China Collapsing

Sammy Jankis

Sammy Jankis

Was it me?
Bank customers demanding their money back staged China’s largest protest in years. The violent episode is the ‘tip of the iceberg’ of China’s looming banking crisis
BY
GRADY MCGREGOR
July 12, 2022 5:54 AM CDT

China-bank-protest-henan
A view of an outlet of a rural bank in Zhengzhou city in central China's Henan province on June 17, 2022. Protesters have targeted banks in the city, demanding access to their life savings.
SHANG JI--FEATURE CHINA
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Late Monday night, frustrated bank depositors in China's central Henan province appeared to secure a victory from their local government after months of complaints and public demonstrations. Henan authorities announced that starting on Friday, the bank depositors would be able to withdraw up to $7,442 from accounts that have been frozen since April.

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Authorities made the apparent concession after hundreds of bank depositors in Henan's capital of Zhengzhou engaged in the largest demonstration in years in China, where protests are rare under the authoritarian political system but not unheard of. The day before, hundreds of people took to the streets of Zhengzhou to protest their inability to withdraw money from four local banks and to accuse local officials of corruption and mismanagement. The demonstrations turned violent when a group of unidentified men in white shirts attacked the peaceful demonstrators. (The local police did not intervene in the attack even though officers were nearby, according to the Washington Post.)

Chinese authorities appear to be pinning blame for the banking issues on a group of “criminals” in charge of the local banks. But economists say the issues facing rural banks in Henan run much deeper than a few bad actors as local governments face a cash crunch after years of debt-fueled growth.

Henan bank protests
The banking problems in Henan first emerged in April, when customers of the New Oriental Country Bank of Kaifeng, Zhecheng Huanghuai Community Bank, Shangcai Huimin County Bank, and Yuzhou Xin Min Sheng Village Bank discovered that they could not withdraw their funds from local banks. Thousands of depositors made the run on the banks after the government arrested Sun Zhengfu, the majority shareholder in "several of the banks," for "serious financial crimes," according to Chinese media.


After bank depositors complained to local media, China's banking regulator announced an investigation into the banks in late April. But after weeks of still being unable to access their money, bank customers began to protest at local banks and government offices.


In response to the protests, local authorities in Henan weaponized China's COVID-19 health code apps. In China, citizens use health code apps to gain access to nearly every venue outside their homes, from work sites to movie theaters. The QR code-based apps use a traffic light system. Green signals the user is at minimal risk of having COVID, yellow means moderate risk, and red indicates high risk and bans the user from entering businesses or public places.

https://fortune.com/2022/07/12/bank...gzhou-violent-evergrande-debt-banking-crisis/
 
China was here centuries before us, and it will be here centuries after us.
They know how to play the long game. It's in their genes.
Most of us can't see beyond our noses.
I can, but most of us can't.
 
China's not collapsing, that's a regional bank where the head of it took the money and tried to run but didn't make it.

People that had money in that bank are hurting, though. :(

I doubt China has a version of the FDIC.
 
Matt Dillon said:
I doubt China has a version of the FDIC.
Click to expand...

All banks in China have 100% of their deposits insured by the government, not the limited coverage of the FDIC. The problem is they have no formal organization to actually pay that insurance. They are paying out limited money now, with the promise that sooner or later they will pay the rest. The problem is there is no actual plan to pay the rest.
 
Walt said:
All banks in China have 100% of their deposits insured by the government, not the limited coverage of the FDIC. The problem is they have no formal organization to actually pay that insurance. They are paying out limited money now, with the promise that sooner or later they will pay the rest. The problem is there is no actual plan to pay the rest.
Click to expand...

if it doesnt actually get paid, its not actually insured, you fucking idiot.
 
Walt said:
All banks in China have 100% of their deposits insured by the government, not the limited coverage of the FDIC. The problem is they have no formal organization to actually pay that insurance. They are paying out limited money now, with the promise that sooner or later they will pay the rest. The problem is there is no actual plan to pay the rest.
Click to expand...
AssHatZombie said:
if it doesnt actually get paid, its not actually insured, you fucking idiot.
Click to expand...

This interaction is an example of what is happening in modern America. I make a perfectly reasonable statement, which AssHat(he calls himself that), actively tries not to understand. So I will now try to dumb it down so he can understand it, but there is no amount of dumbing down that will make it clear to someone who does not want to understand.

