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(Boobies)   Tiananmen Square, 2.0, the Sequel   (firstpost.com) divider line
    More: Scary, Tiananmen Square protests of 1989, People's Liberation Army, Henan branch of the Bank of China, Chinese Peoples Liberation Army, real estate developers, Tiananmen Square Massacre, savings of depositors, large-scale protests  
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3638 clicks; posted to Politics » on 21 Jul 2022 at 10:03 AM (11 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-07-21 8:36:07 AM  
Sounds like some serious shenanigans. Like the banks 'invested' their deposits in a real estate project backed by a powerful politician, the project failed, and now the regular people have lost their savings. They don't want to admit there is no money, so they 'freeze' the deposits. As long as no body can withdraw, it's easy to pretend the money is still there.

Based on the increasing protests and attempts to get their money, the regular people know the score, which is why the politicians sent in the goon squads and tanks to 'restore order' (smack around the people until they realize they aren't getting their money and bugging the banks about it is going to Hurt, so suck it up and move on).

This is Bad for China though. If people don't trust the banks, they will 'invest' in mattresses, walls, and buried jars. The economy will become cash based, and that will starve the country of fuel for investment/growth. China needs to pay these people, restore faith, and move on. If they truly steal these people's investments and deny them any justice, it will cost China FAR more in the long run
 
2022-07-21 8:50:58 AM  
Here's hoping this gets out of hand.
 
2022-07-21 8:55:23 AM  
Of course it would happen at Bobby Heenan's bank. That weasel.
 
2022-07-21 9:29:16 AM  

Thoreny: Of course it would happen at Bobby Heenan's bank. That weasel.


I always thought he had quite the brain.
 
2022-07-21 10:05:31 AM  
Don't think it can't happen here.
 
2022-07-21 10:05:32 AM  
images.viacbs.techView Full Size
 
2022-07-21 10:06:04 AM  

Corn_Fed: Don't think it can't happen here.


I'm sorry my dear.
 
2022-07-21 10:07:09 AM  
A failed bank is way more dangerous than a tank.
 
2022-07-21 10:09:22 AM  
Meanwhile, a video was circulated online a few days ago in which Beijing's Tsinghua University professor Zheng Yuhuang said that 2022 is a difficult year for China -- 4,60,000 companies in China closed down in the first half of 2022, and 3.1 million industrial and commercial households were written off, enterprise liquidation soared 23 per cent year on year, 10.76 million college graduates have entered the society, with great employment pressure, and 80 million young people are unemployed.

As per the media reports, the reason why the suspension of loan repayment by homebuyers is not being dealt with immediately is that except for those senior officials directly in charge of urban construction and real estate, almost every successful real estate developer is the white glove of some of the other powerful family of the Chinese Communist Party (CPC) elite, just like Evergrande's (one of the largest property developers in China) Xu Jiayin, and Zeng Qinghong's (CCP politician) niece Zeng Baobao directly engages in real estate to make money.


Sounds a little unstable.
 
2022-07-21 10:11:28 AM  

Corn_Fed: Don't think it can't happen here.


It did happen here. Lots of times. Banks are jerks.

https://americandeposits.com/brief-history-us-bank-failures/
 
2022-07-21 10:13:12 AM  
Yeah good luck with that shell game China, looks like the people caught on to the bank and govt BS and are pissed especially after all the covid lockdowns, you don't fark with peoples money.
 
2022-07-21 10:14:06 AM  

Lochsteppe: Corn_Fed: Don't think it can't happen here.

It did happen here. Lots of times. Banks are jerks.

https://americandeposits.com/brief-history-us-bank-failures/


Good point.
 
2022-07-21 10:14:41 AM  

Soup4Bonnie: Meanwhile, a video was circulated online a few days ago in which Beijing's Tsinghua University professor Zheng Yuhuang said that 2022 is a difficult year for China -- 4,60,000 companies in China closed down in the first half of 2022, and 3.1 million industrial and commercial households were written off, enterprise liquidation soared 23 per cent year on year, 10.76 million college graduates have entered the society, with great employment pressure, and 80 million young people are unemployed.

