US Deposits In Perspective:
$ 25 Billion In Insurance,
$ 9,283 Billion In Deposits;
$297,514 Billion In Derivatives
Submitted by Tyler Durden on 03/19/2013 10:40 -0400
Earlier today, the American Banking Association reminded Americans that there is absolutely nothing to worry about when it comes to the sanctity of US deposits: after all there is a whopping $25 billion in the FDIC insurance fund which means "insured depositors are safe and their deposits are protected by a strong FDIC fund....The FDIC insurance fund has over $25 billion in reserves and the banking industry "
Obviously supposedly "insured" depositors in Cyprus also though there was nothing to worry about, until they woke up on Saturday with a haircut between 6.75% and 9.9% on their money in the bank [now the haircut is up to 47.5% and even 83%]. Sadly, it may be the case that the ABA is being just modestly disingenuous in its statement. Why? Instead of explaining it in detail, here is a snapshot that does more than thousands of words ever could.
Chart drawn to scale.
CLICK HERE TO SEE THE GRAPHIC: US Deposits In Perspective
$ 25 Billion In Insurance,
$ 9,283 Billion In Deposits;
$297,514 Billion In Derivatives
Submitted by Tyler Durden on 03/19/2013 10:40 -0400
Earlier today, the American Banking Association reminded Americans that there is absolutely nothing to worry about when it comes to the sanctity of US deposits: after all there is a whopping $25 billion in the FDIC insurance fund which means "insured depositors are safe and their deposits are protected by a strong FDIC fund....The FDIC insurance fund has over $25 billion in reserves and the banking industry "
Obviously supposedly "insured" depositors in Cyprus also though there was nothing to worry about, until they woke up on Saturday with a haircut between 6.75% and 9.9% on their money in the bank [now the haircut is up to 47.5% and even 83%]. Sadly, it may be the case that the ABA is being just modestly disingenuous in its statement. Why? Instead of explaining it in detail, here is a snapshot that does more than thousands of words ever could.
Chart drawn to scale.
CLICK HERE TO SEE THE GRAPHIC: US Deposits In Perspective