If we think (and there have been numerous posts here to support this idea) that all major banks are going to fail because of over-investing in derivatives, what should we do if we have money in those banks? Pull it out in cash? Convert it to silver or gold? Put the cash under our mattress? And will cash be worth anything?
So if we have cash in checking or savings with a bank, how can we protect our assets?
Did the IOUs ever pay out? And if so, how soon after?
https://www.investopedia.com/articles/markets-economy/090716/why-bank-bailins-will-be-new-bailouts.asp
This article explains what happened and suggests that this will be the way that the Banks try to stay afloat.
It seems that the Cypriot customers lost 47.5% of their deposits, they don't mention it, but IIRC the customers were given shares in the bank, but had to keep the shares for a period of time before selling them.
Thank you for the added info.
You are most welcome.