Remember that scene at the beginning of It’s a Wonderful Life, where people are all desperately trying to get into the bank because if it fails before they get in, they lose their money? That’s what the FDIC prevents.

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    • @Yodan@lemm.ee
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      223 days ago

      If you haven’t noticed elon wants to grift crypto via the government so by eliminating oversight and forcing people to run the bank, guess what kinds of assets people will dump their digital dollars into?

    • @ricecake@sh.itjust.works
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      324 days ago

      I’m guessing because 1) dumb ideological reasons involving cutting every government service that isn’t the military or immigration enforcement and 2) FDIC is primarily funded by fees from the banks. Consumers are so detached from how stuff works for the most part that removing the FDIC insurance fee wouldn’t give consumers higher interest rates, but just decrease the banks expenses and make them more money.

  • @raynethackery@lemmy.world
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    2124 days ago

    MAGAts talk about Trump Derangement Syndrome but “conservatives” are still trying to destroy everything FDR helped create. That’s how far the FDIC goes back. This is why they want to do away with physical cash. Can’t have a run on a bank if your electronic money just suddenly disappears.

    • @CharlesDarwin@lemmy.world
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      124 days ago

      Yes, they take the very, very, very long view at destroying anything and everything that they think is costing them one red cent.

      The qons hold derangement syndrome towards a great many things going back decades…

  • @TransplantedSconie@lemm.ee
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    5924 days ago

    Calling it now.

    2026 with the economy in free fall and the Republicans about to be voted out of office, he will make his move to fully seize control and declare martial law to stop elections.

    The moves they are talking about will absolutely destroy the economy and plunge us into the abyss.

  • @Yodan@lemm.ee
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    123 days ago

    So they want us to buy crypto? If no bank and not enough cash to go around, digital money has to go somewhere right? Buy commodities? Cans of food/medical supplies to sell during the inevitable depression?

  • @HakFoo@lemmy.sdf.org
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    1624 days ago

    How does this spin to customers?

    Okay, my checking account is no longer guaranteed in the event of your inevitable ambition-related collapse. Are you going to pay me speculative-investment class interest rates to justify me trusting you with the money? Or should I just go back to notes under the mattress?

    • @IphtashuFitz@lemmy.world
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      924 days ago

      Trump, probably, after talking to his new bestest advisor:

      Just move all your money into Dogecoin. It will be perfectly safe there.

      • GHiLA
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        24 days ago

        It’s easy to fight inflation in 2025.

        Gold, guns and moonshine.

  • @Maiq@lemy.lol
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    123 days ago

    Don’t miss the trick here. The fake economy built on systemic fraud requires faith that it works for it to work. There is not enough physical money to account for the fictional numbers they throw around hourly on wall street. Its all going to collapse and they want to make sure you don’t have anything!

    This is the setup to the biggest heist in history! Whatever cash and assets the wealthy have will be safe in their vaults and overseas accounts. The decadent will dine while you starve. They will rebuild the US in their dystopic image even more so than it is now.

    General strike, crash the fake economy before they do. If wall street looses billions a day that will send a bigger shockwave than any dead CEO ever could. All they care about is money! You make that vanish and that’s power.

    Will you have to suffer, yes. That’s happening anyway. If not now you will be soon. If we do it soon enough it will be the imagery money that disappears and not your bank account. If we wait till after they rig the table it’ll be your loss not theirs.

    We don’t have much time.

  • Zement
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    23 days ago

    This will isolate american banks on the long run. Who wants to make business with Leeman Brothers 2.0 (on an international scale)… or did I miss something?

    Edit: Spelling