Dangers of fractional reserve banking and massive corruption could crash the entire Chinese economy.
- Millions locked out of accessing their bank accounts
- Military protection of bank premises
- Unprecedented state censorship
Popular financial vlogger Sorelle Amore told her 700K+ subscribers it could be just a matter of days before the whole House of Cards comes down. She has a warning though – if the Chinese economy falls, the repercussions for the rest of the world will be severe.
Fake news propaganda in my opinion. Yes, China has excessive domestic debt and they can manage this easily if they want to. US citizens and the government are very highly debted than China. The trading currency status helps US but most credit is held by the international banks, So they control the US economy, which is not productive at all. On the other hand, Chinese economy is productive as well as the domestic consumption is high. So China can easily manage with a trade off between domestic consumption and exports.
Not fake news at all, do your homework thoroughly. Furthermore why would so many Chinese protest at great risk to themselves if this was not a very serious issue for them.
The rural banks are small operators, and the so called 6 billion dollars is a miniscule amount. WION is an anti-China media, and most of their China reporting is highly biased and often based on false info intended for the Western audience.
Financial corruption is much more in the West that resulted in trillions of dollars lent by JP Morgan and others which resulted in a global financial crisis. The private banks that were corrupt in China will be booked over time and the amount involved is so tiny and it will not lead to any crisis.
This YouTube video presenter is simply a sensationalist and using cloick bvait titles and not an expert in internationalk finance. I am surprised to see this on DTNZ.
Agree with your assessment. China not only has a huge economy, but is also a founder member of BRICS. This is a water-cooler piece and will be gone by lunchtime (to coin a phrase).
Lesson here is not to trust any bank with your deposit, keep some cash and gold and silver in your possession at all times
Hal Turner is reporting the same; with regards to the 28 days.
What then?
War, for one. Whenever the money goes south, the violence turns east, but with the droughts, il and wheat embargoes, and sanctioning, look for World War Four to kick-off starting in the South China Sea, Taiwan Straits, and in the possible nuclear immolation of central and western Ukraine.
We may even see the nuclear Poseidon torpedoes deployed against the coasts of the U.S…