According to data from the Federal Reserve of the United States of America, this month was record-breaking in many ways. However, the biggest alarm raised the news that millions of Americans went to the bank counters this week.
Everyone wants to withdraw money. There have been most people since 1999, when, according to the majority of the society, an apocalypse associated with a defect in the computer system – Y2K – was to take place.
Apocalypse bigger than Y2K: People are afraid of coronavirus and want to withdraw money
Circulation in the US in March was $ 35 billion more than at the end of February. People take the bank counters by attack and try to escape into cash that cannot be taken when the big banks fail. Unfortunately, it is this behavior that contributes greatly to the potential collapse.
In 1999 a similar situation happened. The Americans then collected $ 22 billion in a single week. This madness was associated with the fear of the new millennium. Computer systems should not have been prepared for the arrival of the new millennium. They were to fail and lay down the entire financial system.
Millions of people believed it. Money in circulation for a month and a half grew by $ 55 billion. Does the apocalyptic scenario repeat?
In response to this shock, the Fed lowered the reserve minimum. Banks have the opportunity to release all their money they have. If they run out, they will experience a crash.