I withdrew vast amounts of cash, as did every foreign-born person I know, not because I mistrust the banking system, but because I don't trust the system that keeps the ATMs full using low-wage labor. This is a fascinating test of the very American belief in normality and rules.https://twitter.com/EmilyStewartM/status/1249778915272527872 …
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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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Honest Q: things get so effed that cards and electronic payments can’t be relied on, and ATMs aren’t stocked, why do you think paper currency will still be a medium of exchange?
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Because that's what happens in every country that has gone through this. I'm talking about transient (though annoying) disruptions, not civilizational collapse.
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Every bodega takes credit cards, every young person has venmo, there are three banks on every block in NYC with rows of cash machines. I can't see a cash crunch here.
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All it takes is a power outage
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