tanks on the street in Henan

[CaptainCrunch]

Tanks have been deployed to protect the branches of banks due to people not being able to get access to their money

https://www.ndtv.com/world-news/vide...itself-3175812

A video showing tanks lined up on a road in China has shocked the internet. Quoting local media outlets, users on Reddit say that the footage is from Rizhao, in Shandong Province and the tanks have been deployed to protect the local branch of a bank at the heart of a scandal. The issue first surfaced in April when South China Morning Post (SCMP), in an article, said that residents of Henan and Anhui provinces were denied access to the bank accounts due to a "system upgrade".
Since then, bank deposits at Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and New Oriental Country Bank of Kaifeng in Henan province and Guzhen Xinhuaihe Village Bank in the neighbouring Anhui province have been affected, SCMP said.

The locals hit by the banking crisis, one of the worst in recent years in China, claim 40 billion yuan (US $6 billion) in deposits have disappeared and have been protesting demanding access to their savings.

https://www.reddit.com/r/interesting..._street_again/

[Monahammer]

Henan is the most interesting province in all china. If we eventually see a regime change, odds are historically that it will come from Henan.

[calgarygeologist]

I saw the banking situation being reported on last week and I found it really interesting. It is quite the situation that is unfolding over there right now.

[CaptainCrunch]

I'm not a 100% sure on the validity of the tanks on the street part. But there have been reports of banking problems in China.

For all I know this could be tanks returning from exercise, though usually you don't have tanks on the streets willynilly because the treads will rip up the roads.

[Shazam]

Why can't the CCP just make more money?

[GirlySports]

Originally Posted by Shazam

Why can't the CCP just make more money?

Sure but the Yuan is worthless and unreliable. This is why anyone who is anyone in China sends all their money overseas and into ghost houses in Richmond.

[lazypucker]

Originally Posted by Shazam

Why can't the CCP just make more money?

Because they don't want to cause massive inflation like how our great leader Justin Trudeau did by printing and handing out money left and right.

[FlameOn]

Originally Posted by lazypucker

Because they don't want to cause massive inflation like how our great leader Justin Trudeau did by printing and handing out money left and right.

Instead they printed and handed out money to massively over leveraged property developers like Evergrande to the point where they make up a quarter of the Chinese GDP. And those same developers are all on the verge of collapse threatening another worldwide financial crisis

[Shazam]

Originally Posted by lazypucker

Because they don't want to cause massive inflation like how our great leader Justin Trudeau did by printing and handing out money left and right.

My comment was /s but in fact the CCP want the Yuan to be low and have mostly done that in the past by buying oodles of US bonds.

Who knew all it took was to print future TP?

[Hack&Lube]

This banking problem is because a lot of previously obscure and small regional banks have been running a ponzi-scheme & other scams and it's finally coming to fruition.

It's not a bigger national banking failure but the ripples of corruption and con men who were offering insane interest rates and rates of returns on deposits.

This is due to the rise of internet banking where the regional banks were suddenly able to market services to other regions of China where they were previously isolated to small areas. Someone found a way to run a ponzi-scheme and reach out to a lot of areas of China to fund it, and now a lot of people have been left hanging.

If anything, this is going to cause Beijing to crack down harder on financial crime and it also puts the main competitor to Xi Jingping in a bad light because he was championing some of these new fangled banking and internet commerce.

[Slava]

Regarding the tanks on the street, in some places seeing a significant military presence (by western standards) seems commonplace. I was in a smaller city in Sichuan and while it wasn’t tanks, they had armoured vehicles around. It was a little weird, for a Canadian, but no one seemed to pay any particular attention.

[Snuffleupagus]

Originally Posted by Shazam

Why can't the CCP just make more money?

Why print it when you can steal it with no consequences.