"What happens in Cyprus doesn't necessarily stay in Cyprus. The media says it can't happen here but it can. If several major U.S. banks failed, trillions of deposits would be at risk, including hundreds of billions insured by the FDIC. However, the FDIC barely has any reserves to cover the potential losses. A bigger bailout than TARP would be required to bailout depositors. Where would the government get the money? If the Fed prints it, deposits would lose a much more larger percentage of their value to inflation than Cyprus depositors are paying in deposit taxes!" - in Youtube`s Schiff Report
Related stocks and ETFs: Financial Select Sector SPDR (XLF), Bank Of America (BAC), JP Morgan (JPM), Citigroup (C), Wells Fargo (WFC)
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.