They seems like squatting. Why not just stand straight?
That's what Chinese do. They squat in the street to take a phone call or smoke a cigarette and it looks like they are taking a dump.
Topic: Reuters: Bank Run in China! (Read 3070 times)
They seems like squatting. Why not just stand straight?
That's what Chinese do. They squat in the street to take a phone call or smoke a cigarette and it looks like they are taking a dump.
They seems like squatting. Why not just stand straight?
Maybe a much bigger crowd is pushing them?
I changed the pic in my post to a better one. The first only showed the top half of the pic. image-search for "Henri Cartier-Bresson Shanghai" will pull of a few of them.
That's not a bank run in China. This is a bank run in China!
This is a famous pic that I saw in a best of Life magazine book as a kid. It probably had more than anything to do with my interest in financial matters and specifically financial failures than almost anything.
^^^This is a famous pic that I saw in a best of Life magazine book as a kid. It probably had more than anything to do with my interest in financial matters and specifically financial failures than almost anything.
That picture is EXACTLY what I picture every time some fake China news gets posted about the PBOC banning bitcoin, and then the Chinese bitcoiners start panic selling.
Sorry to sound racist, as I'm not at all, but it sure seems like some cultures are so ridiculously skittish, paranoid, and scared that any time their government so much as sneezes they drop their shorts in an instant. It worries me because bitcoin is a little like the EUR, we're all in this together, and some countries can pull us down. I'm starting to see that some cultures of the world really have no business in investing in bitcoin. Who's gonna be the next panicky, paranoid culture to get involved in bitcoin? India? Indonesia? South Korea? How will the price ever rise if all it takes is for one of these groups to publish fake FUD about banning and they all panic sell?
What a circus.
They seems like squatting. Why not just stand straight?
Maybe a much bigger crowd is pushing them?
That's not a bank run in China. This is a bank run in China!
This is a famous pic that I saw in a best of Life magazine book as a kid. It probably had more than anything to do with my interest in financial matters and specifically financial failures than almost anything.
They seems like squatting. Why not just stand straight?
That's not a bank run in China. This is a bank run in China!
This is a famous pic that I saw in a best of Life magazine book as a kid. It probably had more than anything to do with my interest in financial matters and specifically financial failures than almost anything.
This is a famous pic that I saw in a best of Life magazine book as a kid. It probably had more than anything to do with my interest in financial matters and specifically financial failures than almost anything.
for several hundred years the problem with banks and governments was that the people never knew if the banks had enough gold and silver to back up this funny paper money they handed out. currently we face a different problem:
people don´t know if there is enough paper money to back up all the money in account.
people don´t know if there is enough paper money to back up all the money in account.
So true, but I wouldn't say that's a different problem - it's just a shift further in the abstraction level that separates people from honest money... so we see progress here...
for several hundred years the problem with banks and governments was that the people never knew if the banks had enough gold and silver to back up this funny paper money they handed out. currently we face a different problem:
people don´t know if there is enough paper money to back up all the money in account.
people don´t know if there is enough paper money to back up all the money in account.
Maybe they don't know, maybe they do. But in addition, most people can not fathom how quickly an exponential function rises. This is also the basis for the ever reoccurring pyramid schemes, where everybody know that it will eventually blow up.
for several hundred years the problem with banks and governments was that the people never knew if the banks had enough gold and silver to back up this funny paper money they handed out. currently we face a different problem:
people don´t know if there is enough paper money to back up all the money in account.
people don´t know if there is enough paper money to back up all the money in account.
I agree, and firmly believe that the Chinese shadow banking system is one giant Ponzi scheme.
Incidentally, I went to my U.S. bank about 6 months ago to withdrawal $10k USD in cash. The bank teller said they couldn't give me that amount because they didn't have it available, said that the most she could give me was $3k. She said the rest would have to be "ordered" a full week in advance to have it available for me.
