Hacker News

Not sure how it works globally, but in most western countries, If you've put your state-issued cash in a bank technically it's not yours anymore anyway. Read your terms and conditions. You've handed it over, either in person or digitally, and declared you no longer own it and is now the property of the bank. You literally consent to it not being yours anymore. They are not holding onto your money for you. When you ask for a withdrawal or purchase something with a card they honor the request by issuing you their second layer corporate credit in good faith, because it would all fall apart if you stopped giving them your money. They do this to protect themselves if they ever become insolvent or the market crashes. Legally they owe you nothing because you "gave it to them". These changes were implemented around the "Global Financial Crisis". To allow them to get away with these changes most governments have a law that says they legally have to provide you with a paltry amount if the bank becomes insolvent for any reason. You could have a million dollars in the bank and if they fail they only legally owe you the $1000 or whatever the amount your government has stipulated. That million is "their" money. You gave it to them!

So anyone upset about this new law, and you should be, and not upset about your bank should do some research. You've already consented to the money not being yours.

Here's a link to better understand money. There's more than one type of money. https://brettscott.substack.com/p/casino-chip-cashless-society https://brettscott.substack.com/p/the-luddites-guide-to-defending-physical-cash