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Bank Of China Declares Moratorium On Transfers, Online Banking; Counters Inoperable

Tyler Durden's picture




 

From Caijing, google translated. We hope the gist of the narrative in Mandarin is far less scary, because if the translation is even remotely accurate, then all hell may be about to break loose in China.

From Caijing: Bank of China, Bank of suspension of transfers morning counters were unable to apply for online banking

Update: Customer service said, now silver futures transfer service has been fully suspended, online banking, the counter can not be handled, and now has the background system response, recovery time is not yet known

Following the ICBC, the Bank of China also go awry again. This morning, the Bank of China Bank moratorium on transfers, online banking, counters are inoperable.

10:00 many, many people began to receive messages sent to the Bank of China, "the end result of the Bank of China Bank failures, bank customers can not carry on through the Bank transfers, please Bank online banking, bank counter or use of other bank transfer system, Bank system will be restored promptly notify you." large number of transfer business banking needs of the people turned to online banking, counter, but according to the instructions of the public still found text messages can not handle.

Reporters call the BOC, customer service said, now silver has been fully suspended phase transfer services, online banking, the counter can not be handled, and now has the background system response, recovery time is not yet known.

As of 12:00, the Bank customer service said handle part of the user's online banking has been restored.

Just yesterday, 10:35, Shanghai and other places ICBC system failures, ATM machines, POS machines, online banking appeared paralyzed more than 50 minutes, all kinds of businesses can not properly handle.

The ICBC bank system failure comes trouble "money shortage", inevitably lead to speculation that many people guess the bank is not money.

To solve this problem, ICBC relevant person in charge told reporters that morning, business process slow, the analysis on the host software upgrade, emergency treatment, 11:27 various businesses all returned to normal.

As for speculation that the crash might be the last two days the inter-bank "money shortage" relevant, ICBC has denied

h/t Sean Corrigan

 

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Mon, 06/24/2013 - 08:32 | 3686267 King_of_simpletons
King_of_simpletons's picture

Theater and Kabuki by China to unload "Ghost Cities" to  Canadian Real-Estate Investors.

Mon, 06/24/2013 - 08:32 | 3686278 GetZeeGold
GetZeeGold's picture

 

 

Actually the banks in the ghost cities are still open.....if you can find anyone in the building,

Mon, 06/24/2013 - 08:37 | 3686309 espirit
espirit's picture

Stuxnet Ver 2.0 - Reprisal for Snowdens free pass.

Mon, 06/24/2013 - 08:51 | 3686368 espirit
espirit's picture

China's not in the game of "hot potato" today?

HeHe. Bad news for somebody...

Mon, 06/24/2013 - 08:58 | 3686399 SRSrocco
SRSrocco's picture

China knows exactly what they are doing. Thats why they will be the largest gold consumer in 2013.

http://srsroccoreport.com/step-aside-india-china-will-buy-that-gold/step...

Mon, 06/24/2013 - 09:05 | 3686430 Tortfeasor
Tortfeasor's picture

Exactly.

HK sends Snowden off to the Ruskies. DC responds, through Moody's, but slamming HK ratings. China re-responds by dumping treasuries on the market and shuttering their banks for the day so there can be no retaliation.

Mon, 06/24/2013 - 09:40 | 3686556 cifo
cifo's picture

So, is it war then?

Mon, 06/24/2013 - 09:46 | 3686579 NoDebt
NoDebt's picture

Ground control to Major Tom.  Your circuit's dead- there's something wrong.

Mon, 06/24/2013 - 10:07 | 3686678 walküre
walküre's picture

There's gotta be a liqudity crunch coming to any place where Chinese investors have parked their cash OUTSIDE of China.

Think Cyprus X 1 BILLION PEOPLE

Mon, 06/24/2013 - 11:45 | 3687209 fourchan
fourchan's picture

well this explains the long lines for gold, coming to a country near you.

Mon, 06/24/2013 - 12:19 | 3687365 RockyRacoon
RockyRacoon's picture

The translated message sounds like the owner's assembly manual for a Chinese made metal shelving unit.

"Putting nut on your screw and orbit leftwise..."