Now I realize this has become standard practice at most banks these days. Their reasoning is supposedly to thwart bank robbers making off with loads of $$$. But we all know it's BS, it is because of fractional reserve banking and that they wouldn't have enough physical money to cover everyone in the event of a true bank run.
Another horror story: My fiancee also once had her out-of-state bank account frozen by the State of Wisconsin, over a dispute of supposedly unpaid gains taxes on the sale of a prior home there (she was quickly found innocent of the charges, as she had sold the house at a loss). I personally witnessed this happen. The fact that the bank just rolled over and allowed the State of Wisconsin (not even the same state where her new bank account was!) to seize her bank account and funds without prior notification and with no evidence is just un-freaking believable. She was so pissed off, that when the freeze was lifted she promptly went in and withdrew all her remaining money, immediately closed her bank account (it was with Chase btw -- evil, evil bank, don't trust them!) and opened up a new bank account with another bank down the street.
TL;DR - We all need to wake the F up and open our eyes to the corrupt banking systems of the world.
Incidentally, I went to my U.S. bank about 6 months ago to withdrawal $10k USD in cash. The bank teller said they couldn't give me that amount because they didn't have it available, said that the most she could give me was $3k. She said the rest would have to be "ordered" a full week in advance to have it available for me.
Now I realize this has become standard practice at most banks these days. Their reasoning is supposedly to thwart bank robbers making off with loads of $$$. But we all know it's BS, it is because of fractional reserve banking and that they wouldn't have enough physical money to cover everyone in the event of a true bank run.
Another horror story: My fiancee also once had her out-of-state bank account frozen by the State of Wisconsin, over a dispute of supposedly unpaid gains taxes on the sale of a prior home there (she was quickly found innocent of the charges, as she had sold the house at a loss). I personally witnessed this happen. The fact that the bank just rolled over and allowed the State of Wisconsin (not even the same state where her new bank account was!) to seize her bank account and funds without prior notification and with no evidence is just un-freaking believable. She was so pissed off, that when the freeze was lifted she promptly went in and withdrew all her remaining money, immediately closed her bank account (it was with Chase btw -- evil, evil bank, don't trust them!) and opened up a new bank account with another bank down the street.
TL;DR - We all need to wake the F up and open our eyes to the corrupt banking systems of the world.
Thanks for sharing
I opened my eyes to the evil banking procedures but the banks mostly do what they are required to do by law or what they need to do to make money
They can buy the state power so they write laws that protect them from competition, the solution is for the state not to have too much power to sell and for the people to chose freedom over a false sense of security
http://www.reuters.com/article/2014/03/26/us-china-banking-idUSBREA2P02H20140326
Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
(Reuters) - The rumor spread quickly. A small rural lender in eastern China had turned down a customer's request to withdraw 200,000 yuan ($32,200).
Bankers and local officials say it never happened, but true or not the rumor was all it took to spark a run on a bank as the story passed quickly from person to person, among depositors, bystanders and even bank employees.
Savers feared the bank in Yancheng, a city in Sheyang county, had run out of money and soon hundreds of customers had rushed to its doors demanding the withdrawal of their money despite assurances from regulators and the central bank that their money was safe.
Doesn't look all that serious:
A small rural lender in eastern China...
The point that I take away from the story is how quickly and easily the Chinese population will panic in the event of a banking disruption. This may be just a small rural lender, but imagine what will happen if a big bank or other financial institution has a problem. It could be Lehman Brothers on bath salts.
Your point is valid.
Also, almost any population will panic in the event of a banking disruption.
almost?
Libertarians who don't use banks will not panic, be careful where you hide your gold.
http://www.reuters.com/article/2014/03/26/us-china-banking-idUSBREA2P02H20140326
Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
(Reuters) - The rumor spread quickly. A small rural lender in eastern China had turned down a customer's request to withdraw 200,000 yuan ($32,200).
