Steven Van Metre
With developers unable to pay on their loans and borrowers unwilling to pay on theirs, China’s banking system is on the verge of collapse. The timing couldn’t be worse as China’s Covid Zero polices have lead to an increasing amount of social unrest.
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There is a crash coming and sooner the better !!.
What will happen to Chinese companies, when the world-wide recession cuts back on the need for manufactured goods? The more we spend on food and gas, the less we have for other household items. The government can seize and sell off company assets…but non-working laborers and party members splitting profits doesn't look good for CCP under Biden economics. Sorry Joe, no bonuses to Hunter.
Despite the economic downturn,I'm so happy☺️. I have been earning $ 60,000 returns from my $7,000 investment every 13days.
Steve, the chinese do not have bankruptcy laws like in the USA so debts can't be legally wiped out for individuals, and if you further think this, could it get so bad that the government gets toppled?
In China people JUDGE YOU by what you have and IF you own a home. Well guess what? Nobody owns a home in China. Ownership is an illusion and now so more than ever. The RMB is not a world reserve currency especially with the covid-scam and China self destructing, so in reality there is NOTHING worth investing in in China. Only physical gold and silver will survive!
Steven describes it BEST from 6:00 too 7:35. This is exactly how the home buying process in China works. Amen Steven. This is the best plain English description I've ever heard!
Your new addition suggests what "kicked off" the GFC was a Eurodollar event.
doesn't China have way way too much residential construction ongoing? wouldn't it be better if these projects failed? the size of the property developers industry has yo be dramatically reduced, right? the Chinese government will absolutely protect the banks
A lot of the people who are not paying there mortgages had there bank frozen first
Venice, FL Housing Prices Crater 24% YOY As Debt-Weary Borrowers Unload Housing Across US
It actually seems like it is a different issue maybe labour shortage. The reason I say that is the Chinese property market has been, growing at record rates for years they literally have to build 30,000,000 new homes each year just to keep up with population growth. But more recently companies like Evergrande who should be selling properties like no tomorrow have had difficulties with cash flow. It sounds like lock down has left alot of projects unfinished. I'm a little surprised they are paying the entire loan amount I would have thought it would be based on progress payments but each country does things differently. It does seem like the cost of lockdowns is starting to show and I think this is a global issue resulting in high material costs because of supply chain issues and low productivity from manufacturers. It will takes years for this to turn around I'm afraid. Similar thing is happening in Australia, the flow on from lockdowns is showing up in high food costs, small business closes and construction companies going under. It will be the tech industry next when consumers start loosing jobs and buying only essentials.
It's fine if you bank with foteign banks, ICBC, Bank of China. These are safer.
But … wait … China is supposed to be so awesome that the world will beg them to lead, isn't that what we've been told? Yes? No?
If all you do is read someone else's text on the screen, at least pronounce the words correctly. ex-ASS-er-bate
great content thanks
If Chinese banks are in trouble with their American holdings of trillions of dollars in treasuries, means the American banks have to be in real trouble because China can dump their treasury bills decimating the dollar with inflation. China received treasuries in return for their slave labor for American corporations that moved there.
This is about to blow up , it will likely cause a global depression . Thats is why China is wanting Taiwan at any cost .They know they are screwed and they need a war with America to blame it on .
U realy should burn/destroy all USA Meds, it is all make believe just like Hellywood and Dittyland
MORE US BS,,, what is wrong with you guys, cant you read or tell the truth…… USA is on the verge of collapse not China or Russia… WHAT A SCAM keep it up
https://youtu.be/DmK_32C3W5Y
If people will stop paying massively, probably goverment say, that people go to jail, who do not pay, end of story.
Do Chinese banks have the equivalent of FDIC insurance? If not, I could see mass withdrawals and before you know it, the banks would fail.
Hopefully it spreads to the U.S.
How China is so brainwashed controlled and blind is amazing.
It has to be worse than this in China because their news is sanitized to always make things look better than they really are, its built into their political system. So if this is what they are telling us its probably two or three times worse in reality, at a minimum. Many of the Developers were already operating a sort of Ponzi scheme where they were using new development money from customers to finish older projects bought by older customers. Without new money coming in they cant finish their older projects. Add to this the insane Covid policies in China that are really hurting their economy and the rest of the worlds. But China is a Communist dictatorship and if push comes to shove they will resort to using force to get people to pay their debts, and I think they will do this if the crisis deepens. Yes the CCP wants social stability to stay in power, but they are always have the option of forgoing that and using brute force and intimidation if they cant achieve that social stability to their own, the CCP's, benefit. Mark my words, the CCP will start to arrest people and severally punish some of those who don't pay their mortgages and make very public examples of them, and their punishments to intimidate the population into compliance, or else.
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In OC, we pay for homes before they are built all the time. It's how I did mine. Glad I did b/c it turns out the developer gave me more land than they intended (could build two homes on my land) and tried to get the contract cancelled.
And, oh by the way, it's reported that mortgagees have to pay 30% up front on the mortgage. If they default, that money goes away as well.
Hmmm, I called Steve's Whatsapp number and a Chinese guy answered , wanted to sell me a condo in beijing 🤣🤣🤣🤣🤣