In Europe there is a distinct possibility of a run on the banks.
So, take a note from history seldom spoken:
1929-- Stock market crashed
1931-- Run on European banks
1933-- Run on US banks
1933-- Franklin D Roosevelt closed ALL US banks. Many banks opened later with all deposits on hand. But many Americans only got back one for ten. There was no FDIC.
Today, the FDIC is nearly bankrupt. They can NOT cover more than a fraction of deposits nation wide.
If there is a run on the banks in Europe, you need to get at least a large percentage of any deposited money out of the bank and in hand AS CASH.
This is crazy talk to modern Americans, but it was just as crazy to people in 1933 before the banks closed.
THINK
So, take a note from history seldom spoken:
1929-- Stock market crashed
1931-- Run on European banks
1933-- Run on US banks
1933-- Franklin D Roosevelt closed ALL US banks. Many banks opened later with all deposits on hand. But many Americans only got back one for ten. There was no FDIC.
Today, the FDIC is nearly bankrupt. They can NOT cover more than a fraction of deposits nation wide.
If there is a run on the banks in Europe, you need to get at least a large percentage of any deposited money out of the bank and in hand AS CASH.
This is crazy talk to modern Americans, but it was just as crazy to people in 1933 before the banks closed.
THINK
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