Birdwatch Note Rating
2023-04-12 16:10:10 UTC - HELPFUL
Rated by Participant: D554BDB2A4397C56167ADF0E5D76409B2EDC0EE0D45C142E6AD8D729AE817A0C
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
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