OK. But we should be realistic about the value of FDIC coverage in the real world. Next year bank failure losses are going to total many times that of the FDIC funds. At what point does the "insurance" become as worthless as the deposits it is insuring?
"Full faith and credit of the United States government". Nice sounding statement. Just what tangible assets are backing up any of this stuff?
Actually, there are no assets securing "full faith and credit" obligations (if that were the case, they would be a "mortgage" or "secured" obligations).
"Full faith and credit" securities are "General Obligation" securities and their holders look to the government's power to tax.