As per the media reports, the reason why the suspension of loan repayment by homebuyers is not being dealt with immediately is that except for those senior officials directly in charge of urban construction and real estate, almost every successful real estate developer is the white glove of some of the other powerful family of the Chinese Communist Party (CPC) elite, just like Evergrande's (one of the largest property developers in China) Xu Jiayin, and Zeng Qinghong's (CCP politician) niece Zeng Baobao directly engages in real estate to make money.

Sounds a little unstable.


How many Rhode Island's is "4,60,000" I wonder.
 
2022-07-21 10:15:10 AM  
A link from boobies.com?
 
2022-07-21 10:16:25 AM  

Lochsteppe: Corn_Fed: Don't think it can't happen here.

It did happen here. Lots of times. Banks are jerks.

https://americandeposits.com/brief-history-us-bank-failures/


Except deposits up to $250k are insured.

This is apparently not the case in China. They are trying to maintain liquidity or (worst case) allow the big depositors to get their money out first. EFTs go around tanks.
 
2022-07-21 10:16:30 AM  
Can you hear that? That's the sound of American bankers masturbating to this footage while they have their lobbyist on the phone to explain their next ask of the government. Just a few tanks, boys.
 
2022-07-21 10:16:30 AM  

Tanqueray: Here's hoping this gets out of hand.


i smarted your post but "out of hand" won't mean any kind of justice or reform, it will only mean the population disappeared / killed / crushed until the protests stop.
 
2022-07-21 10:17:38 AM  
Chinese middle class' Let It Rot: 770,000+ Homebuyers stop paying on 235+ unfinished projects-Jul 15
Youtube eikrolANohw


It sounds like there is some serious rot in the foundations of China's economy.
 
2022-07-21 10:18:18 AM  

bthom37: A failed bank is way more dangerous than a tank.


What about a tank that hits a road bank and crashes into a gas tank while on its way to the bank?
 
2022-07-21 10:20:35 AM  
Relax, those tanks are leased.

/Ya, I too have no idea what that means. But I figured I might get some cheap votes from more financial theory challenged Farkers, who think this statement was the result of some Oracle of Delphi moment. I feel bad now.
 
2022-07-21 10:21:21 AM  

madgonad: Lochsteppe: Corn_Fed: Don't think it can't happen here.

It did happen here. Lots of times. Banks are jerks.

https://americandeposits.com/brief-history-us-bank-failures/

Except deposits up to $250k are insured.

This is apparently not the case in China. They are trying to maintain liquidity or (worst case) allow the big depositors to get their money out first. EFTs go around tanks.


Exactly.
The FDIC exists because people stopped trusting banks and it crashed the economy. It's also why the government has a strong interest in regulating banks.

And it works. When I first started traveling to China I would convert dollars into Renminbi. Now I don't bother. Everybody takes dollars, and you get a better deal.
 
2022-07-21 10:22:00 AM  
It's hard to overstate just how screwed up the system is.  Millions of people's main asset is a notional ownership of an (incredibly overpriced relative to wages) apartment... that isn't even built yet... the developers just sorta walked away months or years ago, but maybe will finish... someday.  People pay mortgage money on these uninhabitable building shells.  Or they did... until the last few months anyway.
 
2022-07-21 10:22:56 AM  
What happens if China collapses? I agree that it is unlikely but say another revolution occurs in China and the CCP loses? Let's not even go out that far, let's just say a revolution begins and government is thrown into disarray. How badly farked is the world economy then? We're talking the kickoff off of WW3 for real right?
 
2022-07-21 10:25:22 AM  
Good. Now if we could only figure out how to inject-mold plastic in this country we won't be so reliant on these jerks for literally everything you'd think to get from Walmart.
 
2022-07-21 10:26:06 AM  

shinji3i: bthom37: A failed bank is way more dangerous than a tank.

What about a tank that hits a road bank and crashes into a gas tank while on its way to the bank?


As a prank, it stank.
 
2022-07-21 10:26:15 AM  
This is fake news, fortunately for a change. 

While the banking crisis in Henan is interesting and serious, this footage is confirmed to be a  regular annual military exercise in Rizhao, Shandong province. An entirely different city and province that has nothing to do with the banking crisis there.

