$1.2 Trillion Of Nervous Money Floods Into U.S. Banking System

[megimoo]

With the European banking system tottering on the brink of collapse, nervous holders of cash have flooded the U.S. banking system with $1.2 trillion of deposits......

Panicky holders of large amounts of cash are taking advantage of a provision of the Dodd-Frank Act that provides unlimited FDIC insurance coverage on noninterest-bearing transaction accounts. .....The Dodd-Frank Act provides unlimited deposit insurance coverage regardless of the account balance or type of ownership.
[snip]
After the near total meltdown of the financial system in 2008, investors are taking steps to move their money into government guaranteed accounts. The revelation that money market funds...

http://problembanklist.com/trillion-...g-system-0400/

[lacarnut]

With the European banking system tottering on the brink of collapse, nervous holders of cash have flooded the U.S. banking system with $1.2 trillion of deposits......

Panicky holders of large amounts of cash are taking advantage of a provision of the Dodd-Frank Act that provides unlimited FDIC insurance coverage on noninterest-bearing transaction accounts. .....The Dodd-Frank Act provides unlimited deposit insurance coverage regardless of the account balance or type of ownership.
[snip]
After the near total meltdown of the financial system in 2008, investors are taking steps to move their money into government guaranteed accounts. The revelation that money market funds...

http://problembanklist.com/trillion-...g-system-0400/

Looks like the EU/Euro is on the verge of crumbling. If Germany bolts and goes back to the Mark as their currency, it will be bad news for the Euro. China may come to the rescue.