Mon, 06/24/2013 - 20:24 | 3689258 StychoKiller
StychoKiller's picture

Check out www.engrish.com, it hilarious (at times)!

Mon, 06/24/2013 - 12:19 | 3687371 richard in norway
richard in norway's picture

This story is not being reported in the mainstream media at all, does zerohedge have any updates?

Mon, 06/24/2013 - 13:05 | 3687570 TPTB_r_TBTF
TPTB_r_TBTF's picture

the MSM isnT blowing this temporary software problem out of proportion.

Mon, 06/24/2013 - 10:13 | 3686716 swabeyjw
swabeyjw's picture

Extradition fundamentally is based on an action being a crime in the host country. Perhaps China just passed on the oportunity to be something different in the current instances. Was that current instance just crashed?

Mon, 06/24/2013 - 11:30 | 3687113 SAT 800
SAT 800's picture

Houston, We have a Problem. Boy everybody is just full of good cheer and fun times today; alright. I love the "Chinglish" that Google gargles. If everybody is selling everything; where the fuck are they putting the money? I'm going back to bed. Fuck This.

Mon, 06/24/2013 - 13:05 | 3687579 superdave
superdave's picture

Let me correct that for you.  Sum Ting Wong!

 

Mon, 06/24/2013 - 21:42 | 3689509 WmMcK
WmMcK's picture

Can you hear me (now)?

Mon, 06/24/2013 - 10:31 | 3686812 BigJim
BigJim's picture

 China re-responds by dumping treasuries on the market and shuttering their banks for the day so there can be no retaliation.

According to Jim Rickards, this 'dumping' of US Treasuries as an act of financial warfare is a myth - the Fed can choke any such dumping. 

Not sure of the mechanism of this 'choking', though... can anyone throw any more light on the matter? 

Mon, 06/24/2013 - 11:01 | 3686965 HulkHogan
HulkHogan's picture

The FED can just buy up the Treasuries being dumped by China. Maybe that's the 'choking' he is referring to.

Mon, 06/24/2013 - 11:26 | 3687094 NotApplicable
NotApplicable's picture

Sure they can, thing is, is that what they really want today? Don't forget, we live in the age of political capitalism, where pain is valuable, as it leads to cries of "Uncle!"

Casus Belli, Bitchez!

Got Mandate?

Mon, 06/24/2013 - 11:43 | 3687194 Balanced Integer
Balanced Integer's picture

A wholesale dumping of UST leads to a run on the dollar, and the Fed has every interest in stopping that. It would raise the Prime rate aggressively in response, putting the brakes on any pretense of any "recovery" in the American economy.

Guess they would have to pick their poison.

Mon, 06/24/2013 - 11:44 | 3687200 Totentänzerlied
Totentänzerlied's picture

Wag. The. Dog.

Mon, 06/24/2013 - 10:34 | 3686824 Treason Season
Treason Season's picture

From your post, "It is interesting to realize that the Chinese like the Indians are purchasing gold to be used as a dowry for brides during weddings

That is incorrect. Unlike in China, in india, the groom is the recipeint of the dowry. Have to say I have always felt the Hindoos have their priorities right.

Mon, 06/24/2013 - 10:52 | 3686913 CPL
CPL's picture

Every man is truely a golden boy.

Mon, 06/24/2013 - 11:41 | 3687186 SilverRhino
SilverRhino's picture

Yeah Asian cultures are weird.  

  • Wedding: Groom pays 
  • Expenses: Groom pays 
  • Retirement for in laws : Groom pays 

 

Mon, 06/24/2013 - 11:44 | 3687197 achmachat
achmachat's picture

that's one of the reasons, girls in India are considered "expensive" for their families...

at least, the bride is the caretaker of the gold jewellery.

Mon, 06/24/2013 - 12:48 | 3687475 Things that go bump
Things that go bump's picture

I know a Bangladeshi whose wife left the key to the safe out and the maid stole all her gold jewelry and hot footed it out of town. Disaster! 

Mon, 06/24/2013 - 08:52 | 3686370 rustymason
rustymason's picture

The Chopstux virus.

