this post was submitted on 12 Jan 2025
413 points (94.0% liked)
Progressive Politics
1260 readers
652 users here now
Welcome to Progressive Politics! A place for news updates and political discussion from a left perspective. Conservatives and centrists are welcome just try and keep it civil :)
(Sidebar still a work in progress post recommendations if you have them such as reading lists)
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Theft against banks.
According to the Wikipedia he withdrew money from private individuals' credit cards.
That's the bank's money.
Banks usually hold other people’s money.
Banks are insured, along with all accounts under $250k. I don't know about you, but I've never had to worry about going over the FDIC limit.
I mean, I'm not taking sides or anything but isn't the FDIC a government agency and any insurance money used to cover thefts ultimately come from taxpayers?
No, because the US federal government has monetary sovereignty using a Fiat currency, meaning the US can pay for it without extracting it from taxes.