TokenBoomer@lemmy.worldM to Progressive Politics@lemmy.world · 7 days agoSmiling Hackerlemmy.worldimagemessage-square59fedilinkarrow-up1550arrow-down136file-text
arrow-up1514arrow-down1imageSmiling Hackerlemmy.worldTokenBoomer@lemmy.worldM to Progressive Politics@lemmy.world · 7 days agomessage-square59fedilinkfile-text
minus-squareAnas@lemmy.worldlinkfedilinkarrow-up5arrow-down14·7 days agoBanks usually hold other people’s money.
minus-squarerockSlayer@lemmy.worldlinkfedilinkarrow-up31arrow-down3·7 days agoBanks are insured, along with all accounts under $250k. I don’t know about you, but I’ve never had to worry about going over the FDIC limit.
minus-squarePyr_Pressure@lemmy.calinkfedilinkarrow-up1·7 days agoI mean, I’m not taking sides or anything but isn’t the FDIC a government agency and any insurance money used to cover thefts ultimately come from taxpayers?
minus-squarerockSlayer@lemmy.worldlinkfedilinkarrow-up7arrow-down1·7 days agoNo, because the US federal government has monetary sovereignty using a Fiat currency, meaning the US can pay for it without extracting it from taxes.
Banks usually hold other people’s money.
Banks are insured, along with all accounts under $250k. I don’t know about you, but I’ve never had to worry about going over the FDIC limit.
I mean, I’m not taking sides or anything but isn’t the FDIC a government agency and any insurance money used to cover thefts ultimately come from taxpayers?
No, because the US federal government has monetary sovereignty using a Fiat currency, meaning the US can pay for it without extracting it from taxes.