Mon, 06/24/2013 - 09:35 | 3686538 Kiss My Iceland...
Kiss My Icelandic Ass's picture

 

 

"... many people guess the bank is not money...."

 

Good guess.

Mon, 06/24/2013 - 10:11 | 3686706 walküre
walküre's picture

as opposed to many people guess bank is as good as gold?

do Chinese naturally distrust banks more or less than Americans?

Mon, 06/24/2013 - 14:51 | 3688153 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

The following infographic seems to show that the Chinese tend to distrust banks more than Americans:

http://orlingrabbe.com/wp-content/uploads/2013/06/wpid-km3z4CC.png

It is called "Counting the World's Unbanked".

Mon, 06/24/2013 - 10:25 | 3686769 asteroids
asteroids's picture

Hey folks, the 4th of July is just around the corner. I wonder if a "Bank Holiday" is on the calendar as well.

Mon, 06/24/2013 - 10:47 | 3686891 11b40
11b40's picture

The Chinglish translation is the Bank has no money.

Guess they loaned it all out....it was 'mis-allocated'

Mon, 06/24/2013 - 11:45 | 3687212 KnightTakesKing
KnightTakesKing's picture

Has Jon Corzine visited the Bank of China recently?

Mon, 06/24/2013 - 11:32 | 3687128 SAT 800
SAT 800's picture

Yeah, I would say so.

Mon, 06/24/2013 - 09:00 | 3686417 tallen
tallen's picture

Bank Run in 10....9...8..7..6.5.4.3.2.1....

Mon, 06/24/2013 - 09:11 | 3686450 Number 156
Number 156's picture

Bank holiday in 5.4.3.2.1..

Mon, 06/24/2013 - 09:18 | 3686468 francis_sawyer
francis_sawyer's picture

Fibonacci retracement in 89...55...34...21..13...8...

Mon, 06/24/2013 - 09:36 | 3686545 BaBaBouy
BaBaBouy's picture

Physical GOLD Bitches !

 

The USA Attack On GOLD Will Peter Out Soon...

Mon, 06/24/2013 - 10:24 | 3686765 Uchtdorf
Uchtdorf's picture

Would that be Peter Schiff?

Mon, 06/24/2013 - 11:33 | 3687139 Colonel Klink
Colonel Klink's picture

People waking up to the fact that banks, money, and our nation are controlled by the....10....5....23....19!

Mon, 06/24/2013 - 11:54 | 3687266 PT
PT's picture

Colonel Klink:  Roulette wheel?

Mon, 06/24/2013 - 12:12 | 3687329 Colonel Klink
Colonel Klink's picture

Just some random numbers from throwing darts at the board.

Mon, 06/24/2013 - 12:34 | 3687431 pop goes the weasel
pop goes the weasel's picture

23?

Mon, 06/24/2013 - 12:50 | 3687488 Colonel Klink
Colonel Klink's picture

Says made in China, so the number may be a little off.

Mon, 06/24/2013 - 12:50 | 3687485 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

I thought you were going to say "hike!" at the end!?!?!  Can we try that again?

Mon, 06/24/2013 - 12:51 | 3687491 Colonel Klink
Colonel Klink's picture

Close!

Mon, 06/24/2013 - 20:30 | 3689277 StychoKiller
StychoKiller's picture

2319?  Then expect a visit from the CDA!

Tue, 06/25/2013 - 09:11 | 3687274 PT
PT's picture

fs: re fib:  +1000 if I could

Edit:  Make that +1597

 

Mon, 06/24/2013 - 09:32 | 3686529 The Master
The Master's picture

Also reprisal for selling US Treasuries

Mon, 06/24/2013 - 09:56 | 3686623 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

We have no idea as joe six pack what the Chinese are buying and selling concerning Treasuries anymore at least not directly. China is THE ONLY country that has an agreement to buy directly from the Treasury bypassing the primary dealers and auctions in the process. It has been in place since 2011 thanks to turbo tax Timmah Geithner.

Mon, 06/24/2013 - 10:13 | 3686715 Skateboarder
Skateboarder's picture

China saying fuck you to Treasuries will be the last move of the Ponzi game.

