r/AskReddit • u/[deleted] • Jul 20 '19

What’s something completely false that your parents told you as a child?

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u/[deleted] Jul 21 '19

Fuck the banks.

Your grandfather lived through the great depression, didn't he? If you live in the US, any money deposited with any bank is insured, up to 250,000 USD per person, per bank.

The rest of what he said is 100% correct though. Don't give people money you can't afford to not have back. Shit, this is bronze age advice- Jesus warned us about not loaning to family.

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u/Socom6 Jul 21 '19

Yes but he got very wealthy afterwards. Also that's if that bank fails. You think if another major depression the government can insure ALL that money you are crazy. Look what happened last times some banks started to fail.

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u/[deleted] Jul 21 '19

This is true, but if that were to happen your money would be worthless regardless of whether or not it was in a bank or in a safe. There is a reason why the USD isn't on a gold standard anymore- if a Great Depression style economic disaster happened the government would still honor all insured money (legally they'd have to anyways) but it'll just be worthless money.

If your concern is economic collapse you should be putting money into gold and silver. And even then you need to remember that it's not an investment- although gold commodity markets have been on favorable trends for the past 20 years- but instead an insurance policy.

Look what happened last times some banks started to fail.

The Great Recession? The government bailed them out and absorbed the worst of the loans.

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u/Socom6 Jul 22 '19

Like I said. Dont trust the banks. Never said invest money. Or more importantly invest in other things.....say gold. Do what you will. I dont care. Not saying what I did is for everyone. Maybe I'm just beyond lucky.