TokenBoomer@lemmy.worldM to Progressive Politics@lemmy.world · 2 months agoSmiling Hackerlemmy.worldexternal-linkmessage-square53fedilinkarrow-up1542arrow-down136file-text
arrow-up1506arrow-down1external-linkSmiling Hackerlemmy.worldTokenBoomer@lemmy.worldM to Progressive Politics@lemmy.world · 2 months agomessage-square53fedilinkfile-text
minus-squareAnas@lemmy.worldlinkfedilinkarrow-up5arrow-down14·2 months agoBanks usually hold other people’s money.
minus-squarerockSlayer@lemmy.worldlinkfedilinkarrow-up31arrow-down2·2 months 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-up1·2 months 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-down1·2 months 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.