This page has been archived and commenting is disabled.
What A Bank Run In China Looks Like: Hundreds Rush To Banks Following Solvency Rumors
Curious what the real, and not pre-spun for public consumption, sentiment on the ground is in a China (where the housing bubble has already popped and the severe contraction in credit is forcing the ultra wealthy to luxury real estate in places like Hong Kong) from the perspective of the common man? The photo below, which shows hundreds of people rushing today to withdraw money from branches of two small Chinese banks after rumors spread about solvency at one of them, are sufficiently informative about just how jittery ordinary Chinese have become in recent days, and reflect the growing anxiety among investors as regulators signal greater tolerance for credit defaults.
Domestic media reported, and a local official confirmed, that ordinary depositors swarmed a branch of Jiangsu Sheyang Rural Commercial Bank in Yancheng in economically troubled Jiangsu province on Monday. The semi-official China News Service quoted the bank's chairman, Zang Zhengzhi, as saying it would ensure payments to all the depositors. The report did not say how the rumour originated.
Chen Dequn, a resident in Yandong, just outside Yancheng, said she saw a crowd of about 70 to 80 people gathering in a branch of Sheyang Rural Commercial Bank in her town on Tuesday.
"At the moment there are about 70 or 80 people in there. Normally there'd only be about 10," she told Reuters by telephone.
Officials at another small bank, Rural Commercial Bank of Huanghai, said they had faced similar rushes by depositors, triggered by rumours of insolvency at Sheyang. "We will be holding an emergency meeting tonight," an official at the bank's administration office told Reuters, but declined to comment further.
Why Yancheng investors suddenly lost confidence in the security of their bank deposits is not clear, given that the Sheyang bank is subject to formal reserve requirements, loan-to-deposit ratios and other rules to ensure it keeps sufficient cash on hand to meet demand.
Why the jitteriness? Because until now, bank failures in China have been unknown, as Chinese banks are considered to operate under an implicit guarantee from the government. That is changing. Which is why the rumor mill is on overdrive:
"It's true that these rumours exist, but actually (the bank going bankrupt) is impossible. It's a completely different situation from the problem with the cooperatives," said Zhang Chaoyang, an official at the propaganda department of the Communist Party committee in Tinghu district, where the bank branch is located.
And Bear Stearns is fine...
Zhang was referring to an incident that rattled depositors in Yancheng in January, when some rural cooperatives -- which are not subject to the supervision of the bank regulator -- ran out of cash and locked their doors. Local officials say several co-op bosses fled after committing fraud.
China's central bank governor said this month that deposit rates are likely to liberalised in one to two years - the most explicit timeframe to date for what would be the final step in freeing up banks to set their own interest rates.
It is widely expected to introduce a deposit insurance scheme before freeing up deposit rates, to protect savers in case a liberalised market puts major strains on smaller banks and alarms the public. Analysts also expect the controls on deposit rates to be lifted gradually. Is China's debt nightmare a province called Jiangsu?
Why are bank runs like these only set to accelerate? Simple - unlike the US China has zero deposit insurance. Reuters expplains:
The case highlights the urgency of plans to put in place a deposit insurance system to protect investors against bank insolvency, as Chinese grow increasingly nervous about the impact of slowing economic growth on financial institutions.
Regulators have said they will roll out deposit insurance as soon as possible, without giving a firm deadline.
In the meantime, there are always helpful investor relations people willing to explain calmly just what is going on:
When contacted by Reuters by phone on Tuesday, an official at the Jiangsu Sheyang Rural Commercial Bank branch hung up, saying she was busy.
Others were even more helpful:
An official at the administrative office at Jiangsu Sheyang Rural Commercial Bank said the bank would publish a statement shortly. On its website, the bank says it is capitalised at 525 million yuan and had total deposits of 12 billion yuan as of end-February,
Officials at the Jiangsu branch offices of the China Banking Regulatory Commission (CBRC) declined to comment. The Yancheng branch of CBRC and the propaganda offices in Yancheng city and Sheyang county did not answer calls seeking comment.
