Do you know where your money is?
US and UK banks are insolvent.
- From Bloomberg: “U.S. banking system is effectively insolvent“
- From the UK Independent (removed from their site): British banks are ‘technically insolvent’
The FDIC, which “insures” US bank deposits, has a insurance fund that with $34 billion in it. The FDIC “insures” $4.6 trillion in deposits. If just one big bank fails, FDIC is bankrupt.
Fractional reserve banking is coming home to roost.