As I said, "the problem is...", which indicates there is a problem that makes the whole thing not work. It is a little worse than just no one paying the larger deposits, there is no way to force the government to pay. If there was a requirement a debt the government owed Americans, we could go to an independent judiciary(courts to dumb it down), which would force the government to pay. There is no independent judiciary in China. If that fails, we can try to elect officials that would honor the debt, but there is no free and fair elections in China. The Chinese have these massive debts owed to them, which are not being paid, and there is no way for them to even complain(no free expression). It is this building pressure, that could explode.

Will it explode? What form would that explosion take? Those are more complex questions, and, sadly, we have to dumb everything down for the alt right. Instead of discussing and debating the issues of the day, we have to just repeat the reality is simpler and simpler ways to try to get the alt right posters to accept reality.

And that will lead to an explosion in America. Or maybe more accurately a collapse, which is like an explosion. We are no longer doing the things to build and maintain our society, because we have these alt right idiots constantly dragging us down.
 
AssHatZombie said:
Bank customers demanding their money back staged China’s largest protest in years. The violent episode is the ‘tip of the iceberg’ of China’s looming banking crisis
BY
GRADY MCGREGOR
July 12, 2022 5:54 AM CDT

China-bank-protest-henan
A view of an outlet of a rural bank in Zhengzhou city in central China's Henan province on June 17, 2022. Protesters have targeted banks in the city, demanding access to their life savings.
SHANG JI--FEATURE CHINA
Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.
Late Monday night, frustrated bank depositors in China's central Henan province appeared to secure a victory from their local government after months of complaints and public demonstrations. Henan authorities announced that starting on Friday, the bank depositors would be able to withdraw up to $7,442 from accounts that have been frozen since April.

PAID CONTENT
How Zurich created the blueprint for DEI services
FROM ZURICH NORTH AMERICA
Authorities made the apparent concession after hundreds of bank depositors in Henan's capital of Zhengzhou engaged in the largest demonstration in years in China, where protests are rare under the authoritarian political system but not unheard of. The day before, hundreds of people took to the streets of Zhengzhou to protest their inability to withdraw money from four local banks and to accuse local officials of corruption and mismanagement. The demonstrations turned violent when a group of unidentified men in white shirts attacked the peaceful demonstrators. (The local police did not intervene in the attack even though officers were nearby, according to the Washington Post.)

Chinese authorities appear to be pinning blame for the banking issues on a group of “criminals” in charge of the local banks. But economists say the issues facing rural banks in Henan run much deeper than a few bad actors as local governments face a cash crunch after years of debt-fueled growth.

Henan bank protests
The banking problems in Henan first emerged in April, when customers of the New Oriental Country Bank of Kaifeng, Zhecheng Huanghuai Community Bank, Shangcai Huimin County Bank, and Yuzhou Xin Min Sheng Village Bank discovered that they could not withdraw their funds from local banks. Thousands of depositors made the run on the banks after the government arrested Sun Zhengfu, the majority shareholder in "several of the banks," for "serious financial crimes," according to Chinese media.


After bank depositors complained to local media, China's banking regulator announced an investigation into the banks in late April. But after weeks of still being unable to access their money, bank customers began to protest at local banks and government offices.


In response to the protests, local authorities in Henan weaponized China's COVID-19 health code apps. In China, citizens use health code apps to gain access to nearly every venue outside their homes, from work sites to movie theaters. The QR code-based apps use a traffic light system. Green signals the user is at minimal risk of having COVID, yellow means moderate risk, and red indicates high risk and bans the user from entering businesses or public places.

https://fortune.com/2022/07/12/bank...gzhou-violent-evergrande-debt-banking-crisis/
Click to expand...

Wishful Thinking.
 
Walt said:
This interaction is an example of what is happening in modern America. I make a perfectly reasonable statement, which AssHat(he calls himself that), actively tries not to understand. So I will now try to dumb it down so he can understand it, but there is no amount of dumbing down that will make it clear to someone who does not want to understand.

As I said, "the problem is...", which indicates there is a problem that makes the whole thing not work. It is a little worse than just no one paying the larger deposits, there is no way to force the government to pay. If there was a requirement a debt the government owed Americans, we could go to an independent judiciary(courts to dumb it down), which would force the government to pay. There is no independent judiciary in China. If that fails, we can try to elect officials that would honor the debt, but there is no free and fair elections in China. The Chinese have these massive debts owed to them, which are not being paid, and there is no way for them to even complain(no free expression). It is this building pressure, that could explode.

