This YouTube video shows Chinese bank depositors who are refused access to their deposits at banks. Billions of dollars of deposits have apparently been embezzled and the government agency in charge is denying their own responsibility.
https://www.youtube.com/watch?v=g7_c7EJtDkc
If this problem is widespread it could cause runs on banks all over China. I’m not sure what the macroeconomic impact would be but it can’t be good.
Wendy
If this problem is widespread it could cause runs on banks all over China. I’m not sure what the macroeconomic impact would be but it can’t be good.
In coincident news reported today, Beijing is experiencing a covid surge and edging toward a lockdown.
Steve
This YouTube video shows Chinese bank depositors who are refused access to their deposits at banks. Billions of dollars of deposits have apparently been embezzled and the government agency in charge is denying their own responsibility.
I’ve just bought another bar of gold - it’s going where no banker or government can find it!
Amazing how I reported just a couple of days ago on this very board about Chinese bank runs already in progress: https://discussion.fool.com/chinese-bank-runs-already-in-progres…
Authoritarianism always comes with corruption.
I’ve just bought another bar of gold - it’s going where no banker or government can find it!
Where the sun don’t shine? Ouch.