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.
Just because gold and crypto have experienced an uptick in their stability metric, relative to their previous standing, doesn’t all of a sudden mean they are more stable than the US government. Yes, even in its current teetering form.
Also, right after it’s swelled to an all-time high after everyone else has figured it out, is the wrong time to buy. The right time would have been in mid fall last year, before the election, and then if nothing goes wrong you can sell and take a very minor loss. “Time in the market beats timing the market” and all, but if you’re going to try to time the market, look forward, not back. Find some scientific or non-software (real world) endeavors, green energy being a big obvious one, outside the US, and put some money in those. They may still lose value during a big US economic collapse, but they’ll probably be okay in the long run, and you might be able to catch a big swell as the US implodes and all that motivation that was going to the US looks for other places of residence.