The so-called insurance is a promise by the central bank to print money to cover your deposit. That is, to steal value from everyone else holding cash in order

The so-called insurance is a promise by the central bank to print money to cover your deposit. That is, to steal value from everyone else holding cash in order to pay for the losses of those that choose to invest theirs unwisely. It's not like an insurance company that keeps enough real cash reserves to cover potential costs. For example, the FDIC only has enough in reserve to cover ~1% of the deposits in US banks.