Busy or not, for now, the banks may have survived following yet more capital infusions from the local government, but what happens when the default wave that has claimed solar, coal, and real estate developers finally impacts a deposit-holding institution? How will China - which has far more total deposits within its banking system than in the US (since the US banks fund themselves mostly using ultra-short term, overnight shadow funding) - survive a nationwide bank run we wonder?
»
- 61801 reads
- Printer-friendly version
- Send to friend
- advertisements -
Keep your eyes on the UST sales.
Expect the Chit-swap to continue with "Brussels" (ECB!). They, in turn, 'sell' us their Chats -- to get "Chit-Chat swaps" -- and thus they keep the fiat Ponzi going.
Last Ponzi standing, wins. Unless they got PM or Oil/Gas.
Hello, Save.
Always thinking of getting moar Silver, but the facts that are facts stop that.
When the chinga hits the fan, and WHEN they declare martial law for some contrived and well planned reason, every man and woman in the USA will become the enemy of the new draconian nazi/DHS/Gestapo govt. House to house gun searches and more of what happened in nazi germany will be taking place all over the country. People will not stand together to stop it, they will lie down to let the train of totalitarianism run them over. Families too. Most chicken-shirt american sheep will get in line for the implant chip and kow-tow to the nazi/socialist/communist/fascist govt to get the daily cookie.
The point is, many folks are going to run from the approaching evil and murderous mercenary troops and carrying all you can to survive is not going to include many pounds of sliver, or gold. Maybe some ounces, but certainly not pounds. Your only chance of survival will depend on what you can carry to eat, and defend yourself with. When was the last time you put on a 75 pound pack and walked a few miles?
The very idea of someone casually going to town to spend or buy anything with metals after the collapse and declaration of war/martial law, is just stupid. Who is going to have anything to sell for one thing, and how will you be able to use the metals in a society of martial law and where everything is tracked and traced and using gold or silver is illegal. There will be no spending or cashing in the value of gold of silver for decades after the takeover. More than likely, America will resemble china after five years and there will be no life left after the country has been inundated in the radiation that will get horrifically worse as each year passes. What is really amazing is, the entire world is already on a fast track towards mass extinction and they want to spurn wars to speed up that process. How darn stupid is that? One would think they would just let the entire world die naturally with out lifting a finger to push that nuklear button.
Stay tuned folks. After the speech the head puppet gave today highlighting the possibility of a nuke going off in Manhattan, NY, anything can happen any day now. That ol deceptive bunch is up to no good, so it is only a matter of time.
That bank on the corner where I keep my money is having trouble keeping up with withdrawals. I got my money out yesterday. I'm tellling you but do NOT tell anyone else ok? Just go get your money quietly.
Thanks. I took my money out today,($502). They never saw it coming. I totally blind sided them, they didn't know what to say. I win.
You would think that tonight as most Chinese are watching the evening news before they have their rice bowl for dinner...the question might come up...Honey ..is our money safe in the bank or should we buy another apartment????
At the same time China is chuckling about financial problems in the US and Europe. "Physician, heal thyself."
But But on RT's forged audiotapes of Ukrainians asking for their own country to be nuked they mentioned the Yuan being the reserve currency. But I'm so so confussssssssssssed.
Chinese propaganda is better than Russian propaganda these days.
Sell them a myRA as they wait on line! /s
Quick, kill Twitter!
Ukrainian right sector guy obviously removed as part of clean up op by CIA/ MI6
http://www.thetimes.co.uk/tto/news/world/europe/article4043993.ece
Useful Idiots, FTW.
Apparently, they're infinite.
Maybe it was the low level .gov worker he was shown pounding on earlier this month. A little what goes around comes around.
I cheered when I read the news Oh Boy.
We don't have your fucking money, it's gone! However, since you had 6 trillion renminbi on deposit with us you get 10 shares of the entire bank! Now get the fuck out of here and kiss your bankers ring next time you see him.
I'd love to be in the midde of that crowd just ripping ass, just like when I have to go christmas shopping around all you useless an american vermin.
Lol. This is just to notify you there is an annual registration fee of $50 for trolling on zerohedge. You can pay with PayPal from the convenience of your mobile phone.
