In both cases, what eventually resolved the matter was not banks spontaneously restoring solvency, but the central bank, that is, the financial entity capable of creating new money out of thin air, which reliquidated the banks, greatly assisted in the earlier instance by vast increases in government spending as a consequence of WWII.
There's a group who likes to preach loss of faith in the US dollar; their predictive record has proved quite poor. Despite this it remains an inexplicably popular trope.
I keep "my money" in a few different places. I keep a spreadsheet and every 1st of the month I 'do the rounds' and add the numbers of deposits, investments, '401k', etc. so I keep an eye on my 'net worth' on a monthly basis. When COVID happened and I saw that SP500 tanked, I bought more than my typical 'monthly purchase'.
Now, I am a nobody and worth a little. Someone who had $50m in the bank, well connected, and with access to info, 'went in' for x1000 what I did, at a better timed entry and left at a better timed exit made big bucks.
I am definitely part of the top 1% (8b people --> 80m)(considering that majority of the planet lives 'poor')(my definition of 'poor' was redefined when I visited the Philippines and saw a family of 4 live in a carton box from a fridge).
"We" here in HN (most of us) are in that 10% of the global population, whether we like it or not. And it's not because "everyone living in the EU is rich", it's more like in so many countries for majority of the people their income is well below $upper-tripple-digits.
