« Last post by Bonaventure on Today at 09:44:12 AM »
So in any financial collapse, panic, crisis, etc. unless you're one of the first ones to run to the bank, stand in line, etc. you're basically out of luck. All your money is gone.
While this was undoubtedly true a la the run on the Building & Loan of It's a Wonder Life, I'm not so sure that that paradigm exists anymore. We live in essentially a near cashless (physical cash, that is) society the way it is, so what would be the purpose for a 'run on the bank' nowadays? I bet most, if not a super majority, of bank account holders wouldn't even think of trying to withdraw their deposits. But I could be wrong, of course. The way I see it, I think the real trust in banks nowadays is directly tied to the account holder's ability to move digital money to pay one's bills, etc.; if that ability were to ever falter, then I could see some real panic going on.