Guest Post by Martin Armstrong
Officers in plain clothes disrupted a peaceful protest outside the capital of Henan, as seen in the video above. Depositors were protesting to demand that their savings be returned as thousands have been unable to access their money for over a month. Banks in Henan first froze client assets, and then the Chinese government changed the victims’ COVID QR passes to red to deny them the freedom of movement. The most recent protest was among the largest seen in China since the pandemic began.
Over $6 billion (39 billion yuan) is missing. A reported 400,000 people have been affected. Imagine going to the bank only to realize that your entire life’s savings were gone instantly? You worked hard, saved, and did everything right for years or decades, only to have it all abruptly taken away. Even the most ruthless government is in trouble when the people have nothing left to lose. Imagine if the Chinese were permitted to own guns? There would be uncontrolled civil unrest.
So where is the money? Chances are that the banks do not have the liquidity to pay out all of the depositors. Instead of cracking down on the banks, the government is coming after innocent people. Officers in plain clothes attacked protestors, including the elderly and women, and civilians were left wondering why their own people would attack them when they were clearly the victims. Governments are completely ruthless and DO NOT CARE ABOUT THE PEOPLE.
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I’ve said a couple of times, China is a powder keg. The Chinese have largely put their life savings in housing. With those ghost cities, it’s only a matter of time before the people of China lose their savings in that scheme. 300 million people will lose it all and they will be pissed. The bank bail-ins will only further the societal explosion.
Totally agree with you except there are no life savings for most people. China is just the same as here: almost everything is borrowed from future generations with no intent or ability to repay.
The young families paying $2500/month for a shit apartment don’t have anything because the prior generations stole their future to pay for their 5000 s.f. houses, RVs, boats, cruises, and vacation homes. The Chinese “miracle” will turn out the same.
The Chinese are such weak submissive people. Then again, so are Americans, so I imagine when (not if) this occurs here, the same will happen. The government will promise to fix the problem and throw the peasants some bread to shut them up.
>>>The Chinese are such weak submissive people.
Sort of agree. Most Chinese I’ve dealt with (in Seattle, among academics and professionals) appear very much to be herd animals, never voicing opinions outside of The Accepted Narrative.
However, I suspect that the above behavior is somewhat superficial, and that many of these folks are quite capable of anti-social behavior (e.g. white-collar crime, tax evasion and similar). They just don’t talk publicly about their true opinions; in other words, they are excellent at being “grey men”.
the mice have ears and are listening…. china’s communists are surveillance heavy… developed by their good friends google (cia) and bill scumball gates. Good news too… they imported it back into the ‘west’. Baby castro luvs him this tech which is why the hundreds of millions spent in ootowa making it ‘smart’.
“white-collar crime, tax evasion and similar”
Hardcore for sure. Next, they’ll be jaywalking.
Capitalism , bruh . The bank always wins.
Try Communism
Same people.
My aunt who witnessed her family and fellow farmer neighbors lose everything to banksters during the Great Reset v1929 never again trusted banksters and kept her life savings in a paper sack under the bed until the day she died. . Wise woman.
My old man was different. He spent every penny the minute he laid hands on it. Lest inflation eat it up, of course. My old man was a grasshopper, not an ant. But he had more fun than an ant.
It was very easy to save money in the old South , if you could make any , because there was really nothing to buy.
My mother told me that she never saw any money change hands, they just traded food for food and supplies. Now everyone lives off credit, thus high hats all around.
Not as much fun being a grasshopper when you know Uncle Sugar will catch you and give you more. The excitement was blowing it all and not having the faintest idea where the next cent/meal/whatever was coming from. We were poor as church mice, but it was never dull.
Been there, done that. Thanks God for fish and soda crackers.
A bunch of idiot peasants wanted to cash in on a fake ass bank’s high interest rate and ended up losing all their money. They should know if it smells too good, it’s a trap. It also has nothing to do with the Ching Chong government. The police already knocked those criminals down, and some of those peasants can now take back their money. That concludes the story.
Okay, the show is over. You Yankees can go back to your own problems now.
I don’t think the Fed will turn off the spigot of liquidity to U.S. banks, so you will always be able to access it…. the Fed has locked itself, and us, into a hyper inflationary hell fire. Yes, you can get your $100 dollars but it will only buy a loaf of bread as more money chases fewer goods. When you can print to infinity, you will eventually do just that until the world stops accepting that currency. Why close the banks when you can just give it to them with a few entries into the SWIFT ledger?
The greater possibility will be we wake up one morning, after inflation starts exceeding X% per day or week, and they flip the switch to a new digital currency. All of our money will be converted instantaneously into a closed serf system controlled by them based upon your behavior and willingness to be quiet and stay in line.
This stack of currency of German marks was worth only 1 U.S. Dollar in 1923.
Zimbabwe…. the new wheel barrel wallet.
TPTB have no reason to cut us off from our money as the value of it goes to zero because the sheeple will be clamoring for them to solve it… and, of course, they will with a system that truly removes all sense of financial freedom. Create the perfect storm to enable the final solution.
My pappy remembered playing with fistfulls of german money when he was a toddler. They came over shortly before war broke out and went from upper middle class to dirt poor in only a few years.
Me mudder sent me a million dollars when they lived in Zim for a few years… A million zims just don’t go very far these days… kinda like what the petrodollar will buy soon enough.
I stumbled upon this video a couple days ago. 25 minutes. I thought the guest – Matthew Piepenburg – had a pretty sharp and succinct take on the “fight inflation” versus “crank up the printing press” battle. He said something like “every empire in history has seen to debase its currency”.
Also, they have a good Twitter account:
Twitter.com/WallStreetSilv
Is Hudson saying the West is a Money Changers’ construct?
” Nearly all early non-Western societies had protections against the emergence of mercantile and rentier oligarchies. That is why it is so important to recognize that what has become Western civilization represents a break from the Near East, South and East Asia. Each of these regions had its own system of public administration to save its social balance from commercial and monetary wealth that threatened to destroy economic balance if left unchecked. But the West’s economic character was shaped by rentier oligarchies. Rome’s Republic enriched its oligarchy by stripping the wealth of the regions it conquered, leaving them impoverished. That remains the extractive strategy of subsequent European colonialism and, most recently, U.S.-centered neoliberal globalization. The aim always has been to “free” oligarchies from constraints on their self-seeking.”
https://thesaker.is/michael-hudson-the-end-of-western-civilization-why-it-lacks-resilience-and-what-will-take-its-place/
“Officers in plain clothes…”
You mean deputized communist thugs.
So solly.
You worked hard, saved, and did everything right for years or decades, only to have it all abruptly taken away. …..
Well, almost did everything right lol
Anyone that thinks that any kind of currency is safe in a bank or holds its value is delusional. Only hard assets like guns, ammo and foodstuffs will hold their value in the coming collapse.
There are far more than the 400,000 Chinese who had their money stolen by the CCP. Reports of numerous banks in China being insolvent and bailing into the depositor accounts. The citizens are allowed the equivalent of $16 per day for withdrawal and told to “just consider it to be simply bad luck”.
Should anyone in any country trust their bank accounts/money are safe?
So, this is like inflation – only slightly faster?
No Anon, it’s more like the IRS every payday bailing into your wages/labor. Check your pay stub, feel the burn?
[Sigh]. It’s a math joke.
” Instead of cracking down on the banks, the government is coming after innocent people…”
https://en.wikipedia.org/wiki/Self-flagellation