tag:blogger.com,1999:blog-2761684730989137546.post941196570733492844..comments2024-03-28T20:28:01.733-04:00Comments on Mike Norman Economics: Peter Schiff's Clients Got Hosed This Year, Toomike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2761684730989137546.post-29000591962024592892009-01-27T23:07:00.000-05:002009-01-27T23:07:00.000-05:00okbut could not the unlimited backing require at l...ok<BR/><BR/>but could not the unlimited backing require at least 3 months to get the IOUs into full swing.<BR/><BR/>in Argentina, it took months to reopen the banks and there were limits on withdrawals.<BR/><BR/>with the way things are looking here, i don't think anyone is acting fast enough nor could act fast enough to juice up the FDIC to respond.<BR/><BR/>is the FDIC backing accomplished by the Fed's ability of depositing of accounts ? <BR/><BR/>i thought that nobody understands that ... even the Feds ???googleheimhttps://www.blogger.com/profile/14459089745473598235noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-24127429344241767692009-01-27T09:59:00.000-05:002009-01-27T09:59:00.000-05:00The FDIC has the unlimited backing of tbe Treasury...The FDIC has the unlimited backing of tbe Treasury, so there is never any problem unless it is imposed politically.<BR/><BR/>Argentina was on a dollar peg in 2001 and couldn't issue currency. The IOU's were a way around the fixed exchange constraint. Eventually they gave up the dollar peg and reissued the peso and the problems stopped, but only after dozens of people were "killed in the streets."mike normanhttps://www.blogger.com/profile/03296006882513340747noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-52525217519946447782009-01-27T00:12:00.000-05:002009-01-27T00:12:00.000-05:00ok same question - given that the FDIC is not even...ok same question - given that the FDIC is not even 100 billion and if wave after wave of bankruptices occur, then could there be a point where the FDIC has to issue temporary IOU's to folks like Argentina did in their bank runs in 2001 ??<BR/><BR/>Not doomsayin' but just being practical given that the FDIC pool is not really so big afterall.googleheimhttps://www.blogger.com/profile/14459089745473598235noreply@blogger.com