The billionaire says the move is “absolutely required” to stop bank runs Elon Musk has proposed a solution to the current banking crisis in the US. The government must do away with the current $250,000 insurance cap on all deposits to stop panicking clients from withdrawing their money, the Tesla CEO wrote in a Twitter post on Tuesday. His comments come in response to a media report that US officials are studying ways to temporarily insure deposits beyond the current limit, without having to get approval from Congress. “Absolutely required to stop bank runs,” Musk wrote. The banking crisis began in the US earlier
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