Mon, 06/24/2013 - 12:49 | 3687479 unrulian
unrulian's picture

nah...ben will take em all

Mon, 06/24/2013 - 12:22 | 3687380 RockyRacoon
RockyRacoon's picture

It's like your drug dealer is not on his usual corner this afternoon.  Not that bad for him... but really starts the sweats in you!

Mon, 06/24/2013 - 10:47 | 3686888 monkeyboy
monkeyboy's picture

Holy fuck skynet has become self aware

Mon, 06/24/2013 - 22:34 | 3689681 Muddy1
Muddy1's picture

Exactly, I couldn't agree morw, it's payback for Snowden.  Now, the questions are, will we say a payback and escalation from China?  Will we see similar turmoil in Russia?

Mon, 06/24/2013 - 08:37 | 3686310 francis_sawyer
francis_sawyer's picture

Get some opium in there fast & turn those machines back on...

Mon, 06/24/2013 - 09:11 | 3686449 howenlink
howenlink's picture

Get some Kraken spiced rum and popcorn!

Mon, 06/24/2013 - 08:37 | 3686312 falak pema
falak pema's picture

when Japan Fukus bigtime those ghost cities will find takers.

Mon, 06/24/2013 - 08:47 | 3686355 CPL
CPL's picture

If they are built as well as the buildings that keep falling down days after breaking ground.  I think most Japanese folks would rather live in a tent.

Mon, 06/24/2013 - 09:02 | 3686418 Stoploss
Stoploss's picture

Send Blythe Masters over there to create a China CDO just like she did for housing, and the metals markets!!

Mon, 06/24/2013 - 11:52 | 3687215 Alexandre Stavisky
Alexandre Stavisky's picture

http://j.people.com.cn/94476/8296712.html

Network accident/mishap.  Can't use my ATM card, can't withdraw from counter. Shangai, Beijing, Bukow.

System upgrade issue.  Announcement that all abilities to transact have returned to normal.

 

Mon, 06/24/2013 - 08:46 | 3686352 chubbar
chubbar's picture

OT but the U.S. charge that Assad used Sarin is being exposed as bullshit by the UN.

"According to a Saturday report by the Lebanese newspaper al-Akhbar, Qatari officers Fahd Saeed al-Hajiri and Faleh Bin Khalid al-Tamimi were behind the transfer of chemical substances to anti-Syria militants through Ankara.

The Qatari officers were later killed in a suspicious explosion in Somalia in May, the report said.

On March 19, over two dozen people were killed and many others injured when foreign-backed militants fired missiles containing a chemical substance into the Khan al-Assal region in the northwestern city of Aleppo, Syria’s official news agency SANA reported.

The new report by the Lebanese daily was based on information received from the security service of an unnamed country in the region. The details of the case had been handed over to the Russian intelligence agency (FSB), the report said.

In an attempt to cover up the issue as Moscow demanded Ankara for explanation, Turkey announced that it had confiscated two kilograms of the nerve agent sarin following the arrest of 12 members of the terrorist al-Nusra Front, the report added.

On May 30, Turkish media reported that two kilograms of sarin gas as well as heavy weapons had been discovered during raids on the homes of 12 members of the al-Qaeda-affiliated al-Nusra Front in Turkey’s southern city of Adana, located some 150 kilometers (93 miles) from the border with Syria.

The United States has claimed that the Syrian government has used chemical weapons against the militants and thus crossed Washington’s “red line,” while Damascus dismisses the allegations as mere “lies” and “fabrications.”

On May 5, the UN Independent Commission of Inquiry on Syria said it found testimony from victims and medical staff that shows militants had used the nerve agent sarin in Syria. "

http://www.presstv.ir/detail/2013/06/23/310505/qatar-behind-syria-chemical-attack/

 

Mon, 06/24/2013 - 08:52 | 3686371 Dr. No
Dr. No's picture

As a general rule, you can assume all the news coming from Washinton is BS.  No need to validate by quoting a news article.

Mon, 06/24/2013 - 09:41 | 3686558 rwe2late
rwe2late's picture

 As a general rule,

"validations" trump "assumptions".

