News for hackers. Stuff that matters.

A comment on Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC. Parent comment

Re:Joint Statement by the Department of the Treasury, Federa... by tetrahedr0n on Monday March 13, 2023 @05:37AM (#35133289)
In a more perfect world, I totally agree. But with American average savings so low and with the average level of financial literacy so low, expecting half of America to join the ranks of financial system watchmen is, IMHO, a tough hill to climb.

[study on financial literacy from 2022](https://gflec.org/wp-content/uploads/2022/04/TIAA-Institute-...)

[ Parent | on HN ]
Re:Joint Statement by the Department of the Treasury, Federa... by eru on Monday March 13, 2023 @11:35PM (#35147116)
People now ain't stupider than in the past. And banking systems around the world (apart from the US, probably) did just fine without government backed deposit insurance. Eg in Canada or Scotland during their free banking eras.
[ Parent | on HN ]