No. If you're on TD Ameritrade, for example, you're insured up to $152 million through the FDIC, SIPC, and private insurers. Other companies are required to carry similar insurance.
How will you access your money if the internet goes down? How will you buy food if your credit card isn't accepted, either because their connection or power is out or worse?
A society built on top of perpetual growth is about to grind to a halt for 2-6 months, after already showing signs of poor economic health. This doesn't even get into the potential political mess that awaits us.
> A society built on top of perpetual growth is about to grind to a halt for 2-6 months
Grinding to a halt may be an exaggeration;
There's little reason for
- food production to grind to a halt (California, Midwest, Florida) as these are not high density jobs with a high risk of contagion.
- Technology oriented jobs; These have been increasingly work remote or from small offices; In many ways technology production should be stimulated in solving many problems presented by our now quarantined economies.
- Existing Construction jobs; Maybe they're slowed down to decrease worker density. these have a potential for low density, especially Crane operators, concrete trucks, etc. If you touch your face or take off your helmet you're going to have a bad time in these roles already.
- Power Company. Whether it's hydroelectric, coal, or nuclear; few of these use worker density to run or be maintained. Major projects will likely be stalled for those 6 months. These are also places where touching your face is already avoided.
Your thinking is myopic. The virus is a geopolitical trigger. Among the fallout is the US economy.
The world is rapidly changing. It will not return to normal once the virus is eliminated. The signs are everywhere. Governments in flux.
We just had two $1.5T federal stimuli effectively fall on their faces. Treasury Secretary is predicting 20% unemployment. That's great depression level and I suspect they were being conservative to avoid even worse panic. This is going to continue for many months if not years after the virus troubles are over.
That still doesn't mean the power is going out or the water is going to stop running. Another depression is in no way a good thing, but it's not the apocalypse. Zombies are not going to take over the water treatment plants. No one is going to nuke the power stations.
Yes, life will get hard. Yes, this really sucks if you were planning on retiring soon. But life will go on. Calm the fuck down.
