Reply To: Another Bank in Crisis?
The FDIC ( Federal Deposit Insurance Corporation ) only covers up to $250,000 per depositors, and per banks, but they are willing to provide protection over that amount of money, and they are acting quickly to defend and protect the interests of the rich class, and acting slowly for the real needs of the working peoples which is something typical of the capitalist society.
Comrade Buick has raised a good question which is a blow on the face of the money crankers: If banks are able to produce money from thin air, why are they going in bankruptcy ? Why do they need a bailout from the capitalist state ? Why banks borrow money from others banks in order to finance large projects and infrastructures ? It has been proven that all their conspiracist theories are completely wrongs, even more, finance schools and the AIB ( American Institute of Banking ) courses prove that they are wrong too, they do not have a clue about Finance and banking
The new bailout approved by George Biden and members of the Congress including Republicans ( as it was done by Obama and Bush ) is a clear indication that the state is saving the rich instead of the fallacy that workers are paying for the bailout, and that the workers are the major taxpayers. This situation has proven the long standing issues of the Socialist Party. This is the analysis made by a leftist organization: