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Old 12-09-2018, 09:51 PM   #2245
havetheveryfun
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Doubt so how safe is measured by its rate
dont understand either why ppl are so afraid banks collapsing in case of a crisis.

if u dont put ur money in local banks because u are afraid of a crisis, then can put in what ? properties? gold? cold hard cash ?

leaving properties and gold aside, even if u keep cold hard cash, in the event of a serious crisis where all local banks in SG collapse, it would mean that the economy is very bad and the currency would also be dropping like flies. which means that the cold hard cash u are holding may turn into just banana notes and useless. As Lee Kuan Yew said before, the money in your bank is just a digit. The money you hold is just paper. What gives them value is the economy itself.

Theres no such thing as "safe" banks in terms of a major crisis.
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