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They just hit a new low of $11.19 today. A small recovery to $11.45 since, but we are getting closer to single digits.
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In a fractional reserve banking system, the actual deposits of any investors are such a small percentage of the balance sheet that it wouldn't hurt the government badly to cover their losses. It's all the derivatives and bonds and exotic financial instruments that are likely to detonate, and those are deliberately tilted to prevent the government from absorbing the loss. Depositors are gonna be fine. Creditors? Yeah haircut.