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Originally Posted by ALadysMom
Please see my earlier post. I am sorry you feel so anxious and vulnerable. My parents were children of the depression so I get it but your banking fears are not well-founded in today’s reality. The US is literally the world’s “bank.” Our currency is like gold compared to most others We had been the top-performing economy In the world for quite awhile before this virus hit just a few weeks ago. The US banking system will be the last one to go bust. Think of it this way: if you keep your cash “stuffed in your mattress” it is far more vulnerable to loss than it would be in any FDIC or other insured institution (credit unions & some others have their own insurance) Our Federal Reserve Bank’s function is to back-stop our banking system.
As I posted earlier, I strongly recommend having more than one account at one bank—just in case of a local disaster/emergency or a hacker or account breach. “Don’t put all your eggs in one basket” (See my other post above) I hope you take some actions to gain some sense of control over your money to reduce your fears.
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It is my understanding that the Chinese are working hard to change that. It is our one great advantage at the moment. I hope the Chinese currency doesn't replace our currency to have them as the world's Bank.