Once confidence goes it doesn't come back for a generation.
But china has a plan
"Hey comrades. Look over there. The Japanese and philipinos are trying to take our islands!"
War is always a huge diversion. It builds nationalism and aligns people behind corrupt leaders.
Sociopaths like it.
Critical thought goes out the window in wartime. No uncomfortable questions, no close scrutiny of one's actions. Yep, sociopaths love it.
Ahhh....China. This always reminds me of floating pigs in the river. Now we have people floating in a pool of smog trying not to sink into the financial lies of their masters. Not a pretty sight.
And they want the reserve currency...
NOT.
China is quite content negotiating outside that kind of scrutiny, we are the idiots trying to operate within some sort of imposed framework...
It doesn't help that no-one in any position of power is held accountable in the west.
At least the chinese execute CEOs when they really fuck up. Might be worth a "bank run" or two just to see that kind of accountability in the U.S.S.A.
There's literally a "world" of difference between being a Global Reserve Currency (GRC) and a Regional Reserve Currency. The Chinese were never interested in having the former, only the latter.
They see the world as having a "basket of regional currencies", and the USD being demoted to this status. Which makes eminent sense for everyone, except for the Fed owners and those Elite or Chosen ones, who depend on its largesse.
Bank in most chinese languages = Yin Han.
Translated: Silver House
La plata in South America = The Silver
"La plata in South America = The Silver"
Yep - I remember that phrase well.
In fact, in Bolivia they were running 20,000 % inflation per year. 'La Plata' was slang for money. Literally.
Spread the word...
Let's get this party started!
What ridiculous rumors! How could anyone think that a bank in a fractionally reserved system is solvent.
Large crowds of nervous, antsy people. Those are the kinds of places I avoid like the plague...or church...or the DMV....etc... Even more so if they have rent-a-cop security dolts standing around waiting for a chance to unleash their pent-up sadism.
What, esp. with these reports of 'ebola' out of Africa circulating again!
Avoid large crowds! And avoid groupthink. Also, he who panics first, panics best.
Won't be long before the "paper wealthy" have nothing left but a huge pile of ashes. Got metal?
The main problem is China looked at the US Federal Reserve as a model. Just like Japan, The Fractional Reserve Ponzi doesn't look too good when it ends.
Hope they jail and execute the economist and banksters that implemented it.
Without a title to this article I would have assumed that pic showed typical traffic/crowds in China
The appearance of the law must be upheld, Especially when it's being broken
I wrestle with the sterotyping so easily applied to 2 dimensional depictions. But since I have CNN pumped into my face all day at work, I have to give it to the Chinese for knowing how to vent frustration. See, the moving pictures are closer to 3 dimensional so my application of stereotypes is based on more than caricature. I'd never apply the stereotypes to individuals, but may reference them as far as descriptions of group behavior. Just letting you know.
Watching a young Chinese man, cigarette in his mouth, kick at the CNN reporters gawking and exploiting their early grief gave me a big smile.
But being cornered by an older Chinese woman while at college, I didn't have a smile. She thought I had opened her package delivered from UPS. All I did was sign for it. Cooked dinner for the coop and finally got a chance to sit down and enjoy it. She wouldn't let me finish before she was going to lay into me. We went outside and (remember, her laptop is FINE) and she couldn't stop screaming and threatening me. So intense for a Buddhist...
Gold went down?
Pull my finger.
Big banks always try to force their competition out of business. When JP Morgan created multiple false rumors of small bank insolvency right at the start of the 20th century, many small banks were forced out of business due to the runs that occurred (and which never would have happened without JP Morgan's fraud) and it created the start of public support for the Federal Reserve bank.
One should be careful to find out the full story so that MORE mistakes like the Fed are not created for the benefit of the global banking empire.
Fascism is as fascism does.
only own and trust in paper.
Hey you forgot the rest.
"only own and trust in paper." to wipe your A$$
Hundreds of people out 1,300,000,000 .... yawn. It is a shame that people have such a hard time with large numbers and that the propagandists have the ability to capitalize on this weakness.
