Bank Run in China as The 4th Chinese Bank On Verge Of Collapse
4th Chinese Bank On Verge Of Collapse triggering Massive Bank Run
First, it was Baoshang Bank, and then it was Bank of Jinzhou, then, two months ago, China's Heng Feng Bank, with 1.4 trillion yuan in assets, quietly failed and was just as quietly nationalized. Today, a fourth Chinese bank, the Yichuan bank was on the verge of collapse under the weight of its bad loans, only this time the failure was far less quiet, as depositors of the rural lender swarmed the bank's retail outlets, demanding their money in an angry demonstration of what Beijing is terrified of the most: a bank run. What scares Beijing is a generalized bank run on its banks, the world's largest bank system, which with $40 trillion in assets, is roughly double that of the US. Financial News,economic collapse,China trade war,Stock Market Crash,market crash,zerohedge,x22report,money GPS,SGT Report,Dahboo77,Epic Economist,documentary,Greg Mannarino,economic collapse confirmed,Carrie Lam,Bank Runs,China,Hong Kong,Hong Kong Banks,ATM
This is already the 4th Chinese bank in the past six months to see a bank runs on its branches.
Nothing to see here, folks. Move along now.
Yichuan bank saw a high volume of customer requests to withdraw savings on Tuesday. The peasants are stupid—thinking their cash is in the bank.
These poor idiots have to learn the hard way how fractional reserve works. Keep only the amount of money in the bank which you can afford to lose.
All banks that lend via fractional reserves are on the verge of collapse.
It's crazy to keep any large amount of money in a bank. They pay virtually no interest anyway.
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All bank "depositors" are just last-in-line creditors. As those Chinese knew already, waiting to withdraw their money. As did all those UK nationals, on September 17, 2007, who also knew, that their deposits in Northern Rock Bank were at risk and lined up to withdraw their money, the first run on a British bank in 150 years.
The Banks failing in China, even if in rural areas, can cascade quickly. And it's not as if we're immune from the effects of it here or in Europe.
We are indeed not immune:
Remember yesterday's minimal Rate Cut, the FED and Central Banks are all failing, the Small Print in Contracts is overbearing; Interest Rate charging is a thing of the past!
The Fed is attempting to remove repo reporting for a couple of days. It's all coming down in November.
I remember in 2008 when thousands of American banks not only were on the verge of collapse, they collapsed and no longer exist.
Notice how many bank fraudsters were indicted by Bush and Obama?
If you said zero, you would be correct.
Citibank is on the verge of collapse.
Deutsche Bank is on the verge of collapse.
The exit doors are narrow, and everyone thinks they will be able to get out.
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recommended economic and financial books :
Destined for War: Can America and China Escape Thucydides's Trap? https://amzn.to/33RwG52
How an Economy Grows and Why It Crashes by Peter Schiff : https://amzn.to/33Tk8Ky
Bitcoin: The End Of Money As We Know It https://amzn.to/31TXAqX
The Death of Money: The Coming Collapse of the International Monetary System https://amzn.to/2L2688q
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