Background:
- Trump’s second term could mean the downfall of the FDIC, CFPB: Here’s what that means for consumers | CNBC
- Senator warns of national security risks after Elon Musk's DOGE granted 'full access' to sensitive Treasury systems | TechCrunch
What prompted this is I logged into my bank this morning to send some bill payments, and the FDIC banner at the top caught my attention. At first it made me laugh because of recent events, but that laugh turned into kind of a nervous chuckle:
I was like "Surely this administration won't fuck with the FDIC" but then read through the articles above, and now I'm not so confident.
Currently, I use a small, local bank. I've never really worried about it because of FDIC protections, but should I move my money out of it to a larger bank? Withdraw it all and stuff it in my mattress?
I'm not freaking out, but I am concerned about this for the first time in my life.
The rational part of me says that if it gets to that point, my money would probably be worthless anyway except for burning it to keep warm.
I'm still on the trusting-the-banks: I have a lot of money in the largest banks in the US, and if they fail, we're all fucked: if BoA and Chase and Citibank collapse, we're all going to back to growing our own food on family plots and you'll want a donkey and 10 acres more than anything else.
To that end, I'm spending a lot of money on what amounts to chickens, seeds, canned/preserved food, and bullets.
I mean, I may not need 5 years of seeds, and what's close to a year's worth of not-great-but-not-starving food stores, and enough ammo to clear out the 100 acre woods, buuuuut if you do need it, better you have it.