“The FDIC (Federal Deposit Insurance Corporation) is an independent U.S. government agency that protects depositors’ money in the event of bank failures. It was created in 1933 to restore trust in the American banking system after the Great Depression. Automatically insures deposits up to $250,000 per depositor, per FDIC-insured bank.” Google AI. So lets say that you put $250,000 in the bank when it is worth 250,000 dollars but then America has a hyper inflation event!
“Venezuela is experiencing a resurgence of severe inflation, with annual rates climbing over 500%. While this is lower than its record-shattering peak of roughly 344,500% in 2019, it continues to rank among the highest in the world, eroding purchasing power and forcing many citizens to rely heavily on US dollars.” Google AI. By the time that the FDIC pays you back the $250,000 you lost when your bank went bankrupt it might be worth only one dollar! The South American Socialist/Marxist who snuck into America will do the very same thing here!
And that is all I’m going to say about that!
Drain the Cesspool 