Interesting again how all media just copying eachother, while any Chinese speaking person could have recognized that this is not Henan.

https://twitter.com/jenniferatntd/status/1549407012949213188
 
2022-07-21 10:27:50 AM  

alitaki: What happens if China collapses? I agree that it is unlikely but say another revolution occurs in China and the CCP loses? Let's not even go out that far, let's just say a revolution begins and government is thrown into disarray. How badly farked is the world economy then? We're talking the kickoff off of WW3 for real right?


i don't think there's any limit to the number of Chinese the CCP will just dissapear to make the issue go away. They're maintaining a wholesale genocide right now in front of the world. I think it will get worse and we may see riots and some evidence on social media of a crackdown but that will be it. The CCP is very good at oppression, they'll reduce personal liberty, start taking even more control of the banks and other companies, and then just declare the issue over. Anyone who says otherwise and complains too much will just simply vanish.
 
2022-07-21 10:27:56 AM  
Here is an article that explains the banking issue, and confirms the tanks have nothing to do with it:
https://au.news.yahoo.com/grim-tank-conspiracy-goes-viral-china-amid-banking-crisis-023521987.html
 
2022-07-21 10:28:13 AM  

Screaming Candle: Good. Now if we could only figure out how to inject-mold plastic in this country we won't be so reliant on these jerks for literally everything you'd think to get from Walmart.


We're not at the point where the American worker will accept Chinese level wages but when we do get there, I assure you, manufacturing will return to the United States.
 
2022-07-21 10:30:03 AM  
Trump level of lying detected.
 
2022-07-21 10:30:29 AM  
All these banks and their local cronies in Henan flagged account holders they had stole billions from as having Covid, which prevents the victims from being able to travel on plane, train, bus or car. Those that managed to make it to Henan to protest were met by mobs of street gangs hired by the banks to beat the victims up.


The Chinese Dream is Over!
Youtube ZNUP4Dcslyc
 
2022-07-21 10:30:42 AM  

alitaki: What happens if China collapses? I agree that it is unlikely but say another revolution occurs in China and the CCP loses? Let's not even go out that far, let's just say a revolution begins and government is thrown into disarray. How badly farked is the world economy then? We're talking the kickoff off of WW3 for real right?


This. No one should be cheering chaos in China. That being said, you'd think a commie country would have credit unions, which is where I have put my savings since I was in my 20s.
 
2022-07-21 10:31:44 AM  

chasd00: alitaki: What happens if China collapses? I agree that it is unlikely but say another revolution occurs in China and the CCP loses? Let's not even go out that far, let's just say a revolution begins and government is thrown into disarray. How badly farked is the world economy then? We're talking the kickoff off of WW3 for real right?

i don't think there's any limit to the number of Chinese the CCP will just dissapear to make the issue go away. They're maintaining a wholesale genocide right now in front of the world. I think it will get worse and we may see riots and some evidence on social media of a crackdown but that will be it. The CCP is very good at oppression, they'll reduce personal liberty, start taking even more control of the banks and other companies, and then just declare the issue over. Anyone who says otherwise and complains too much will just simply vanish.


Like I said, I doubt it is unlikely that it'll happen, but assuming the "never say never" philosophy, if it were to happen and the Chinese government & economy collapse, that's gotta be catastrophic for the world right?
 
2022-07-21 10:32:34 AM  

alitaki: chasd00: alitaki: What happens if China collapses? I agree that it is unlikely but say another revolution occurs in China and the CCP loses? Let's not even go out that far, let's just say a revolution begins and government is thrown into disarray. How badly farked is the world economy then? We're talking the kickoff off of WW3 for real right?

i don't think there's any limit to the number of Chinese the CCP will just dissapear to make the issue go away. They're maintaining a wholesale genocide right now in front of the world. I think it will get worse and we may see riots and some evidence on social media of a crackdown but that will be it. The CCP is very good at oppression, they'll reduce personal liberty, start taking even more control of the banks and other companies, and then just declare the issue over. Anyone who says otherwise and complains too much will just simply vanish.

Like I said, I doubt it is unlikely that it'll happen, but assuming the "never say never" philosophy, if it were to happen and the Chinese government & economy collapse, that's gotta be catastrophic for the world right?


blerg!
 
2022-07-21 10:32:39 AM  
Where's the money Uncle Xilly??? Where's that money, you stupid, silly old fool? Where's the money?! Do you realize what this means? It means bankruptcy and scandal and prison! That's what it means. One of us is going to jail! Well, it's not gonna be me!
 