Evidence makes for credibility.

A belief that it is unnecessary to have any proof for one's opinions is hardly something to advocate,

or reason to rebuke others who not practice such a belief.

Mon, 06/24/2013 - 09:44 | 3686576 Dr. No
Dr. No's picture

The government lies.  Its not an opinion.  it is a fact.  Which is why I commented there is no need to provide supporting evidence.  It is understood by all.

Mon, 06/24/2013 - 09:50 | 3686600 NoDebt
NoDebt's picture

"The government lies."

Only when things 'get serious.'  But, of course, things are always serious.

Mon, 06/24/2013 - 11:36 | 3687149 Colonel Klink
Colonel Klink's picture

More conspiracy theory becoming conspiracy fact?

Mon, 06/24/2013 - 10:49 | 3686897 Matt
Matt's picture

Any form of evidence can be fabricated.

Mon, 06/24/2013 - 11:43 | 3687184 Pegasus Muse
Pegasus Muse's picture

“There are some people who live in a dream world, and there are some who face reality; and then there are those who turn one into the other.” --Douglas Everett

"Deception is a state of mind and the mind of the State.” — James Angleton

and one of my all-time favs,

"We now live in a nation where doctors destroy health, lawyers destroy justice, universities destroy knowledge, governments destroy freedom, the press destroys information, religion destroys morals, and our banks destroy the economy." - Chris Hedges

Mon, 06/24/2013 - 11:48 | 3687231 Totentänzerlied
Totentänzerlied's picture

Chris's naïveté really shines through in that quote - does he really believe it was ever any other way?

Mon, 06/24/2013 - 12:08 | 3687321 blabam
blabam's picture

Government is the ANTI-freedom institution created by war tribes and later kings.

Mon, 06/24/2013 - 09:45 | 3686578 TuesdayBen
TuesdayBen's picture

>Vote: Washington, D.C.

>Vote: Washington, B.S.

Mon, 06/24/2013 - 10:01 | 3686648 Gief Gold Plox
Gief Gold Plox's picture

Click either and the NSA will know :P

Mon, 06/24/2013 - 11:36 | 3687154 Colonel Klink
Colonel Klink's picture

I'm fed up, fuck'em!!

Mon, 06/24/2013 - 14:13 | 3687973 Gief Gold Plox
Gief Gold Plox's picture

Hey, even the stock market is FED up!

Oh, not that kind of FED? Nah... nevermind.

 

Mon, 06/24/2013 - 15:30 | 3688308 Colonel Klink
Colonel Klink's picture

It kind of is, it's fed FED clown bucks to keep it up.

Mon, 06/24/2013 - 10:36 | 3686834 BigJim
BigJim's picture

'D.C.' stands for 'desperate clowns', right?

Mon, 06/24/2013 - 10:58 | 3686941 THX 1178
THX 1178's picture

Dick Consumers

Mon, 06/24/2013 - 11:10 | 3687021 prains
prains's picture

Dick Cheney

Mon, 06/24/2013 - 11:15 | 3687045 espirit
espirit's picture

Disenchanted Customers.

Mon, 06/24/2013 - 11:37 | 3687152 BurningFuld
BurningFuld's picture

Degenerate Cunts

Mon, 06/24/2013 - 20:34 | 3689290 StychoKiller
StychoKiller's picture

District of Criminals!

Mon, 06/24/2013 - 11:29 | 3687109 ZeroChance
ZeroChance's picture

(soon to be) Dead Cockroaches?

Mon, 06/24/2013 - 11:38 | 3687166 Colonel Klink
Colonel Klink's picture

District of criminals!  Everyone knows that.

Mon, 06/24/2013 - 12:29 | 3687408 pods
pods's picture

Disemboweled Cocksuckers.

Or so I heard.

pods

 

Mon, 06/24/2013 - 09:14 | 3686456 ATM
ATM's picture

I would think that the Sarin, if used at all, was done by the Islamist "rebels" against the freedom seeking rebels.

