Tag Archives: crash

There’s a Bank Run Going on in China and Nobody is Speaking About it!

So as usual I will speak about it here on this website! From Asiamarkets.com.

By Henry Chia

Bank runs occur when people scramble to withdraw cash from banks in fear of collapse. In the worst cases, banks’ liquid cash reserves are exhausted, not everyone gets their money and the bank defaults.

It’s a grim scenario which, fortunately, has occurred rarely in history.

The most significant bank runs in the United States took place during the 1930’s Great Depression. More recently, there were runs on numerous U.S. banks during the Financial Crisis in 2008.

In Asia, bank runs have also been rare. A run on Japanese banks in 1927 led to the collapse of dozens of institutions across the country. There was a banking crisis in Myanmar in 2003 which the country has never really fully recovered from.

But perhaps since the Great Depression, none has been as significant compared to what is seemingly unfolding in China right now.

Multiple sources contacted by Asia Markets, have confirmed deposits at the following six banks have been frozen since mid-April.

  • Yuzhou Xinminsheng Village Bank (located in Xuchang City, Henan Province)
  • Zhecheng Huanghuai Bank (City of Shangqui, Henan Province)
  • Shangcai Huimin Rural Bank (Zhumadian City, Henan Province)
  • New Oriental Village Bank (City of Kaifeng, Henan Province)
  • Huaihe River Village Bank (Bengbu City, Anhui Province)
  • Yixian County Village Bank (Huangshan City, Anhui Province)

It’s understood the banks with branches across the Henan and Anhui Provinces successively issued announcements in April, stating they would suspend online banking and mobile banking services due to a system upgrade.

At the same time, clients reported their electronic deposits in online accounts, mobile apps and third-party platforms could not be withdrawn.

This led to depositors rushing to local bank branches, only to be told they were unable to withdraw funds.

By late May, images emerged on Chinese social media of demonstrations at the front of numerous bank branches. Asia Markets has verified these images with local contacts. Read the rest by clicking HERE.

Folks this isn’t good at all and as the article goes onto say this could be much worse than 2008! What usually happens when the world economy takes a dive? World War and that’s already begun. Prayed up and prepped up!

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ALERT! HUNDREDS OF BANKS ARE CLOSING AROUND THE USA!

Right at Christmas time when the press would be off duty and not reporting on this subject. Evergrande in China is also melting down as they are not paying employees and they are going to strike. Here more in this report from Bro News YT Channel.

Banks Closing across America right before Christmas? WHY?

Here is more on the story from NYPRESSNEWS.com.

“Many of our locations may have reduced hours, alternate days of operations or may have been temporarily closed,” Bank of America Corp. (NYSE: BAC) tells customers on its website. “We are doing everything we can to reopen as soon as possible, though some locations may remain closed for an extended period of time.”

This week, Bank of America and JPMorgan Chase & Co. (NYSE: JPM) were tight-lipped on how widespread the temporary closures are, with both declining to provide national numbers. The two banks referred CBJ sister publication the San Francisco Business Times to their website branch locator tools, which don’t offer a high-level overview. Their reluctance to talk is fueling concerns about the fate of many branches as the industry seeks to permanently scale back costly brick-and-mortar locations. 

In a few instances, BofA also indicates on its website that some temporarily-closed financial centers will permanently shutter in early 2022. Locally, that includes branches such as at 3021 Prosperity Church Road in Charlotte and 368 W. Plaza Drive in Mooresville.

Nationally, Wells Fargo & Co. (NYSE: WFC) said it has about 4,800 branches and 94% are open, suggesting that approximately 288 branches are temporarily closed across the country. Source

You can support this ministry and keep us on the internet using the links below.  Patreon is gone so we have PayPal and Cash App left to us below.  We have also added a new monthly support option through the website.  That link is below as well.  Thank you again and God bless!

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PayPal Link: https://paypal.me/johnnystorm

Cash App ID: $jstorm212

The Currency War Begins, What Will It Lead to Next?

Trade and currency wars can lead to a hot one fast!

From Zerohedge…Update 2: – China’s central bank has confirmed that it is, indeed, on, saying that it is able to keep the yuan exchange rate at a reasonable and balanced level – whatever that means – while acknowledging that the Yuan plunging beyond 7 per dollar is due to market supply and demand, trade protectionism and expectations on additional tariffs on Chinese goods.

Meanwhile, resorting to its old, tired and worn out tricks, Dow Jones reports that the PBOC will crack down on short-term Yuan speculation, and anchor market expectations.

Which is great… if only the PBOC didn’t say exactly the same back in May, when it warned currenct traders that  those “shorting the yuan will inevitably suffer from a huge loss.

Three months later, it’s currency traders 1 – Beijing 0.

* * *

Update 1 – China is firing all the big guns tonight, because just an hour after Beijing effectively devalued the yuan, when it launched the latest currency war with the US, Bloomberg reported that the Chinese government has asked its state-owned enterprises “to suspend imports of U.S. agricultural products after President Donald Trump ratcheted up trade tensions with the Asian nation last week.”

China’s state-run agricultural firms have now stopped buying American farm goods, and are waiting to see how trade talks progress.

Translation: trade talks, even the fake kind, is now over, dead and buried, and the only question is how Trump will react.

For the rest of the story, go to Zero Hedge HERE.