And, like so many times in recent yeas the photo could have been staged or from a ttally unrelated occurrence.
Devil always travel in groups? I can see the main export line of coal traveling down the front range and that picture would be empty and uninteresting and yet paints a similar picture? Its time to make good on a lot of bridgework?
It is a point in time reference.
You may be right but this may be a domino falling, too. Both points of view could be correct. Time will tell.
Coming soon to the former USA.
Pull my leg
http://www.youtube.com/watch?v=YQeDZoHFZRk
BANK RUN ON THE ATM AT THE PARK.
Hoo Flung Dung?
NWO trying to create chaos in emerging markets ????
looks like some of larry diamond's work
I hope they have more cash reserves than they do visibility.
go back to your forex screen you filthy animal.
Yawn, wake me up when it's hundred million Chinese.
I've seen %s on how many Americans bank. I wonder what the % is of Chinese, Russian, Japanese.
I'd love to see the disdain for how dumb Americans are (based on % who can't read/bank/save/point on a map correctly) re-applied to other countries. Just for consistency's sake.
So many of you here speak about the end of "fiat" one day. Before I start getting slammed for a contrarian view, let me make it clear that I am a physical holder of gold and silver.
Fiat is NEVER going away. The next wave will be worse than the dollar in its power of reach and control of our daily lives. The powers that be are too entrenched and unreachable to be removed. They are like a cancer of society and the only way to get rid of it is to destroy the host. I think gold and silver will be a hedge in the transition and may help and certainly shouldn't hurt. The next fiat may be controlled by the same elitist ganstas that run things at the Fed right now. Or......there could be a major elitist power struggle going on behind the scenes that will produce a new group out of another region of the world that will move the seat of power there. Like the IMF or some other "organization" created for the benefit of mankind regarding economic sciences....blah blah blah. We all know that to accomplish this, the dollar must go....or at least loose its death hold on world finances. For this to happen it will need to be weakend significantly.
Most here talk about a gold back dollar of the past as if it could, would, or should be again. NEVER going to happen. Not here, not in Russian, China, or a combination of both. There is not enough gold in the world to back any currrency and maintain the economic sprawl we have in the world today. What we do have is an OIL backed dollar. All currencies in the world are really backed by energy and the country that controls the most energy has the reserve currency. Our supremecy in the energy market is being challenged by a giant producer (Russia) and a giant consumer (Chine). In turn, our currency dominance is on the block. I really think we will see the collapse of the dollar and a quick move to the SDR so many have been calling for in the recent years.
To me this is a clear path that is playing out before our eyes. I only wonder if the same bunch running things now are planning the "order out of chaos" move and will take over the next "world reserve currency" or will it be a competing group of elitist after they have destroyed the house of cards built by the huburis of the current regime.
Thats why the first step is educating the public.
Usury, fiat currency, and fractional reserve banking need to be banished. But for that to happen, people need to know, understand, comprehend WHY its important. Otherwise these ideas will just pop up in a slightly different guise, with a different name.
I've never understood the "there's not enough gold in the world" argument. Isn't that more a function of the current gold price (i.e. that all the gold in the world has a cumulative value presently of a couple trillion $$$) than any actual physical limitation?
There is the issue with too much money (hyperinflation) but what about not enough money?
I hate the excesses and corruption but I can't answer the question "How do you provide enough money to the entire system?" without some level of fractional reserve banking. But that is MY problem that I can't answer it. There very well could be an answer I'm not seeing.
There certainly isn't enough gold to be coined and transacted. We've all seen what happens when copper goes up in value.
Corperations are the individual and not the people? Humans live 60-80 years average and a corperation is forever! Corperations allow the individuals who own them to thrive and still stay alive long past death! To survive is a matter of giving you what you think you need at a price that you think you should pay? The less you need the less must be provided from the source which messes with the sources immortallity and your belonging feelings. Fall enough and that money borrowed from the future becomes worth(less)? Stop consuming and watch the fun or party officals will take further measures to eliminate confusion of confidence? Its a SLOW SPEED train wreck. The world is a money pit and than ITS GONE. This isn't about less or more its about being happy because once your grandkids see the pile of locomotives they can say "at least they were happy"?
