One possible upshot of this is that maybe people will actually start paying attention to how their home banks are capitalized. What's their reserve ratio? What are their major investments? Have those investments been rated by independent agencies?
Schemes like the FDIC (which, as mentioned in a previous comment, can change the rules at any time) only serve to dumb us down and encourage bad behavior; firstly by lulling depositors into a false sense of security, and secondly by eliminating the incentive to be prudent and appropriately risk-averse.
People don't actually need to pay attention to that. Most banks in the European Union are already watched and have regulations up their collective funnels to avoid exactly these kinds of problems. The only mitigation strategy neccessary is to split your cash assets in multiple accounts...
And of course, if you partake in a well-functioning state, which protects your rights against all sorts of problems, educates your workforce, regulates your food and healthcare, you might consider the taxes a bargain.
Schemes like the FDIC (which, as mentioned in a previous comment, can change the rules at any time) only serve to dumb us down and encourage bad behavior; firstly by lulling depositors into a false sense of security, and secondly by eliminating the incentive to be prudent and appropriately risk-averse.