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What industry secret are you aware of that most people aren't? (programming.dev)

submitted 6 months ago by protein@programming.dev to c/asklemmy@lemmy.ml

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[–] CaptnNMorgan@reddthat.com 17 points 6 months ago (1 children)

I didn't know what it was called, but I think it's common knowledge at this point that banks don't actually have all our money. Pretty sure we (Americans at least) found that out during the great depression when everyone was trying to withdraw their money at the same time.

[–] CanadaPlus@lemmy.sdf.org 8 points 6 months ago

And to be fair, there's stuff in place to stop bank runs now. If a bank goes under, the government takes over until it can find a buyer, so your money stays safe.