70 or 80 local party officials? The picture also shows a peanut gallery of well-wishers that number about half and look to be opportunist ? Rumors are as good as real when equity slows
AND....FXI continuing it's rip upwards...wtf?
To the bikes!
What really is going on here?
This is essential reading: Bank of International Settlements Owner, Adnan Sakli, Passed Away on February 27th, 2014 It appears to imply the BIS closed down on all World Central Banks, the IMF and so on. http://lightworker29501.com/2014/03/23/prime-directive-by-adnan-sakli-and-8217/ http://lightworker29501.com/2014/03/23/the-legacy-and-demise-of-adnan-sakli/ The Legacy and Demise of Adnan Sakli
As the legal owner of record of the Bank of International Settlements I Adnan SAKLI order the immediate termination of all operations of illegal trades and Complete shut down of all operations in relations to the trades in any form or shape.All existing illegal liabilities of all the currencies must be met. In the event they are not met in accords of legal statutes of reporting and confirmation of the positions of all the Global obligation then the entire operational positions of those nations and there currencies will have no position to be used as a means of exchange.
All the European, American, Asian, Central American, South American debts must be accounted for and must be paid in full.
All prime system institutions must account for there criminal and illegal operation. The Arab nations will be required to cease and desist their illegal operations of money laundering and make immediate accountability of their debts.
All Hedge funds will be required to pay their leverage positions and settle out. In addition to which they must prove their leverage capability in liquid funds that are not Insolvent.
All court orders in relations to any monitory compensation must have a liquid rightful operational confirmed ownership to make them viable and legally worth correct.
All mergers and acquisitions of and financial and major corporations must prove the rightful authority and compensation to the owner of the transaction that is causing effect.
All internationally corporate dividend payments need to be confirmed and all tax returns are to be validated as being received by the legal owner and that would be in reference to 8217 and 8216. To date not tax return payments have been received and in the event the returns were paid and collected it would be required to find out who has collected private funds belonging to Adnan SAKLI And 8217. That person or persons are to be charged and criminally prosecuted for theft of international assets.
All the positions of U.N. Needs to be reported.
All accounts and transaction must have wet signatures that are confirmed by the bank attorney.
All Mandates, Powers of Attorneys, and any legal document that represents the rights of Adnan Sakli and 8217 or 8216 are cancelled and to be deemed fraudulent. All transactions attached are to be cancelled.
Panther continental has committed fraud and hence not valid in the representation internationally.
All the operations a done under the Nato authority are cancelled.
Until the existing debts are settled all international transactions of any kind are cancelled.
All USD, Euro, Sterling deals are to be deemed as Non valid. Until such time as the liabilities are met. The prime system will remain closed until the obligations are met.
Adnan Sakli
For a deep explanation of world banking affairs you also need to see here
http://translate.google.com/translate?hl=en&sl=no&tl=en&u=http%3A%2F%2Fwww.nyhetsspeilet.no%2F2013%2F02%2Fe%2F Please do your own research and make up your own mind.Is this why Adnan doesn't return my calls? I moved all my stuff to him after Bernie got caught. I was just about to close on a yacht with bow thrusters and my turd polisher asked for a raise.
huh?
the second link claims to post his letter with signature citing his email address as:
traveller11520@gmail.com
a joke right?
There is not enough gold in the world to back any currrency and maintain the economic sprawl
I disagree. Gold is used as a unit of measurment, so it really doesnot matter the quantity of the gold but the relation of the currency to it.
Disagree all you want. You are flat out wrong that you can arbitrarily change the value of gold to suit a related currency. It takes a little less than an ounce of gold to produce a new ounce of gold. That changes very little over time (sans a great new find like in 1849 or new refining processes). Notice I've indicated the true value of gold without mentioning any currency. Change it's relation to a currency and you just change everything else related to that currency (i.e. cost of labor, cost of energy, cost of equipment, cost of refining chemicals, cost of prospect and prospecting).
Why not? All the treasury has to do, is make FRN's convertible to gold, at a sustainable rate.
see my reply to "RaceToTheBottom".
