This needs to be realized. Most people don't know that after 2008, govts around the world created legislation so that deposits to banks are now classified as unsecured loans. When you put the money in the bank, then own it, even if they owe you the amount. So when a bank collapses, their first port of call is the funds they have access to, which was once YOUR money, but no more.
It's called BAIL IN, instead of Bail Out.
And all the major banks are in debt to derivatives to the tune of trillions of dollars, collectively.
This needs to be realized. Most people don't know that after 2008, govts around the world created legislation so that deposits to banks are now classified as unsecured loans. When you put the money in the bank, then own it, even if they owe you the amount. So when a bank collapses, their first port of call is the funds they have access to, which was once YOUR money, but no more.
It's called BAIL IN, instead of Bail Out.
And all the major banks are in debt to derivatives to the tune of trillions of dollars, collectively.