Armstrong Economics Blog/Banking Crisis
Re-Posted Aug 5, 2017 by Martin Armstrong
QUESTION: On Aug. 2 in your blog that you stonily recommend that everyone keep 30 days worth of cash was that just for the Eu?
ANSWER: No. Even FDR closed the banks. While bailouts have ceased, the government will simply now expropriate depositors money to save the banks. Keep in mind that the banks sell the government debt call the primary dealers. So no matter what they say, they will protect the banks before the people. The risk is greater in the EU than in the USA. Long-term, keeping cash for expenses will be a wise decision to cover 30 days.