A banking ‘crisis’ in Lebanon led to the outrageous decrees that people cannot access their money. One man became so incensed that he took hostages at a bank, with people outside, unrelated to the man, yelling down with the banks.
i expect many people at this point use crypto or ideally gold via blockchain. This is just patently absurd that we have a system that can ostensibly hold our money, yet then say they won’t give it back in full.
Of course, banking accounts that have interest are really loans to the bank, so if the contract says the bank can change the terms of repayment, then that is the price for putting out your money as ostensibly a loan to the bank that will then load to a third party.
Of course we know that banks don’t lend money and banks don’t take deposits.
Deposit is depose, and that can’t be good.
Let’s summarize (1) fiat currencies are not a good store of value and (2) now we learn the banks can at any point not give back the money
Does this mean that private mints are the answer? Well, there would be no interest rate, and that’s fine for any wealth one wants to preserve.