Bankers and local officials say it never happened, but true or not the rumor was all it took to spark a run on a bank as the story passed quickly from person to person, among depositors, bystanders and even bank employees.
Savers feared the bank in Yancheng, a city in Sheyang county, had run out of money and soon hundreds of customers had rushed to its doors demanding the withdrawal of their money despite assurances from regulators and the central bank that their money was safe.
Doesn't look all that serious:
A small rural lender in eastern China...
The point that I take away from the story is how quickly and easily the Chinese population will panic in the event of a banking disruption. This may be just a small rural lender, but imagine what will happen if a big bank or other financial institution has a problem. It could be Lehman Brothers on bath salts.
http://www.reuters.com/article/2014/03/26/us-china-banking-idUSBREA2P02H20140326
Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
(Reuters) - The rumor spread quickly. A small rural lender in eastern China had turned down a customer's request to withdraw 200,000 yuan ($32,200).
Bankers and local officials say it never happened, but true or not the rumor was all it took to spark a run on a bank as the story passed quickly from person to person, among depositors, bystanders and even bank employees.
Savers feared the bank in Yancheng, a city in Sheyang county, had run out of money and soon hundreds of customers had rushed to its doors demanding the withdrawal of their money despite assurances from regulators and the central bank that their money was safe.
Doesn't look all that serious:
A small rural lender in eastern China...
http://www.reuters.com/article/2014/03/26/us-china-banking-idUSBREA2P02H20140326
Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
I think it's the opposite. Ever since the banking problems in China started, volumes in Huobi have declined, charts at Huobi have looked really ugly, and prices have declined. There was a turning point a few weeks ago around $630 where at that point the chart looked it was mirroring the breakout from July 2013 but then it went down instead and that was when we first started hearing about these Chinese banking problems.Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
.... your bank has to order the cash because they don't keep cash in the branch this has nothing to do with fractional reserve banking, at a branch level. It is a purely security driven practice and many branches hold up to the maximum allowed in their safe that their insurance will cover this isn't fractional reserve banking.
You guys aren't helping the cause here with the ignorance.
You guys aren't helping the cause here with the ignorance.
Yep, on a branch by branch basis they obviously keep the required amount on hand for security reasons.
I think the guy upthread was meaning that, theoretically, if "everybody" went to withdraw their money, the bank would not be able to produce it due to the fractional reserve system. /
No kidding! I think the coolest part about this story is that people feel safer walking around with large baskets of money than they do with that "money" sitting in a bank.
people are beginning to wake up a bit maybe?
.... your bank has to order the cash because they don't keep cash in the branch this has nothing to do with fractional reserve banking, at a branch level. It is a purely security driven practice and many branches hold up to the maximum allowed in their safe that their insurance will cover this isn't fractional reserve banking.
You guys aren't helping the cause here with the ignorance.
You guys aren't helping the cause here with the ignorance.
Yep, on a branch by branch basis they obviously keep the required amount on hand for security reasons.
I think the guy upthread was meaning that, theoretically, if "everybody" went to withdraw their money, the bank would not be able to produce it due to the fractional reserve system.
http://www.reuters.com/article/2014/03/26/us-china-banking-idUSBREA2P02H20140326
Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
I think it's the opposite. Ever since the banking problems in China started, volumes in Huobi have declined, charts at Huobi have looked really ugly, and prices have declined. There was a turning point a few weeks ago around $630 where at that point the chart looked it was mirroring the breakout from July 2013 but then it went down instead and that was when we first started hearing about these Chinese banking problems.Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
http://www.reuters.com/article/2014/03/26/us-china-banking-idUSBREA2P02H20140326
Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
I think it's the opposite. Ever since the banking problems in China started, volumes in Huobi have declined, charts at Huobi have looked really ugly, and prices have declined. There was a turning point a few weeks ago around $630 where at that point the chart looked it was mirroring the breakout from July 2013 but then it went down instead and that was when we first started hearing about these Chinese banking problems. Will this trigger a panic buy! Next stop 6000 yuan? Yuan is the bubble not Bitcoin!
