Hyperinflation began in 2020 with the COVID stimulus money but the 2008 crisis never really ended, they just papered over it with interest free money aka Quantitative Easing or QE for short. Prayed up and prepped up, time is short!
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What you’re watching is the first real sovereign default of 2026, and it happened before Wall Street even turned the lights on. This is not a drill, it is not a social media rumor, and it is not a simulation. It is a confirmation, straight from port officials in Shanghai, that as of December 31st at 11.47pm local time, they began turning away silver shipments headed for ComEx-approved vaults in the United States.
The default clock is not about to start, it already went off, and when New York picked up the phone for an emergency lifeline to Beijing, the line didn’t just ring unanswered, Beijing effectively hung up. China said no to the bailout. No negotiation, no counteroffer, just no. The US economy is in HUGE trouble and personally I expect some major chaos to start the year!
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There are also at least a dozen other banks in the US alone that are on the brink of failure! In the Tweet below you’ll see that the FDIC regulators are already in the offices of First Republic Bank.
BREAKING: The FDIC is already on site at First Republic Bank trying to determine the best path forward to protect depositors. Things are moving way faster than expected given the accelerating bank run that has already reached a tipping point.
Bill Ackman is on the record as saying the Federal Government has 48 hours for any kind of bailout to work. It won’t be coming.
The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. Absent @jpmorgan@citi or… https://t.co/SqdkFK7Fld
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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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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
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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.
