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From Bad to Worse as Bank Runs Spread Through Shanghai Banks

A huge demand for cash by Chinese depositors has started a bank run in Shanghai due to six rural Chinese banks that froze customer deposits back in April. Bank runs threaten to topple China’s financial system at a time its economy is contracting due to persistent lockdowns and a slowing global economy.

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  1. Age of ants, GIANTS & Megalomania:
    After Rapture by Messiah,
    Agnostic Earthlings Ravaged by Megalomaniacs.

    Meanwhile, The Just Shall Live by Faith.

    As The Judges Shall Live by Feelings.
    As The Jerks Shall Live by Flakes.
    As The Journalists Shall Live by Fake Facts.

  2. As far as U.S. stock investments go – check out how much of their profits companies like Intel are making from China. It is going to be a problem going forward if there is a long, continued downturn in Shanghai. However, I noticed that all of the guys who preached how free and capitalist China is compared to the west, are suddenly quiet on that subject. Instead, they are focusing on Ukraine or anything to detract from their senseless statements.

  3. China authorities in general are dicks to the citizens. Ditto Canada, Australia but not US. We won't ever bow to that level of tyranny. Lots of prison coming for the active offenders in our governing.

  4. IF you were in China and were able to get your money out, would you buy gold? Do you think the RMB will sink in value? The world thought the USD would sink faster than the RMB, but with self imposed lockdowns and utter stupidity going on in China, they RMB could make the USD look strong. So would you but gold and silver now?

  5. What will they do with all of these people who will end up starving? They’ll probably decide to go nuclear. There’s no solution to this other than to liquidate. That’s probably their worse case scenario.

  6. if you want to MOVE the wheel of ECONOMY ……… you NOT helping COMPANY or COORPORATION … or a KIND of it …
    BUT … you GIVE a FREE SOLID CASH MONEY IN FORM of COUPON or ELSE … STRAIGHT to the HAND of EVERY FAMILY in your COUNTRY …
    SGNIFICANT AMOUNT of MONEY … about ONE to TRHEE times OF their MONTHLY salary … ALL at ONCE at the SAME TIME …
    IT WILL GIVE them POWER to BUY at the SAME TIME … and IT WILL MOVE the COMPANY … and IT WILL MOVE ECONOMY …

  7. I live in Beijing but I'm now going to get my money sent out rather than leave it in the bank. Looks bleak and there's no doubt that the employment market looks tough for Chinese teachers. I can't spend because everything is closed and it's too risky going into the city. The only place that's low risk is the hiking/scenic areas. Nobody about.

  8. Biggest hurdle that we might face in future is that the idea of buying assets against crypto will become null and void.
    Alternative currency will have no value as was projected or assumed.

  9. Although< I have interests in global economics I don't watch the news anymore… I have enough FUD in the crypto markets lol. Thanks for sharing this news and offering your insight on how to navigate crypto during unfortunate times/events like this. You're right about keeping level headed when investing/trading so that's why I think it's important to limit the amount of FUD we consume. I don't watch the media but the news that you present gives me just enough to know what's going on without riding the emotional rollercoaster if I were to watch the news everyday. Now I buy and just trade long term more than ever, I have made over 23BTC from day trading with Marie Freeman Signal in few weeks, this is one of the best medium to backup your assets incase it goes bearish..

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