Will it explode? What form would that explosion take? Those are more complex questions, and, sadly, we have to dumb everything down for the alt right. Instead of discussing and debating the issues of the day, we have to just repeat the reality is simpler and simpler ways to try to get the alt right posters to accept reality.

And that will lead to an explosion in America. Or maybe more accurately a collapse, which is like an explosion. We are no longer doing the things to build and maintain our society, because we have these alt right idiots constantly dragging us down.
Click to expand...

no. you made a delusional statement, idiotic statement.

then i set you straight.

you're a fucking idiot, walt.

you just have a great talent for blowing smoke up your own ass, like all boomers.
 
AssHatZombie said:
you just have a great talent for blowing smoke up your own ass, like all boomers.
Click to expand...

There are a lot of delusion in your posts, of which none is of any great talent. I would not mind being a Boomer, but I am actually in Generation X, and it really shows in most of the things I do. Which generation are you in?
 
Walt said:
There are a lot of delusion in your posts, of which none is of any great talent. I would not mind being a Boomer, but I am actually in Generation X, and it really shows in most of the things I do. Which generation are you in?
Click to expand...

hey dum dum, it's bad to be good at blowing smoke up your own ass.
 
Walt said:
This interaction is an example of what is happening in modern America. I make a perfectly reasonable statement, which AssHat(he calls himself that), actively tries not to understand. So I will now try to dumb it down so he can understand it, but there is no amount of dumbing down that will make it clear to someone who does not want to understand.

As I said, "the problem is...", which indicates there is a problem that makes the whole thing not work. It is a little worse than just no one paying the larger deposits, there is no way to force the government to pay. If there was a requirement a debt the government owed Americans, we could go to an independent judiciary(courts to dumb it down), which would force the government to pay. There is no independent judiciary in China. If that fails, we can try to elect officials that would honor the debt, but there is no free and fair elections in China. The Chinese have these massive debts owed to them, which are not being paid, and there is no way for them to even complain(no free expression). It is this building pressure, that could explode.

Will it explode? What form would that explosion take? Those are more complex questions, and, sadly, we have to dumb everything down for the alt right. Instead of discussing and debating the issues of the day, we have to just repeat the reality is simpler and simpler ways to try to get the alt right posters to accept reality.

And that will lead to an explosion in America. Or maybe more accurately a collapse, which is like an explosion. We are no longer doing the things to build and maintain our society, because we have these alt right idiots constantly dragging us down.
Click to expand...

Excellent post.

In America's reality, the alt-right chooses to ignore the real issues of the day -- our increasingly shabby educational system, mass shootings and other gun violence, climate change, the erosion and outright removal of human rights, our craptastically-awful health care delivery system, bigotry and hate, and so on. Instead, they pretend that trans people (esp. athletes), CRT, "grooming" of school kids, sex ed in schools, the "persecution" of Xtians, and so on are far more pressing issues that must be dealt with.
 
ThatOwlWoman said:
Excellent post.

In America's reality, the alt-right chooses to ignore the real issues of the day -- our increasingly shabby educational system, mass shootings and other gun violence, climate change, the erosion and outright removal of human rights, our craptastically-awful health care delivery system, bigotry and hate, and so on. Instead, they pretend that trans people (esp. athletes), CRT, "grooming" of school kids, sex ed in schools, the "persecution" of Xtians, and so on are far more pressing issues that must be dealt with.
Click to expand...

politicizing education, introducing CRT and Trans and pedo Normalization, and putting academics secondary make education shabby. and school boards attack parents when criticized, and the fbi helps the teachers union attack parents at bidens direction.

big tech and dems have rolled back free speech in this country. that's the attack on civil rights.
 
AssHatZombie said:
politicizing education, introducing CRT and Trans and pedo Normalization, and putting academics secondary make education shabby. and school boards attack parents when criticized, and the fbi helps the teachers union attack parents at bidens direction.

big tech and dems have rolled back free speech in this country. that's the attack on civil rights.
Click to expand...

I predicted this insanity. I'm just that good. lol
 
Matt Dillon said:
China's not collapsing, that's a regional bank where the head of it took the money and tried to run but didn't make it.

People that had money in that bank are hurting, though. :(

I doubt China has a version of the FDIC.
Click to expand...

do they need an FDIC when every bank is partly owned by the government?....
 
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