These depositors thought their savings (excess capital) was safe on deposit. Actually the bank lent that capital mostly to government who promptly spent it on consumption. That is what happens when as a culture you deficit spend, print money, suppress productive capitalism with rules, regulations and taxes and consume more than you produce. A liquidity crisis is simply a guise of poverty.
This is just to prevent bank runs on printed money. Woe to those that want to remove their gold.
Have their water cannons been delivered yet?
Ping for your prep distro list.
He was overly compliant and cooperative with their attempt to steal his money (yes, “steal”; if they took it under a pretense and won’t give it to him what is that but theft). His response should have been “Then close my account right now. This second. I want every penny.”
Because it is my (expletive) money is all the (expletive) evidence the bank is ever going to get.
ping
Major Chinese banks raise deposit interest to maximum
http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1202&MainCatID=12&id=20140125000103
Trying to hold onto cash?
Update:
Furious Backlash Forces HSBC To Scrap Large Cash Withdrawal Limit
HSBC has stopped Chinese from converting renminbi to foreign currency for the next 9 days due to a "systems upgrade"--during Chinese New Year? Keep moving, nothing to see here.
