I can't trust my emergency fund to the whims of backroom deals between central bankers, Wall Street, and whatever administration is in power when the economy is grinding to a halt, most especially for almost no additional benefit (comparing interest rates, the spread is only single digit basis points) over an FDIC insured account.

I can see your point, but I really want to stress for others out there reading this thread that it isn't responsible to hope for insurance that doesn't exist when you need it the most.