The banking system is essentially fine as long as you trust it and are happy to leave most of your money in it. As soon as you don't you discover that they are all over leveraged and you can't all get all of your money out. It is a system that gave up the gold standard back in 1970 (or 71) where money was backed by gold and now relies on a system of faith to ensure it works. So for the love of mankind, please don't be worried!
ntfh_uk t1_jeb66pq wrote
Reply to Bank Failures 2005 - 2023 - Should we be worried? [OC] by tomaskutac
The banking system is essentially fine as long as you trust it and are happy to leave most of your money in it. As soon as you don't you discover that they are all over leveraged and you can't all get all of your money out. It is a system that gave up the gold standard back in 1970 (or 71) where money was backed by gold and now relies on a system of faith to ensure it works. So for the love of mankind, please don't be worried!