Eh hem...
(media.greatawakening.win)
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Yes. It is called a bail-in versus a bail-out. The mechanism was put in place as part of Dodd-Frank - just helping out the little guy and all that BS. I have no doubt there has been regulatory tweaking quietly taking place behind the scenes since it was passed. The bottom line is that the banks can and will control any money given to them for "safe keeping." The mattress is looking better all the time. Why Bank Bail-Ins Will Be the New Bailouts
Definitely keep a cash stash just in case, for sure.
My grandparents and great-grandparents never trusted the banks. They came from Russia right before the revolution. Never gave up their guns and held on to their money. They remembered the Depression chicanery. Don't think it can't happen again. They also refused to turn over their gold coins when FDR order it. I come from a long line of conspiracy theorists.
The so called deposit insurance program is not designed for anything beyond an individual bank failure - not a nationwide one.