The Federal Reserve’s payment system went down. This is not something that generally makes news. It coincides with a drop in Bitcoin and some very large investors entering crypto.
Not only did the Fed shrug it off like it was a matter of insignificance, buy comments were made as to the strength of the banking industry. Maybe relativity was the theme, relative in a pandemic governed economy.
- Are banks stronger than most financial accounts? Sure.
- Can banks support all their clientele if a rush on money happens? History has proven otherwise.
Just wanted a reminder of this event in case it were to happen again- especially in the near future. Also, hoping to inspire a discussion.
Keep in mind, Bitcoin's origin coincides with not one mega-bailout, but bailouts across the globe and some countries experienced multiple mounds of cash printed to get things in order.
Also keep in mind that bailouts were not the answer. Credit ratings were adjusted to put reigns on gaming the economy by those who add little value and effort.
initially published here
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