2022-07-21 10:34:33 AM  
Communist pigs.  Thank God we live in a democracy.

Fark user imageView Full Size
 
2022-07-21 10:34:44 AM  
yowzers.comView Full Size
 
2022-07-21 10:34:54 AM  
Why do they need banks to prevent people from withdrawing money?
Can't they just order the banks to close?
 
2022-07-21 10:36:28 AM  
And who said that the age of tanks was over. You can still crush unarmed people with them.
 
2022-07-21 10:36:33 AM  

SpectroBoy: Why do they need banks to prevent people from withdrawing money?
Can't they just order the banks to close?


They are probably eyeing how bad that would look internationally.
 
2022-07-21 10:37:57 AM  

Private_Citizen: Everybody takes dollars, and you get a better deal.


Pattaya, sure. But not in China. Not even in Shanghai.
 
2022-07-21 10:42:01 AM  

shastacola: SpectroBoy: Why do they need banks to prevent people from withdrawing money?
Can't they just order the banks to close?

They are probably eyeing how bad that would look internationally.


Yup.  The international money crowd don't give a shiat about dead protesters but you start closing banks and you will catch their attention
 
2022-07-21 10:43:22 AM  

Flab: A link from boobies.com?


Yeah I know.  Must've been a pain to get past the filter.
 
2022-07-21 10:44:19 AM  
There are over 400 of these smaller banks that have denied access to funds for months. They're busy covering defaults. The people aren't defaulting on loans because they can't. It would ruin their social credit score and deny them access to many things they take for granted in daily life like public transportation, airline travel and purchasing certain grocery items and dining out.
It is guesstimated ( it's China after all ) that 20% of new home purchases will never be completed because the builders are bankrupt. People still pay on shells they can't even live in and don't know if or when they'll be completed. So while people are forced to continue paying on loans or suffer a government social credit score destruction the builders are gone and have left nearly a Trillion US dollars worth of unpaid loans behind them. And the bankruptcies aren't done yet.
Banks loaned the money to builders so builders built on speculation with no intention of repaying the loans but borrowing more in a quasi Ponzi scheme of bank loans to repay other bank loans and build more incomplete dwellings and completed homes that will never be sold. This practice went on for decades. Add in Covid shutdowns and China is farked.
 
2022-07-21 10:45:00 AM  

bikkurikun: Here is an article that explains the banking issue, and confirms the tanks have nothing to do with it:
https://au.news.yahoo.com/grim-tank-conspiracy-goes-viral-china-amid-banking-crisis-023521987.html


Thank you.  Not that this isn't something the Chinese government would do, but this appears to be not what they are doing right now.

/triple negative ftw!
 
2022-07-21 10:45:30 AM  

buravirgil: Private_Citizen: Everybody takes dollars, and you get a better deal.

Pattaya, sure. But not in China. Not even in Shanghai.


You know how I know you're wrong? I've used dollars all over China. They happy to accept them.
 
2022-07-21 10:48:35 AM  

farkitallletitend: There are over 400 of these smaller banks that have denied access to funds for months. They're busy covering defaults. The people aren't defaulting on loans because they can't. It would ruin their social credit score and deny them access to many things they take for granted in daily life like public transportation, airline travel and purchasing certain grocery items and dining out.
It is guesstimated ( it's China after all ) that 20% of new home purchases will never be completed because the builders are bankrupt. People still pay on shells they can't even live in and don't know if or when they'll be completed. So while people are forced to continue paying on loans or suffer a government social credit score destruction the builders are gone and have left nearly a Trillion US dollars worth of unpaid loans behind them. And the bankruptcies aren't done yet.
Banks loaned the money to builders so builders built on speculation with no intention of repaying the loans but borrowing more in a quasi Ponzi scheme of bank loans to repay other bank loans and build more incomplete dwellings and completed homes that will never be sold. This practice went on for decades. Add in Covid shutdowns and China is farked.


I think that was an episode of Black Mirror.
 
2022-07-21 10:49:18 AM  
Just a tank by itself?

Kill everyone inside. Problem solved.
 
2022-07-21 10:58:12 AM  

Private_Citizen: They happy to accept them.


I see.
 
2022-07-21 10:58:16 AM  
If only George Bailey had a tank, a lot of unpleasantness could have been avoided.


diesy.grView Full Size
 
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