Topic: Reuters: Bank Run in China! - page 2. (Read 3059 times)
One thing everyone should realize when handing over money to a bank: The money is no longer your private property instead it is converted into accounts receivable. That is a huge difference.
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.
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!
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