gamingthemarket

Will do. I'm looking forward to continuing our conversation.

There is another aspect to the FDIC that is important to understand. It will fail under a system-wide bank run. There is not enough physical cash in the entire world to cover just half of U.S. savings deposit accounts. These are tiny accounts in comparison to the holdings of a major investment bank like JPMorgan (Chase). The total savings deposits for all institutions in the U.S. are $6.5T. The global derivatives exposure of JPMorgan alone is in excess of $70T. MF Global claimed depositors' accounts were secure when in fact they were not. The moral of the story: Do not put faith in the FDIC, or any paper-based insurance, to secure the financial future of your family.

Outside of my department--poorly. I am still searching for a way to create an "Aha!" moment that demonstrates how Wall Street steals from everyone who spends a dollar. The crimes are incremental and hard to detect, like Libor. Many people feel that each year life is getting a little shittier, but they don't know what causes it.

I used your organization in the advocacy section of my thesis, "Financial Speak: Unmasking the Criminal Discourse of Wall Street." Your work is a big part of the consciousness raising effort needed in finance. Thank you.

Some argue that there is no escaping shadow banking. How much impact does moving retail account money into credit unions make on the shadow banking industry?