by stylishskunk
China is at the beginning of a 2008 US financial meltdown. I’m sure a lot of you won’t believe it because it’s been discussed for several months but nothing egregious has happened to the US financial markets indicating this.
Well, it’s just because our laughable CNBC analysts and Jim Cramers have not pointed to China as any cause for the erosion of the US stock markets. Maybe there is some thing more than just inflation and interest-rate fueled demand suppression causing a decline in the US markets.
But, some thing WILL happen.
China’s “bank” issues started in one province, where customers of 4 “banks” could not get money from those banks. Why? Well the deposits were going to shareholders accounts. One executive was arrested, one took off with $6 billion.
China will not back the deposits of these “banks” because they are not actually banks. They were investment institutions and governments don’t back investments, only bank deposits. The people were fooled into thinking they were banks.
And many people were online only accounts since that’s how they had to advertise to people outside of that province. These people had complete access cut off.
Very few will be able to get their money back.
China essentially said too bad, people need to research where they put their money.
That caused panic as the Chinese became frightened that their money may be at risk.
Now this has spread to even the four state owned banks, where deposits are being limited.
They will only be able to suppress the information and kick the can down the road for so long before it implodes.
Here is a link to a video describing China’s Failing banks