Bank deposits soar to record $10 trillion despite low interest rates (LA TImes)

[banned from Kos]

Americans are pumping money into bank accounts at a blistering pace this year, sending deposits to record levels near $10 trillion on escalating fears that the U.S. economy is on the verge of another implosion.

There's no sign that the flood into checking, savings and money market accounts is slowing down. In the last three months, accounts at U.S. commercial banks have increased $429 billion, or 10%, almost double the increase for all of last year.

http://www.latimes.com/business/la-fi-low-yields-banks-20110918,0,3758580.story

[roamer65]

1. That's right where the Federal Reserve wants it.

So they can most effectively destroy its value via inflation.

[BeyondGeography]

2. The nice thing about cash

Is you don't have to find a buyer when you need some money.