Anyone else transferring their 401(k) funds to low-risk investments?

[Farmer-Rick]

67. Dumpy Trumpy wants to close down the Federal Reserve

He wants to stop doing business with the Federal Reserve banks and abolish the board. He wants the president and Congress to make the day to day decisions on monetary policy and interest rates.

He wants to go to "free banking". That's the type of banking we had before the Great Depression. If he wipes out the Federal Reserve, he will wipe out the FDIC insurance. Your deposits will no longer be insured by the US government.

It will save banks money and totally deregulate them. It will also seriously increase the risk of leaving your money in a bank or credit union. If a bank or credit union underestimates their risk in the stock market or with large loans (like to a New York real estate mob connected crook), the bank will use your deposits to pay off their debt.

Which is what happened in the Great Depression.