First published at 04:10 UTC on September 5th, 2022.
Based on information released on Aug. 26 by the CBIRC, the China Banking and Insurance Regulatory Commission, the commission has allowed two rural banks in Liaoning Province to enter bankruptcy proceedings, which is tantamount to officially declarin…
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Based on information released on Aug. 26 by the CBIRC, the China Banking and Insurance Regulatory Commission, the commission has allowed two rural banks in Liaoning Province to enter bankruptcy proceedings, which is tantamount to officially declaring the bankruptcy of the two grassroots village banks.
At the same time, a growing number of personal bank cards and even corporate accounts are being frozen in China, and the situation is also spreading in China's first-tier cities.
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“We are on the edge of economic collapse unless we wake up and
forcibly take back control of our government and economy. Over the
past 100 years, the game has been rigged, slowly and piecemeal at
first, always in the name of serving the greater good, preventing the
next bubble or providing greater transparency and security. It is as if
the American people are suffering from battered spouse syndrome; the
politicians, the greedy bankers, and the Fed all lie to us while they
steal our wealth and our liberty. Every time we call them on it, they
promise to never do it again if we'll just give them one more chance.
So we let it slide and then act shocked when they do it to us again.
Maybe we should have our collective head examined.”
— Ziad K. Abdelnour
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