In this video, I report on the recent bank run out of the Bank of Zigong in Southwestern China.
People were lined up down the block in the city of 1.2 million people at all 32 branches according to a social media post. Government officials took down the original post from social media but nonetheless, a contagion begun as photos clearly show panicked people rushing the bank.
Shareholders of the Bank of Zigong in Sichuan province absconded with 40 billion Yuan through loans issued to shell companies they had created.
According to economists outside of the country (of course) this could have major repercussions as a domino effect could ensue leading to countless major banks seeing bank runs as well, all starting with the smaller banks.
We reported in August on a previous bank run on peer to peer lenders which caused a lot of panic in China.
Overall, China is the world's greatest powerhouse going forward with their intention to become a world reserve currency with a giant centrally planned cashless society system through the SDR at the IMF. The IMF in fact has been talking about basing their headquarters in Beijing.
As the US dollar world reserve currency fails like every other fiat currency, it's likely to see China on top for at least a couple of years before they too fail due to their massive debt crisis and the fact that, well let's face it... all fiat currencies eventually revert to their true value of zero.
People are very culturally complacent in China. Very accepting of the state's coercive actions. With social credit and facial recognition, it has gone beyond repair and a technocratic superstate has risen. It's a test ground for the rest of the world and it's gaining ground fast.
Individuals must reject that system and be self sufficient and financially responsible. Responsibility is the hallmark of freedom itself.
Besides, incredible innovations are being made with decentralized blockchain infrastructure technology with the true potential to replace all of this madness.
Be free and decentralize everything.
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Is this the first domino?
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You expect domino effect in financial environment, where nothing is real... corporations have financial breakdowns and their stocks go higher, stocks and bonds go up or down - at the same time... Banks, commercial TV stations, and politicians are working together to do anything to keep this fake market afloat. What do you think, will breakdown of one small bank really have so big influence on all central banks? I doubt it. Don't get me wrong. I would like to see real values in our market ( stocks would probably plunge for 90%) , but at least those would be real numbers.
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