Posted on 10/03/2022 6:01:05 AM PDT by RomanSoldier19
Balderdash.
This is true. The toxic assets on the books of China’s 4 major state banks dwarf any other banks’ problems. Real Estate is 28% of China’s economy. Insane! It was about 8% of US GDP back in 2008 when we went into the Great Recession.
All those ghost cities we’ve seen for years, all those half built apartments.....you can’t hide that forever. Most of the accumulated savings of 1.3 billion Chinese people are going to disappear in the next few years....officially disappear as in the banks will have to recognize the losses.
That is especially damaging given that China has no equivalent to social security AND thanks to the one child policy, China is aging very rapidly. There are nowhere near enough youngsters there to take care of all the oldsters. The window of opportunity for China to grow quickly has probably closed already. The only question now is what will be the political consequences of this. Will it topple the CCP? Will the CCP turn to military aggression and ultra nationalism to try to give itself some legitimacy once its reputation for economic competence is in tatters?
It’s almost as if the powers that be wanted to publicly transfer wealth to a bank [ie, lehman], and crafted a plan for it to “fail” to justify it.
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smells kinda like the S&L crisis of the mid 80’s?
loading the financial institution bad/bogus loan and then filing bankruptcy brought down 1,043 of 3,234 institutions nationally.
(fyi: poppy bush’s bro, neil was in on the big colorado based silverado S&L BK)
Credit Suisse...didn’t the Popester at the Vatican just issue a warning re: Credit Suisse?
Perhaps the Vatican has significant deposits/holding with Credit Suisse?
Under management means the 2.7 trillion belongs to their customers, not them. If things look bad, withdrawals are highly likely.
It’s especially maddening because you know Financial Executives who run these companies have bled every ounce of money out of the company thru legal and often times illegal means in order fatten their bonuses, when ultimately the downturn happens, the companies fail, they get bailed out and the executives sneak out of town in the middle of the night laughing all the way to the bank.
China has no equivalent to social security ... or welfare, which is the big “lets go to war” ender.
Good post—but you didn’t quite close the circle.
The bailouts proved that we are not a democracy, we are not a republic—what we are is a kleptocracy of, by and for a few elites—and the paper documents that folks here talk about the all the time (the constitution, the law etc) were a sham.
The mask just came off—they were hiding behind it all the time.
I fail to understand how a bank can be given a virtual blank check and a get out of jail free card and still go bankrupt. It seems all those favors just allows them to get way over extended
Most of the problem is that these two banks can’t afford the insurance that covers their weird consolidated debt instruments. Guess who they want to bail them out when these “investments” go belly up.
Is that why the pope wanted the money returned to the Vatican?
We have not been a true constitutional republic since the New Deal began and its gotten worse since........
Proof?
Look at the wealthiest counties in the nation. Most of them are centered around the “Distribution Center” aka DC.
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