From my understanding, the purpose of backing a currency with gold, is to bring about a certain amount of discipline in the issuance of currency. It also can serve to eliminate the debt-backed model that is currently used - removing the hidden tax of interest being paid to the Fed, and other central banks.
"Change it's relation to a currency and you just change everything else related to that currency ..."
Kinda like if you just print some up?
When you "print some up" you are certifying a "promise to complete a trade". When you deliver on that promise you "print some down" (i.e. you recover and extinguish what you "printed up"). If you don't do this, you have DEFAULT, and if INTEREST collections don't equal DEFAULTs, you have INFLATION. Back all this with a commodity, you have confusion ... as we've had with gold over the last two years. By all accounts, we should have had INFLATION. But by looking at gold prices we had DEFLATION. If we make all these "print ups" and "print downs" actually mean gold transactions, we'll have deflation that will strangle the marketplace almost instantly. This is because there is only one ounce per person on earth ... now a little more than $1300 ... chump change. And if you say make that $1,300,000, well, a gold miner will cost you $1,000 per hour and more. You've changed nothing.
I like everthing else you wrote though, thanks
You go through 12 years of mind-numbing "education", go 4 more years to learn a skill or trade [hopefully at the minimum cost], are lucky to find a entry-level job, carefully save your money and THEN hand your depreciating, saved money over to a bank which is under no obligation to give it back to you! What's wrong with this picture?
"You go through 12 years..."
1962.... Dylan
"Subterranean Homesick Blues"
<Snip>
Ah get born, keep warm
Short pants, romance, learn to dance
Get dressed, get blessed
Try to be a success
Please her, please him, buy gifts
Don't steal, don't lift
Twenty years of schoolin'
And they put you on the day shift
Look out kid
They keep it all hid
</Snip>
And Me?
<Snip>
"It's Alright, Ma (I'm Only Bleeding)"
My eyes collide head-on with stuffed graveyards
False gods, I scuff
At pettiness which plays so rough
Walk upside-down inside handcuffs
Kick my legs to crash it off
Say okay, I have had enough
What else can you show me ?
And if my thought-dreams could been seen
They'd probably put my head in a guillotine
But it's alright, Ma, it's life, and life only.
</Snip>
THE PUMP DONT WORK CAUSE THE VANDALS TOOK THE HANDLE
They'll make us all into paupers,
'cause paupers are easier to fool.
You gave some of it to the government and you gave all of it to the bank. That's what's wrong. Does crime pay? It does for the banks and the government.
" Following Solvency Rumors"
.... rumours that they are Solvent ?
Well,in this upside-down world, I suppose that is also a good possibility.
"How will China - which has far more total deposits within its banking system than in the US (since the US banks fund themselves mostly using ultra-short term, overnight shadow funding) - survive a nationwide bank run we wonder?"
By introducing ultra-short term, overnight shadow funding.
That would never happen in the USA because Americans do not save any money.
But we have a whole shit load of poor, inner city, ignorant, thugs that think they should be given some money anyway.
Sure is a good thing there's no billion$-theft ivory-concrete tower dwelling thugs who think they should be given some (free) money (once 'yours'),
... oh wait...
Actually very impressive. That's the smallest bank-run I've ever heard of & it seems not to be systemic, yet. If millions tried this all at once that would be notable for other reasons. If anything this shows probably a number of accounts are spread around a number of banks & the citizens have other goods not in the banks at all.
That's a lotta angry Chinamen.
What's the Chinese version of this?
http://www.youtube.com/watch?v=4TlPo0yCSa4
chinese interest rates: http://www.shibor.org/shibor/web/ShiborJPG_e.jsp
can you say 'tightening' or inverted yeild curve, (cant find longer term china rates, but the 3m pays more than the 1 yr). how would us bonds mkts react if the 3m were higher than the 1 yr?
problem is, CBCh thinks it can intervene after some 'air' is let out. this is the fallacy all the CBs operate under...once the tipping point is breached....its called a tipping point for a reason.
