Posts Tagged ‘deposits’

From page x of The Gold Standard: Perspectives in the Austrian School:

In 1920, early in his career, Hayek advocated the international gold standard, even suggesting that a proper monetary reform would consist of a 100 percent gold cover for notes as well as bank deposits.

Another variant of pro-gold standard positions among Austrians favors free banking with fractional reserves, and White represents this view.

So we see from these quotations that the gold standard doesn’t necessitate 100% reserves of gold backing the entire money supply, and that several variants are permitted.

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The Federal Deposit Insurance Corporation (FDIC) reports the following information as of April 7, 2010:

FDIC-insured institutions: 7953 (as of April 1, 2010) – down by 331 or 4% since the end of 2008
Total assets: $13,132,190,000,000 (as of December 31, 2009) – down by $773.769 billion or 5.6%
Total deposits: $9,242,378,000,000 (as of December 31, 2009) – up by $173.192 billion or 1.9%

Here are their numbers for 2008.

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Several sources, including this one, indicate that Michael Moore has a net worth of over $50 million.

On Saturday, September 26, 2009, CNN had an encore presentation of a recent interview with Michael Moore on Larry King Live. In it, Moore said:

‘No money in Switzerland. I don’t own a share of stock. I have no money in the stock market. My money is in pretty much a savings account and savings bonds, those kinds of things. But –”

Savings accounts and savings bonds are currently only insured up to “$250,000 per deposit, per insured bank,” up until December 31, 2013, at which point it will decrease to $100,000.

Either Michael Moore is foolish, has additional private insurance, or has most of his money distributed over 200+ banks. If it’s the latter, then by January 1, 2014, he’ll have to distribute his money over 500+ banks. If he’s foolish, then he can kiss most of his money goodbye if there is a repeat of the 5000+ bank failures from 1929-1932.

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The Federal Deposit Insurance Corporation (FDIC) reports the following information as of March 7, 2009:

FDIC-insured institutions: 8284 (as of March 5, 2009)
Total assets: $13,905,959,000,000 (as of December 31, 2008)
Total deposits: $9,069,186,000,000 (as of December 31, 2008)


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