Americans Pull $472,000,000,000 Out of US Banks In Three Months As Depositors Exit In Historic NumbeAnonymous06/09/2023 (Fri) 16:55 Id: 7f6e6bNo.129135del
Americans Pull $472,000,000,000 Out of US Banks In Three Months As Depositors Exit In Historic Numbers
As if record decline in viewership ratings of State-run media was not a tell-tale sign, this is even more proof far less Americans trust government propaganda telling them "everything is OK, nothing to see here."
New numbers from the Federal Deposit Insurance Corporation (FDIC) show Americans are pulling their money at a pace not seen in yearly four decades.
According to the FDIC’s newly-released quarterly report, depositors took a total of $472 billion out of their accounts in the first quarter of this year – shattering a 39 year record.
The “primary driver” of deposit flight came from uninsured deposits, says the FDIC, as people moved to protect capital that is above the $250,000 FDIC insured maximum.
Case in point – the amount of insured deposits held by banks actually increased during the quarter as people diversified their risk.
The mass exodus follows the failures of Signature Bank, Silicon Valley Bank and First Republic, which were triggered in large part by the Federal Reserve’s aggressive interest rate hikes.
As depositors leave the banking system, money market funds have witnessed massive weekly cash inflows.
