Great Depression 2.0: No Worries! Be Your Own Bank!

Introduction

The Great Depression was one of the worst economic downturns in the history of the United States. During this period, a substantial number of banks went bankrupt which in turn caused a collapse of several businesses. As a result, unemployment peaked at an outrageous 25 percent. 

Expecting such failures of the banks, panicked savers withdrew cash from them which eventually led to insolvency of an even greater number of banks and people ended up losing all their savings with banks. 

Great Depression 2.0

With the recent rise of unemployment rate worldwide and the expected economic downturn, these have led to the question of whether there will be another "Great Depression" in the wake of the coronavirus epidemic and particularly whether banks would fail, and cash would become useless.