One Day At The Bank Branch (A short tale by Charles Goyette)

I received an Email this morning from Charles Goyette about the state of our banking system.

One Day At The Bank Branch
By Charles Goyette

An old farmer walked into a rural branch of Washington Mutual to open a savings account. Being a conservative sort, he asked, �What happens if Washington Mutual goes broke?�

�Well,� said the branch manager, �in that case I suppose we�d be taken over by somebody like Chase Bank, and they�d make sure you got your money back.�

�But what happens,� asked the farmer, �if Chase goes broke?�

�In that case,� the manager answered, �you�d get your money back from the F.D.I.C.�

Not satisfied, the old farmer asked, �And if the F.D.I.C. doesn�t have enough money?�

�Then your money would be covered by the United States government.�

�And if the government is bankrupt?� he asked suspiciously.

�Then the Federal Reserve would just print you up some new worthless dollars.�

�But what if the Federal Reserve is finally put out of business?� asked the old man.

�Well, in that case, you�d lose all your money,� said the manager. �But really, wouldn�t it be worth it?�

Thanks Charles

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Mike "Mish" Shedlock
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