You would get $.06 for every $100. How many pennys do you have?
Front Room
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What if everyone withdrew all their cash at the same time?
Mar 29, 2017, 10:29 PM
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But you would still have the same dollar amount of value on paper, even if there is not enough hard currency for everyone to carry their share. The problem is that the FDIC would kick in to cover the banks, and the dollar would be devalued to an untenable level. Imagine needing to push a wheelbarrow of cash to the store to buy a loaf of bread. It's happened before.
Physical bills are not very important and the amounts they represent have the same value whether in a checking account balance or in your hand.
What if everybody came in their pants at the same time? Would it be time to invest in dry cleaning business?
It would be like "Mad Max: Fury Road".
This applies to both CrazyJoe's OP and JimGassagain's comment just above.
Ah, fractional reserve banking.
In my organization no one will need money, and their balls will be drained on a daily basis, we will invest in ourselves, not your capitalist pig system, thst is for chumps.
Please just one person please join my organization, come on just one person please join. I beg you.
And then spent it all in a strip club, that would change the balance of power forever.
You'd discover you don't really have as much as your statement says you have....
It's called a run. It will take a bank right down. Banks are a form of legalized and government insured Ponzi scheme.
SJG
If this happens older people, having lived life when America was great, will have won.......again.
@Skihomo: WTF are you talking about? When was America better than it is now?
The Great Depression is when people pulled together and realized that the laws of property and capitalism are not a sound basis to build a country on. And then seeing how fascism was spreading around the world, people drew together in order to stop it.
Reading
By the mid 30's, people were organizing to fight against fascism.
Hitler thought he could open and close fronts at will, like with the Polish Partition Treaty, and then believing that England and the US would not actually do anything about the occupation of France.
Fortunately we had leaders who thought otherwise.
Ann Richards of Texas spoke about such leaders at the Democratic National Convention in 1988.
SJG
If this happened the economy would be just like a crazyjoe McD visit! An ace visit that really clogs the toilet! ;)