Birdwatch Note Rating
2023-04-12 17:54:38 UTC - NOT_HELPFUL
Rated by Participant: 015EF949CC561DD1C4D9D280A412D22A8B38286592F6F7EDB1F2996F2613D350
Participant Details
Original Note:
As of March 29, 2023 the U.S. banking system has roughly 17,000 billion dollars in deposits, FDIC only holds enough funds to insure 2% of these deposits. 98% of US banking deposits are effectively backed by nothing. https://fred.stlouisfed.org/series/DPSACBW027SBOG https://www.fdic.gov/resources/deposit-insurance/deposit-insurance-fund/dif-fund.html https://www.investopedia.com/terms/f/fractionalreservebanking.asp
All Note Details