All it will take to collapse the banking system in the US is a run on the banks. Much the same as the run on toilet paper, hand sanitizer, rubbing alcohol, thermometers, etc.
I think most in the U.K. are ok, the Govt guarantee monies and savings for individuals up to £80000 if banks go under - covers the majority of the “common man”Ditto the UK, France, Italy, Spain , Germany, Greece, Switzerland etc?????
Ditto the UK, France, Italy, Spain , Germany, Greece, Switzerland etc?????
JimProbably not too big of deal if one doesn’t have money in one of the country/banks you mentioned.
Jim
As you have said elsewhere, none of this money is real - it is just numbers on spreadsheets, still a bummer when someone deletes the spreadsheet.
All the banks are so inter connected via the markets that it does not matter where your wealth is - we are all vulnerable
In all likelihood a banking crisis will be worldwide. I suspect it will originate in the good ol’ toilet paper hoarding
US of A.
What’s really a laugher is many people in the US believe the insurance company (FDIC) that is 25 trillion in debt can make them whole.
People laughed when the U.K. was stockpiling toilet rolls whilst the USA was stockpiling ammunition - I think it might turn out that the US made the wiser choiceIn all likelihood a banking crisis will be worldwide. I suspect it will originate in the good ol’ toilet paper hoarding
US of A.
What’s really a laugher is many people in the US believe the insurance company (FDIC) that is 25 trillion in debt can make them whole in event of a banking collapse.
In the U.K. we are all being encouraged to use card and contactless payment methods as, apparently, the virus lives on the bank notes and coins - so those spreadsheets might b come more important.
Convert what you would have paid debt with to a precious commodity...
I think there are enough mechanisms in place to prevent that. I'm not so worried about other people taking the money out of the bank as I am about the gov taking it.
Are you even aware what happened in 1930? For christ’s sake, toilet paper disappeared in a few days and you think there won’t be a run on the banks?
Do you not understand unemployment will top the figures during the Great Depression?
During the Great Depression it was between 20-25%. We are no where near that currently. Sure, could it happen maybe? But the Great Depression wasn't caused by an epidemic so once this has passed, an it will, then the employment will drop again.
That’s true Dave, but the numbers are similar atm. Can the USA sustain a high unemployment level (10 million and rising) even for a short period? Plus, many companies - particularly in service industries will not recover.During the Great Depression it was between 20-25%. We are no where near that currently. Sure, could it happen maybe? But the Great Depression wasn't caused by an epidemic so once this has passed, an it will, then the employment will drop again.
That’s true Dave, but the numbers are similar atm. Can the USA sustain a high unemployment level (10 million and rising) even for a short period? Plus, many companies - particularly in service industries will not recover.