It's fascinating to watch journalists whose retirement savings evaporated three weeks ago, and whose jobs will disappear three weeks from now, reassure the public about the basic trustworthiness of the financial system.
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(A corollary to 'don't put too much trust in banks' is to keep your a bunch of your cash in usable denominations, not hundreds. If you don't have over a hundred bucks—problem solved!)
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One final point—while bank deposits are FDIC ensured, the mechanism for backstopping the banks in case of mass withdrawals is functionally identical to the Paycheck Protection Program, and look how smoothly that's going right now,.
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Most places here went from „cash only“ to „card only“ over night.
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It's weird that in America there's such a yawning gap between "preppers with 40 barrels of protein powder" and...everybody else. Like, I had SOME cash on hand for just this reason (and some beans, and some water, and a thermometer), and apparently this was not at all common.
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Years ago, I arrived for a short visit to Paris the day before a nationwide armored-car strike. Fortunately, I was able to make my max withdrawal that night; the next day, many of my fellow tourists started learning the hard way that ATMs were not filled by magical gnomes...
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Also stop bragging about taking out 5000 yen. It only sounds impressive.
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last weekend I tried to get cash from ATMs in my local downtown. They all displayed signs saying they no longer dispense cash while these bank branches are closed. FDIC
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Even if you can't access cash, it doesn't seem like credit and debt cards are all of the sudden going to stop working.
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