it can be split among multiple banks. Historically the FDIC has never broken its promise to depositors – a far cry from pre-Roosevelt administration times.
Just to make you smile, here’s another small fact: in 1933 4,000 banks and S&Ls failed with a total depositor loss of $3.6 billion. In 1934, after the President Roosevelt and Congress forced commercial banks out of speculative activities and instituted the FDIC, there were 57 failures. If you don’t like the truth, maybe you should hop in your time machine, and go back to the glorious era of hundreds of failing financial institutions per year, every year. You’ll likely find a lot less gold and a lot more insecurity.
There's nothing wrong with diversifying and having assets in other things in addition to cash; even “tin-hat blow flies” can attempt that.
The joke is people who put their cash under the mattress, then complain and nosily blame everyone else when it gets stolen or lost.
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