by Nick Giambruno
It’s one of the most dangerous myths most people believe…
Boobus Americanus thinks cash he deposits into a bank is a personal asset he owns.
But that’s not true.
Once a deposit is made at the bank, it’s no longer your property. It’s the bank’s.
What you own instead is a promise from the bank to repay. It’s an unsecured liability. That’s a very different thing from owning physical cash stuffed under your mattress. Yet, 99.9% of people conflate the two.