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(CNN)   Meanwhile, in China, you're not going to have any savings for very long   (cnn.com) divider line
    More: Scary, Bank, local banks, Bank run, Fractional-reserve banking, Banking, Finance, small Chinese banks, financial improprieties  
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1869 clicks; posted to Business » on 24 Jun 2022 at 4:50 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



13 Comments     (+0 »)
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2022-06-24 5:10:08 PM  
This is either a very big deal or not a big deal for China and the global economy. A middling sized deal is also possible.
 
2022-06-24 5:13:25 PM  

JammerJim: This is either a very big deal or not a big deal for China and the global economy. A middling sized deal is also possible.


This affects 0.003% of the population, potentially.

Until perhaps people start bankruns Greece style. But the Chinese government know the playbook, from Greece.
 
2022-06-24 5:44:25 PM  
See, this is why I never bothered to have any money to begin with.

Well...This and alcoholism.
 
2022-06-24 6:12:14 PM  
It's sad for a lot of people that this has happened.  On the other hand:

This is the kind of regulation that conservatives want.  None, nada, zilch.  No banking regulation.  While we're at it, no labor regulation, child labor regulation (seriously, see Gingrich, Newt, et al).

The future is happening before our eyes.  If you don't get it conceptually, there are plenty of examples from other places where you can observe it in real time.
 
2022-06-24 6:53:49 PM  
I've been following this mess a year or so. There's no money in holding property because everything is on loan from the state. So, sell the condo and be done with it, your grandchildren might redevelope the brown site. Nobody cares that it's a shift building over the next 70 years that people only live in because they exist somewhere.
 
2022-06-24 6:56:28 PM  
Peter had put his life savings of about $6 million into accounts at three small banks in China's central Henan province.

You deposited all your money to three separate remote small banks in contravention of Chinese banking law. For what, higher interest rates that small remote banks offer? Was spreading it across three banks your safety net in case one of them went broke? If so, that implies that you knew your money wasn't insured and you knew that it was very possible they would go broke. A better safety net would have been to deposit some of it in a big bank that offers lower interest but you know China won't let them go broke. I'm finding it difficult to have any sympathy for Peter.
 
2022-06-24 9:44:45 PM  

JRoo: See, this is why I never bothered to have any money to begin with.

Well...This and alcoholism.


Right? Debt is my pal
 
2022-06-24 9:48:54 PM  
This is the reason why the FDIC exists.
 
2022-06-24 10:38:18 PM  
Creeping collapse in China. By the time the dust clears, they will rub their eyes and find out they have a population bomb bigger than Japan's.

The Earth has numerous... and I won't just leave it at many... NUMEROUS intractable problems coming to a head right now. They have all been kicked down the road by various societies for various reasons because everyone thought they could be handled better.... "sometime in the future." Well. It is the future, peeps.

In the mid 1980s, Japan voluntarily, well, with a little persuasion, looked at its low yen and TRIPLED its value overnight to make adjustments that needed to be made, and which kept its bubble from being a lot worse, and potentially global. It has led to a 30 year plus period of FLAT.

China should have done the same thing in about 2005, then put it off. Then 2008 came and everyone was happy to have China inflating, and then Xi decided to make himself dictator for life and we were off to the races. Now he can' t shut it off. He is riding the tiger. And he can't hold on. If China had increased its i rates and cooled growth and reduced investment and soaked up cash, they could have prepared a better welfare situation, stabilized society, etc. But they thought it was a western trick .

They are going to blow up. Because they just can't keep it together.
 
2022-06-25 7:06:56 AM  
i lived there for 20 years, and left in 2015. they will be eating each other soon.
 
2022-06-25 12:07:02 PM  
Fark user imageView Full Size
 
2022-06-25 1:22:20 PM  

JammerJim: This is either a very big deal or not a big deal for China and the global economy. A middling sized deal is also possible.


Every time a bank does stupid shiat or needs bailed out by public money , crypto/blockchain giggles.

Blockchains dont need bailed out.  They rely on a real free market.
 
2022-06-25 1:24:10 PM  

Reverend J: This is the reason why the FDIC exists.


And why blockchain/crypto use around the world is growing faster than the internet did in the 90s.
 
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