I agree, and firmly believe that the Chinese shadow banking system is one giant Ponzi scheme.
Incidentally, I went to my U.S. bank about 6 months ago to withdrawal $10k USD in cash. The bank teller said they couldn't give me that amount because they didn't have it available, said that the most she could give me was $3k. She said the rest would have to be "ordered" a full week in advance to have it available for me.
Now I realize this has become standard practice at most banks these days. Their reasoning is supposedly to thwart bank robbers making off with loads of $$$. But we all know it's BS, it is because of fractional reserve banking and that they wouldn't have enough physical money to cover everyone in the event of a true bank run.
Another horror story: My fiancee also once had her out-of-state bank account frozen by the State of Wisconsin, over a dispute of supposedly unpaid gains taxes on the sale of a prior home there (she was quickly found innocent of the charges, as she had sold the house at a loss). I personally witnessed this happen. The fact that the bank just rolled over and allowed the State of Wisconsin (not even the same state where her new bank account was!) to seize her bank account and funds without prior notification and with no evidence is just un-freaking believable. She was so pissed off, that when the freeze was lifted she promptly went in and withdrew all her remaining money, immediately closed her bank account (it was with Chase btw -- evil, evil bank, don't trust them!) and opened up a new bank account with another bank down the street.
TL;DR - We all need to wake the F up and open our eyes to the corrupt banking systems of the world
Incidentally, I went to my U.S. bank about 6 months ago to withdrawal $10k USD in cash. The bank teller said they couldn't give me that amount because they didn't have it available, said that the most she could give me was $3k. She said the rest would have to be "ordered" a full week in advance to have it available for me.
Now I realize this has become standard practice at most banks these days. Their reasoning is supposedly to thwart bank robbers making off with loads of $$$. But we all know it's BS, it is because of fractional reserve banking and that they wouldn't have enough physical money to cover everyone in the event of a true bank run.
Another horror story: My fiancee also once had her out-of-state bank account frozen by the State of Wisconsin, over a dispute of supposedly unpaid gains taxes on the sale of a prior home there (she was quickly found innocent of the charges, as she had sold the house at a loss). I personally witnessed this happen. The fact that the bank just rolled over and allowed the State of Wisconsin (not even the same state where her new bank account was!) to seize her bank account and funds without prior notification and with no evidence is just un-freaking believable. She was so pissed off, that when the freeze was lifted she promptly went in and withdrew all her remaining money, immediately closed her bank account (it was with Chase btw -- evil, evil bank, don't trust them!) and opened up a new bank account with another bank down the street.
TL;DR - We all need to wake the F up and open our eyes to the corrupt banking systems of the world
Your new bank would act in exactly the same manner... I've been there before too.
The government will assess some abstract amount of money that you "owe" using some wild speculative guess and then outright take it from you. No warning, no judgement, no court appearance or appeal, they just take it. The bank gives it away without warning and you look at your account to see a zero balance with a crazy lien on your future deposits...
You have to prove them wrong while you suffer the repercussions of becoming temporarily destitute without warning. When you compare numbers you think, "what the hell is this?" "How can they just make up some arbitrary BS and then forcefully remove that amount without due process?"
"You need to pay rent?"
"Oh well..."
"Oh, your kid is hungry?"
"Well you better do something about that..."
It's robbery by literal definition. Without a ruling by the judicial branch of government, the executive branch is overstepping the "limited and enumerated powers" it owns. It's outright theft...
.... your bank has to order the cash because they don't keep cash in the branch this has nothing to do with fractional reserve banking, at a branch level. It is a purely security driven practice and many branches hold up to the maximum allowed in their safe that their insurance will cover this isn't fractional reserve banking.
You guys aren't helping the cause here with the ignorance.
You guys aren't helping the cause here with the ignorance.
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