maybe off topic, but has anyone thought about what happens IF the banks all go TU at the same time, a la 1929? What happens to all those checking/saving accounts? Does that electronic money just evaporate?
That just happened in 2008-2012
You didn't notice? That's because the FDIC exists now, it didn't in 1929.
I don't think people realize just how many banks actually failed.
25 In 2008
140 in 2009
157 in 2010
92 in 2011
51 in 2012.
http://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008%E2%80%93present)
Total lost deposits of "electronic money" as you call it?
$0. Not. One. Penny.
Folks, the system is far, far stronger than you might like to think it is. Lessons HAVE been learned from the past and while this Furlough situation can and will hit the economy hard, it's by no means a country-killer.
In fact, countries like Iceland, Poland, Cyprus, Greece and more have, after all is said and done, done OK with their financial issues.
In terms of the Furlough? It will be annoying for most, distressing for some, devastating for a few who don't have the cash on hand to make it a month.
But it's hardly economic armageddon. We just went through that and it's been bad for many, but not for all.
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