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What happens in Cyprus doesn’t necessarily stay in Cyprus. The media says it can’t happen here but it can. If several major U.S. banks failed, trillions of deposits would be at risk, including hundreds of billions insured by the FDIC. However, the FDIC barely has any reserves to cover the potential losses. A bigger bailout than tarp would be required to bailout depositors. Where would the government get the money? If the Fed prints it, deposits would lose much more value to inflation than Cyprus depositors are paying in deposit taxes!
The Schiff Report (3/18/13)
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Peter Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the US Senate.
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Peter Schiff is an American investment broker, author, financial commentator, and was a candidate in the 2010 Republican primary for the US Senate.
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