Probably why some Hmong elders are afraid of banks

[theking]

..so they opted to hide their cash at home?  :

Macro guru: The US government may 'restrict your right' to pull money out of banks as panic escalates

From Silicon Valley Bank’s collapse to the demise of First Republic, the U.S. banking crisis may not yet be over.

Hedge fund manager and macroeconomic expert Hugh Hendry recently voiced concerns that the government could step in to prevent American bank withdrawals in an interview with Bloomberg Markets.

“I would recommend you panic,” says Hendry, pointing to what he calls “the biggest waterfall decline” in the M2 money supply — which consists of cash, checking deposits and other types of deposits that can be easily converted into cash, such as a certificate of deposit.

“That could reach a crescendo where the Treasury and the Fed may have to come in and actually restrict your right as a U.S. citizen to pull money out of the U.S. banking sector.”

Here’s why he’s concerned — and what he recommends you put your money in.

Why the government might step in

Hendry believes the panic and “capital flight from the banking sector” is in fact warranted and fears the Fed and Treasury officials may consider a “gate” or “lock” on banking deposits.

To be sure, the Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per depositor, per insured bank, per ownership category. But Hendry believes it doesn’t solve the problem of deposit flight because people are “seeking yield” with their cash.

Hendry says, “I can actually conceive of a Federal or Treasury rule coming in, saying, ‘For the next 180 days, you can’t pull your money out of the banking sector.’”

Hendry compares this to the Gold Reserve Act of 1934, which banned private ownership of monetary gold to raise its price, control the dollar's value and put more money into circulation.