To: Alex MG who wrote (132000 ) 3/19/2013 10:17:01 AM From: RetiredNow Respond to Forget Karl Denninger. Focus on the facts. The US is not Greece? No, it's not. We can print money and they can't. However, from a debt to GDP ratio and deficit perspective, and from a corruption where we refuse to force the banks to write down their bad debts and put the banker criminals in jail, we are very similar to Greece. The free markets are not at work in this country. Crony capitalism is at work and we're looking a lot more like Putin's Russia than Greece right now.Statement from the American Banker's Association: While the crisis in Cyprus is a real concern for depositors in Cypriot’s banks, it has no implication for depositors in U.S. institutions. Depositors in U.S. banks are insured up to $250,000 and no insured depositor has ever lost money in a bank failure . The U.S. banking industry has rapidly returned to health with strong earnings, lower losses and significant increases in capital. The FDIC insurance fund has over $25 billion in reserves and the banking industry – which bears all the financial costs of supporting the FDIC – pays over $12.3 billion each year to assure adequate funding. Simply put, U.S. insured depositors are safe and their deposits are protected by a strong FDIC fund , a financially secure banking system and the full faith and credit of the U.S.
