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In the anatomy of an economic crisis, a bank run is the point of no return.
Bank runs occur when people scramble to withdraw cash from banks in fear of collapse. In the worst cases, banks’ liquid cash reserves are exhausted, not everyone gets their money and the bank defaults.
...
In recent years it has become clear the Chinese people are losing faith in their financial institutions. There’s been anger over harsh COVID lockdowns in Shanghai recently, while the collapse of China Evergrande saw rare public demonstrations as residents faced the prospect of losing their life savings used as deposits for housing.
...
Multiple sources contacted by Asia Markets, have confirmed deposits at the following six banks have been frozen since mid-April.
Yuzhou Xinminsheng Village Bank (located in Xuchang City, Henan Province)
Zhecheng Huanghuai Bank (City of Shangqui, Henan Province)
Shangcai Huimin Rural Bank (Zhumadian City, Henan Province)
New Oriental Village Bank (City of Kaifeng, Henan Province)
Huaihe River Village Bank (Bengbu City, Anhui Province)
Yixian County Village Bank (Huangshan City, Anhui Province)
It’s understood the banks with branches across the Henan and Anhui Provinces successively issued announcements in April, stating they would suspend online banking and mobile banking services due to a system upgrade.
It's happening in rural cities - not yet in the larger cities.
Protests are ramping up, and China is using technology to block people from traveling to the banks to protest.
I personally, never bought the official reason given for the lockdown, which was claimed to be a Covid related measure.
Could it be this is how the Chinese government was preventing a bank run?
We are tied to China either through trade deals that Trump tried to make better for America OR the back door dealings of the Biden as they have tried to make themselves better...
If China closes down access to the banks to prevent a run on them could it also happen in America?
Well our 401K's are already shrinking thanks to Biden and Social Security is always getting sapped but then again who has money sitting in the bank? I'd say at least half of the people of this country are living paycheck to paycheck and using credit cards to get by and they are being hit hard by this Bidenflation so at the end of the day there is not much left.
China needs us as much as we need them. If I can put on my tin foil conspiracy theory cone hat for a moment, China might be regretting releasing the Covid 19 in order to get Trump out of office. It worked but who could have foreseen the disaster that is Biden?
In the anatomy of an economic crisis, a bank run is the point of no return.
Bank runs occur when people scramble to withdraw cash from banks in fear of collapse. In the worst cases, banks’ liquid cash reserves are exhausted, not everyone gets their money and the bank defaults.
...
In recent years it has become clear the Chinese people are losing faith in their financial institutions. There’s been anger over harsh COVID lockdowns in Shanghai recently, while the collapse of China Evergrande saw rare public demonstrations as residents faced the prospect of losing their life savings used as deposits for housing.
...
Multiple sources contacted by Asia Markets, have confirmed deposits at the following six banks have been frozen since mid-April.
Yuzhou Xinminsheng Village Bank (located in Xuchang City, Henan Province)
Zhecheng Huanghuai Bank (City of Shangqui, Henan Province)
Shangcai Huimin Rural Bank (Zhumadian City, Henan Province)
New Oriental Village Bank (City of Kaifeng, Henan Province)
Huaihe River Village Bank (Bengbu City, Anhui Province)
Yixian County Village Bank (Huangshan City, Anhui Province)
It’s understood the banks with branches across the Henan and Anhui Provinces successively issued announcements in April, stating they would suspend online banking and mobile banking services due to a system upgrade.
It's happening in rural cities - not yet in the larger cities.
Protests are ramping up, and China is using technology to block people from traveling to the banks to protest.
The USA banks cannot produce cash. There is not enough printed money. It is mostly numbers in accounts.
China is a communist country though. A bank run might freak people out, but so what? If push comes to shove, they close off their economy, keep everything anyone ever invested in their country, and go "hermit kingdom" for a decade while the lights go out around the world. 10 or 20 million of the more useless eaters among them will starve, and they will call it "the great leap forward, part 2" or something, and maybe put Xinnie the Pooh's face on their new largest banknote.
I don't think that's what they want, but they would probably figure it would be better for them than going along with an internal systemic collapse where the rest of the world wouldn't lift a finger to help.
and scary how they are using it to stop people from getting to the banks.
What's scary is that as this thread goes along, China's web bots will spot it and no doubt flag it for rebutting posts from their on-line army of paid posters.
They'll show up and start calling everything fake and biased and not really happening etc.
Combine frozen accounts and Covid lockdowns. What more could the government take?
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