It is the authoritarian motherfuckers who are hiding right behind the poster boys we all want to cheer for but they are patsies used to earn our sympathy. Our authoritarian regime int he US uses the stories of freedom fighters as cover to fund and arm other authoritatian regimes in waiting. Same things happened in other Muslim countries, as is going to happen in Turkey, Brazil, S. Europe then everywhere. 

Mon, 06/24/2013 - 12:27 | 3687392 RockyRacoon
RockyRacoon's picture

When was the last time the U. S. actually backed the good guys?  When was that?  What was the level of that help compared to the assistance to the current crop of malevolent dictators?

Mon, 06/24/2013 - 12:00 | 3687290 Balanced Integer
Balanced Integer's picture

I have no more reason to trust Iranian media than I do most American media outlets.

On the other hand, I could care less if both sides in the Syrian conflict exchange chemical weapons volleys with one another. Allahu akbar, bitchez!

Mon, 06/24/2013 - 13:09 | 3687599 Things that go bump
Things that go bump's picture

Stupid to get caught. How incompetant are they to put their trust in that ignorant bunch rather than using their own people to deliver the load into the town? Now we are exposed as the ones who crossed our own "red line." We have murdered innocents in public and we are exposed for the war criminals we are. After they finish laughing, if the world doesn't eventually band together to take us down like a rabid dog I will be very surprised. 

Mon, 06/24/2013 - 09:21 | 3686478 BeepBeepImAJeep
Mon, 06/24/2013 - 09:31 | 3686522 Never One Roach
Never One Roach's picture

Does this mean Moo Goo Gai Pan cannot transfer his hard earned (embezzled) money to buy that California McMansion?

Mon, 06/24/2013 - 09:51 | 3686606 TheReplacement
TheReplacement's picture

No one suspects NSA hacking as payback for Snowden getting away from H.K.?

Mon, 06/24/2013 - 10:37 | 3686846 BigJim
BigJim's picture

That's the thing about a weapon such as 'BoneSaw' - like the printing press, the temptation to use it must be overwhelming.

Mon, 06/24/2013 - 11:18 | 3687052 espirit
espirit's picture

I would if I could.

Just say'n.

Mon, 06/24/2013 - 10:32 | 3686817 Uchtdorf
Uchtdorf's picture

Even the mainstream is reporting this:

http://finance.yahoo.com/blogs/breakout/don-t-look-bernanke-china-driving-meltdown-135117339.html

Lions and tigers and bears (and dragons), oh my.

Mon, 06/24/2013 - 11:09 | 3687016 Fish Gone Bad
Fish Gone Bad's picture

The meltdown was going to come from Japan.  China just sped things up a bit.  This is the first absolute crisis everyone saw coming and still did not get out of the way...

Mon, 06/24/2013 - 12:28 | 3687403 RockyRacoon
RockyRacoon's picture

China decided to front-run Kyle Bass.

Mon, 06/24/2013 - 12:30 | 3687414 midtowng
midtowng's picture

Has anyone considered that this might be a cyber-attack by the US government for China's defiance about Snowden?

Mon, 06/24/2013 - 08:30 | 3686269 HedgeAccordingly
HedgeAccordingly's picture

sounds about right .. time for some Faber - http://hedge.ly/1c5g2Mg

Mon, 06/24/2013 - 08:30 | 3686271 TeamDepends
TeamDepends's picture

You phuct now.  So solly.

Mon, 06/24/2013 - 08:43 | 3686334 Al Gorerhythm
Al Gorerhythm's picture

Hack attack.

Mon, 06/24/2013 - 08:31 | 3686274 Haus-Targaryen
Haus-Targaryen's picture

How long before the Communists blame the Japanese? 

Mon, 06/24/2013 - 08:49 | 3686363 CH1
CH1's picture

And dump their Treasuries.

Mon, 06/24/2013 - 08:51 | 3686369 Haus-Targaryen
Haus-Targaryen's picture

Scroll down.  You're late on this one.  

Mon, 06/24/2013 - 08:31 | 3686277 Schlomo Bergstein
Schlomo Bergstein's picture

Silver, bitchez

Mon, 06/24/2013 - 08:52 | 3686374 tmosley
tmosley's picture

I'm not sure they actually meant silver futures.  Silver is the same word as money in Chinese.  They could be talking about currency futures.  Hard to say, given that it is a Google translation.

