Baoshang collapse threatens China's economy, may trigger central bank response

Re:Baoshang collapse threatens China's economy, may trigger ... by A2017U1 on Sunday June 30, 2019 @01:56AM (#20316606)

They can't possibly do that with a bank account though? In the sense that a collapse would see you get cents in the dollar back, hopefully the taxpayer pays the rest if you are lucky.

You can pay them for a safe deposit box and they can properly _hold_ your money if you want, but that money won't be worth much in 30 years.

Unless I'm wrong and some banks provide a fully backed savings account? Doubt it would be worth the effort for them.

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Re:Baoshang collapse threatens China's economy, may trigger ... by gruez on Sunday June 30, 2019 @02:17AM (#20316669)

>You can pay them for a safe deposit box and they can properly _hold_ your money if you want

Depends on what your threat model is. A safe deposit box is safe from bank collapses/bail ins, but not against theft.

>but that money won't be worth much in 30 years.

In that case you'd probably be stashing gold rather than bills.

>Unless I'm wrong and some banks provide a fully backed savings account? Doubt it would be worth the effort for them.

because right now there's no demand for it. if there was a period of zero/negative interest combined with low confidence in banks, I'm sure that non-fractional reserve banks would pop up. Either that or people stash their money overseas.

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Re:Baoshang collapse threatens China's economy, may trigger ... by tonfa on Sunday June 30, 2019 @05:46AM (#20317311)

The FED is not very happy about narrow banking so far: https://www.bloomberg.com/opinion/articles/2019-03-08/the-fe...

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Re:Baoshang collapse threatens China's economy, may trigger ... by ohiovr on Sunday June 30, 2019 @05:39PM (#20320693)

I was told I could not put paper us bills in my safe deposit box. Bank was Chase dunno if others are the same.

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