Question Details

Thomas Q., Both Buyer and Seller in Miami Beach, FL

Is it better to take most money out of our bank, is it more safe than to trust the banks in this economy?

Asked by Thomas Q., Miami Beach, FL Sat Mar 7, 2009

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Answers

1
Hello John,

Please don't pull all your money out of the bank. Please don't believe
America is going to allow all of your money to disappear from your
bank no matter what some crazy newsman says.

If the FDIC runs too low on cash to finance all the bank demands that come to them, the government will
just print more money. If that happens, we will begin to experience some inflationary forces which will
force the interest rates up. And if that happens, it won't matter if your money is in a bank or in your sock.
It simply won't buy as much as it did. You should have your bank funds in interest baring accounts.
In that way, if we end up grappling with some inflation, your money will be multiplying for you and making
up ground that you lose from inflation.

And if inflation does not hit, you'll simply be making even more money.

So, don't panic. We're still America and we're still capable of great things.

Best Wishes,

Marita
0 votes Thank Flag Link Sun Mar 8, 2009
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