At this point a question is in order: while in Cyprus, and soon probably elsewhere, the government will openly confiscate deposits to fund insolvent banking systems, in the US excess deposits are used by the prop desks of banks like JPMorgan to inflate risk assets, corner a bond market (IG9), and to generally create a wealth effect... for the 1%.
Recall this chart from JPM's CIO June 13, 2012 financial results appendix, which explains precisely who funded JPM's rogue London trader, made so infamous this past Friday which now seems like an eternity ago:
The answer? You, dear US depositor.
So answer this - would you rather have your savings confiscated... or used by JPMorgan to gun the farce formerly known as the market to ever higher, previously unseen highs, and serve as collateral to fund short positions in a variety of commodity classes?
And, following that, who is truly the biggest loser here?
(for more, read "The "Big Three" Banks Are Gambling With $860 Billion In Deposits")