Mon, 06/24/2013 - 09:25 | 3686493 francis_sawyer
francis_sawyer's picture

Oh... What the 'Google' translation meant to say was:

~~~

Thanks for the back door to your hard drive & porn stash located at:

C:\Documents and Settings\All Users\Documents\My Pictures\Obama_Frank_NSA\Ladyboy

Mon, 06/24/2013 - 10:17 | 3686740 walküre
walküre's picture

"silver" = "currency" in Chinese language? intelesting, vely intelesting

Mon, 06/24/2013 - 10:39 | 3686855 BigJim
BigJim's picture

IIRC, China only demonetised silver in the 1930's

Mon, 06/24/2013 - 11:03 | 3686981 Buckaroo Banzai
Buckaroo Banzai's picture

Correct. China was the last country on earth to demonetize silver. Most of the rest of the world did so in the late 19th century. For 50 years a tremendous amount of silver flowed into China. When the Japanese looted China in the 1930s, they left all the silver behind because just taking all the gold and jewels was a huge logistical nightmare.

China could be sitting on a hoard of billions and billions of ounces of silver.

Mon, 06/24/2013 - 11:54 | 3687085 matrix2012
matrix2012's picture

You may find the Chinese word for "silver" here:

http://www.mdbg.net/chindict/chindict.php?page=worddict&wdrst=0&wdqb=silver

and if you click on the Pinyin (Latin characters) you may hear the pronunciation as well

Mon, 06/24/2013 - 08:58 | 3686410 sampo
sampo's picture

Yin, Bitchez!

Mon, 06/24/2013 - 09:08 | 3686440 espirit
espirit's picture

Yang, Bitchez!

Mon, 06/24/2013 - 09:03 | 3686425 sampo
sampo's picture

Yin, Bitchez!

Mon, 06/24/2013 - 09:09 | 3686442 espirit
espirit's picture

Yang, Bitchez!

Mon, 06/24/2013 - 09:34 | 3686533 francis_sawyer
francis_sawyer's picture

a flute with no holes is not a flute... & a donut with no hole... is a DANISH!

Mon, 06/24/2013 - 12:20 | 3687369 Overfed
Overfed's picture

A flute with no holes is a whistle. Or a champagne glass.

Mon, 06/24/2013 - 09:34 | 3686534 Al Gorerhythm
Al Gorerhythm's picture

It takes two to yango.

Mon, 06/24/2013 - 08:32 | 3686281 CreativeDestructor
CreativeDestructor's picture

but but that can never happen. Government will save everything... right?

Mon, 06/24/2013 - 08:47 | 3686357 Al Gorerhythm
Al Gorerhythm's picture

I wanna be saved!!!

Mon, 06/24/2013 - 08:55 | 3686388 CPL
CPL's picture

...until there is no government.

 

Should be interesting to see the collateral damage that will happen to all pensions, public and private this week.  Many of them have been investing hard into Chinese companies for 15 years ignoring their local obligations.

//Ontario Teachers Union I'm looking at you....lots of exposure, direct and indirect.  The rest of them that use OTU as the model...might want to review your current and future expectations.  Don't even bother keeping it in cash, it won't be worth much for long.

So those still working, make space for your Mums and Dads moving back.  Retirement homes don't accept well wishes or hollowed out pension plans.  Things are going to get tight.

 

Otherwise get some sawdust, it's going to be a bloodbath

Mon, 06/24/2013 - 08:32 | 3686283 Dr. No
Dr. No's picture

Its as if all those people buying bullion for the past few months knew something....

Mon, 06/24/2013 - 08:33 | 3686288 g'kar
g'kar's picture

hmmm

Mon, 06/24/2013 - 08:53 | 3686375 espirit
espirit's picture

I want a hummer!

Mon, 06/24/2013 - 09:37 | 3686548 funthea
funthea's picture

Who doesn't?

 

 

