Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
Thanks.
Keep in mind, FDIC is supposed to protect your deposits up $250K.
The FDIC was put in place to quell this kind of panic AND it was in place for SVB.
The problem is that SVB depositors had millons. SVB depositors knew that they were over the 250K protections. They cried to gov't to save them.
Government DID.
The government is changing rules on the fly. Remember how government acted in the past - COVID, 2008, gold grab, arming IRS agents, Nord stream, etc. Proceed with caution, fren.