Deposits are a myth and so deposit insurance is absurd

Bank deposits are a myth so there is no need for deposit insurance. When deposits are placed with a bank this arrangement is based on false assumptions. The bank in fact owns the money once it has been handed over... not the customer so the concept of deposit insurance is false. The government should compensate people only when something of genuine value has been lost but bank deposits are not a real piece of property. Bank deposits are not real so deposit insurance is a false concept... there is nothing to insure.