FDIC Will Not Help During a Crisis Chinese Yuan To Become World’s Reserve Currency

JH: My name Jack Hanney, Senior Partner at Patriot Gold Group, home of investor direct pricing, patriot commitment and the lightening fast IRA application process, in which we can set-up your self-directed, precious metals backed IRA within 24hrs. Consumer Affairs top rated gold dealer, in 2016. On Friday, it was reported should you be concerned about bank runs, maybe. On September 26, 2008, Wachovia, which
was then the fourth largest bank in the United States, saw a swift decline in its assets, reportedly five billion in deposits.

Now could the FDIC seize bank deposits during a crises. If a large bank fails in the U.S., your deposits at that bank would either be written down or converted into equity or stock shares in the company. Once they are converted to equity, you are a shareholder not a depositor so you are no longer insured by the FDIC.

Finally, on Saturday it was announced and officially greenlighted that the Chinese yuan officially included into the basket of reserve currencies with special drawing rights. Now China overtook the U.S. last year as the largest economy in the world. In 2009, China overtook the U.S. as the world’s largest exporter. The report goes on to say, eventually we will all be using the yuan. The yuan is the only thing I see on the horizon which can challenge the U.S. dollar to become the world’s reserve currency.