"You're thinking of this place all wrong, As if I had the money back in a safe! The money's not here. Your money's in Zhen's house...right next to yours. And in the Wang house, and Mrs. Chang's house, and two billion others!"
Everything heavier than hydrogen up to near Iron was made in a past stellar explosion. All gold has to be made in a spiraling in binary of nutron stars exploding. Now if only China, the FED, and the EU could find a couple of nearby neutron stars spiraling in to each other, their ponzi scheme would be covered by gold.
From my limited knowledge of astrophysics I gather that hydrogen was generated in the Big Bang, followed by Helium in the core of stars. Those stars that exploded synthesized all the heavier elements.
What is odd is that universe is some 15 billion years old, if we are to beleive the theory, and that stars have lifespans of 10 billion years or so, suggests ours is the first generation of solar systems that enjoy heavier elements. We are at the beginning of time, in the first generation of worlds that support life.
Our sun is a third generation star. meaning that all of the heavier elements in our earth and biosphere are from 3 previous star explosions. One note, combiniong all elements up to Iron release heat, but Iron and higher consume energy to produce them. So the last stage of most stars occur when Iron starts being produced. Then in a nova and supernova Iron and heavier elements are produced but not gold and higher. Gold and higher are produced by neutron star cores colliding and then releasing their elements is a special type of high energy explosion that over eons spread to another gass cloud to form a star and our planetary system. Every atom of gold that you gold bugs have comes from this neutron star explosive event.
http://www.world-nuclear.org/info/Nuclear-Fuel-Cycle/Uranium-Resources/T...
No mention of neutron stars colliding. Where do you get that idea from?
What gets me about currency/money is that for every additional unit of it obtained, each additional unit becomes a smaller part of the whole. Every dollar is a smaller fraction of value compared to the pile.
For a while, I thought it made the uberduber wealthy that much weirder for being so adept at dropping all pretense of humanity in grabbing all they can. Then I visualized all the money that isn't in the pile.
But for the folks who have less than 6 months of living expenses, they most likely have their wealth pile in a single institution. Can you truly empathize with that ability to be frustrated or exploited? Or do we dismiss and judge for their inability to put up with the fees and frustration of dealing with multiple institutions just to diversify their pittance of a pile? I prefer not caring, because they're communists. But they were born that way and many probably prefer to see themselves differently even if they can't talk about it.
I hope this is relevant:MORE BANK RUNS AND PROBLEMS IN CHINA
https://www.youtube.com/watch?v=IAAmakPbcEc
The wheels may come off China's economy really fast. Every country has unofficial lenders, but in China individuals, companies and even local governments who can not get loans from state-controlled banks have been on a borrowing binge from these unofficial sources. China is awash in overcapacity and debt.
After several years of growing debt loads concern is rising the whole unstable pyramid is about to come crashing down bringing China and possibly the global economy with it. The economic efficiency of credit is beginning to collapse in China and the unwinding of China’s giant credit spree could be vary painful. More on China's credit trap below.
http://brucewilds.blogspot.com/2014/03/china-and-great-credit-trap.html
Next reserve currency my ass.
China had better stick with what they excel in... shitting on the side of the road.
And spitting in corners.
The shitliners comin to port
Better haul in the jib Randy before the jib gets covered in shit.
Feel that? The way the shit clings to the air Randy? Its already started my dear good friend. The shit blizzard.
One thing China does do well - it executes executives, government officials and bankers for their "bad acts". I'd like to see the equivalent in the US.
98% of Congress
ho lee fuk!
I presume that those banks were able to honor everyone's withdrawls since there was no mention to the contrary. Too bad.
Yawn, yawn.
NWO at it again..,
US now learning from China.
Energy Myths
RE
Counting down for China - 4 years and running!
Most recent AREIT post
Yeah China is melting down now when some little shitbag bank has 80 people inside it in a country with over a billion people. ZH is really grasping for a story here.
http://www.reuters.com/article/2014/03/26/us-china-banking-idUSBREA2P02H20140326
So that's why they are litteraly showing their stacks of money to prove they're financially safe?
Sounds convincing to me...NOT
How fucking desperate do you have to be?