ElonMusk has shared a massive incentive to move money out of bank accounts. Fed Treasury interestrates
Tesla and Twitter CEO Elon Musk has shared a “massive incentive” to move money out of bank accounts, citing a significant interest rate gap created by the U.S. Treasury and the Federal Reserve. “As more people & companies realize this, bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail,’” Musk warned.Tesla and Twitter CEO Elon Musk shared Monday a “massive incentive” for people to move money out of bank accounts in the U.S.
This was not the first time Musk has warned about this problem. On May 2, the Tesla boss replied to a tweet about a “liquidity crisis” and “cash being sucked” into Treasury money market accounts with 4.5% interest, stating: Musk also agreed with former money manager Genevieve Roch-Decter who tweeted Monday that “Banks have successfully fooled depositors into accepting 0.4% interest on savings while the bank makes +5% on treasuries.” She stressed: “The biggest risk for banks is the consumer figuring out they can move their money out of banks and buy treasuries or money market funds themselves.”
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