08-12-2022, 12:01 AM
Don't know if this has been covered before. This is important as it points to what could happen almost anywhere. Here is the TLDR:
- banks in Henan province started offering very high rate of return on savings
- the savings was claimed to be used in "risk-free" investments
- the saving was really used in very risky, uninsured investments
- it all goes south, the bank loses it's butt
- customers no longer have access to their savings (it's mostly gone)
- customers protest
- government calls up the military
- all customers are classified as dissidents/malcontents/etc.
- government changes their "health status" from green to red
- they can no longer travel to protest or go to the bank
Now I cannot speak to the "economic death" of China in 28 days. I have no clue. I was simply pointing out how crooked banks and governments can be and how screwed the little guy can be.
- banks in Henan province started offering very high rate of return on savings
- the savings was claimed to be used in "risk-free" investments
- the saving was really used in very risky, uninsured investments
- it all goes south, the bank loses it's butt
- customers no longer have access to their savings (it's mostly gone)
- customers protest
- government calls up the military
- all customers are classified as dissidents/malcontents/etc.
- government changes their "health status" from green to red
- they can no longer travel to protest or go to the bank
Now I cannot speak to the "economic death" of China in 28 days. I have no clue. I was simply pointing out how crooked banks and governments can be and how screwed the little guy can be.