...oh wait, were you talking about the truck?

Mon, 06/24/2013 - 10:25 | 3686772 CrimsonAvenger
CrimsonAvenger's picture

Reminds me of the joke about the guy who was all depressed because he got a sweater for Christmas. When asked why he was said, he said it was because last year, he got a moaner.

Mon, 06/24/2013 - 08:34 | 3686292 GetZeeGold
GetZeeGold's picture

 

 

All those long lines and no one got killed.

 

Try doing that in Chicago!

Mon, 06/24/2013 - 08:55 | 3686390 quasimodo
quasimodo's picture

Never happen in Chicago, guns are outlawed there you know..........wait, what???

Mon, 06/24/2013 - 09:50 | 3686603 ziggy59
ziggy59's picture

Try doing that on black friday in any walmart....
S.t.a.m.p.e.d.e...

Mon, 06/24/2013 - 10:10 | 3686701 Son of Loki
Son of Loki's picture

All those long lines and no one got killed.

 

Try doing that in Chicago!

 

How about at Walmart?

 

http://www.nytimes.com/2008/11/29/business/29walmart.html?pagewanted=all...

Mon, 06/24/2013 - 09:19 | 3686473 Iriestx
Iriestx's picture

Months?  Try the last 15 years.

Mon, 06/24/2013 - 08:33 | 3686289 jpc578
jpc578's picture

Popcorn, please.

Mon, 06/24/2013 - 08:35 | 3686302 Haus-Targaryen
Haus-Targaryen's picture

If this goes the way we all know it has to go ... the correct answer is hard alcohol and a good Cuban.

Mon, 06/24/2013 - 08:44 | 3686340 forwardho
forwardho's picture

HT, your sentiment is sadly, compleatly understood.

Mon, 06/24/2013 - 09:29 | 3686517 Seasmoke
Seasmoke's picture

check and check.

 

Mon, 06/24/2013 - 09:38 | 3686551 falak pema
falak pema's picture

did u have a monika in mind?

Don't le whisky me! (hard wince)

Mon, 06/24/2013 - 14:53 | 3688161 mt paul
mt paul's picture

an 8 yr aged Hondurian 

can be kinda tasty..

Mon, 06/24/2013 - 08:34 | 3686294 the not so migh...
the not so mighty maximiza's picture

I guess they are going to want some of that money back they lent us,,,   arrrrghhhhhh

Mon, 06/24/2013 - 08:35 | 3686300 GetZeeGold
GetZeeGold's picture

 

 

Yeah....just as soon as Germany gets it's gold.

Mon, 06/24/2013 - 08:47 | 3686351 Kiwi Pete
Kiwi Pete's picture

Ha Ha (ala Simpsons kid)

Mon, 06/24/2013 - 08:34 | 3686297 AUD
AUD's picture

Shitcoin payments have also been suspended apparently

http://rt.com/business/largest-bitcoin-exchange-suspends-withdrawals-094/

that was a short lived scam.

Mon, 06/24/2013 - 08:58 | 3686407 Divine Wind
Divine Wind's picture

 

 

 

Exactly.

 

My new Motto:

 

In God We Trust, All Others Better Have Physical

Mon, 06/24/2013 - 09:57 | 3686635 HulkHogan
HulkHogan's picture

It's just another failed fiat currency.

Mon, 06/24/2013 - 11:06 | 3686996 Matt
Matt's picture

It sounds as if people were buying bitcoins with other currencies, and then cashing out in USD.

This example shows once again that even people supposedly going for a decentralized currency, still have a preference for a central exchange (Mt. Gox) and a central currency (USD).

Mon, 06/24/2013 - 08:34 | 3686299 falak pema
falak pema's picture

the big freeze, then the big sleep of rogue capitalism.

Mon, 06/24/2013 - 08:56 | 3686396 espirit
espirit's picture

Let's hope we can find the caskets of the cabal, and drive stakes through their hearts.

Mon, 06/24/2013 - 08:34 | 3686301 flagg707
Mon, 06/24/2013 - 08:39 | 3686315 Schmuck Raker
Schmuck Raker's picture

Y2K on Chinese calendar, no doubt.

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