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IPFS News Link • Economy - Economics USA
Former Harvard Professor of Economics Terry Burnham
fears starting a “run” on Bank of America after he made public his
decision to withdraw $1 million dollars from his checking account as a
protest against Janet Yellen beginning her term as Federal Reserve head
this month.
In an article for PBS entitled Is your money safe at the bank? An economist says ‘no’ and withdraws his,
Burnham, an ardent critic of the Fed, writes, “Why do I risk starting a
run on Bank of America by withdrawing my money and presuming that many
fellow depositors will read this and rush to withdraw too? Because they
pay me zero interest. Thus, even an infinitesimal chance Bank of America
will not repay me in full, whenever I ask, switches the cost-benefit
conclusion from stay to flee.”
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