Peter Schiff: Why Leave Extra Money In A Bank? The FDIC Has Just $33 Billion To Insure More Than $10.8 Trillion In Deposits. You Are Lending To A Bank With ZERO Interest If You Are A Depositor
March 27th, 2013
Money manager Peter Schiff says, “Cyprus is a wake-up call for everybody who has a bank deposit. . . . When you are depositor, you are in fact . . . lending your money to the bank.” Schiff predicts, “There’s no question . . . banks will fail. The question is will government do the right thing and allow depositors to lose money. Or, do the wrong thing and bailout depositors by printing a bunch of money which, in the long run, means deposits will lose even more value.” ….