BANK RUN In China! – Country Hit By MASSIVE Debt CRISIS
Josh Sigurdson talks with author and economic analyst John Sneisen about the recent bank run in China on P2P lenders as countless people hit the streets.
Chinese household debt has climbed 40% in the past year alone. To top off that problem, one of the most at risk financial sectors has reached its inevitable end. Peer to peer lenders.
Peer to peer lenders collect money from investors and dispense small loans to consumers. These loans are usually done without collateral, putting the loans at risk of default with no recovery whatsoever.
China’s peer to peer industry is far bigger than the rest of the world’s combined. It had risen 50% just last year alone, totally $215 billion! Interest rates are often as high as 37%.
Investors have been pulling their funds from these P2P lenders for some time, but in recent weeks the volatility got far worse. Countless P2P lenders have closed their doors in the last few weeks. Over 200 since June. Investors have been pulling funds in massive numbers causing a bank run! 243 online lending platforms have recently gone bust!
This piles on top of the growing centralization in China as debt weighs down on people’s shoulders. The Chinese government has been encouraging people to buy gold so to stand as one of the most powerful dominoes to fall.
China is going cashless, fast. The IMF has spoken about putting their headquarters in Beijing. China clearly wants to be the next world reserve currency as the US dollar inevitably falls alongside all other current fiat empires.
The Bank For International Settlements recent named China, Hong Kong and Canada as the economies most at risk of a banking crisis. The bubble worsens and the centralization applied to fix the problems of centralization will simply get to heavy to sustain. All fiat currencies have eventually reverted to their true value of zero. They always have, they always will, going back to 1024 AD in China interestingly enough.
So as we see the markets and the economy inevitably crash, the only thing one can do is decentralized, protect their purchasing power and learn to be far more independent. Financial education and responsibility are key. Individual responsibility is the hallmark of freedom itself after all.
We hope individuals prepare themselves. It’s better to over prepare than under prepare.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Featuring:
Josh Sigurdson
John Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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World Alternative Media
2018
“Find the truth, be the change!”
(5466)
Well this may not look like it but this really GOOD NEWS because Chinese government has to change their SLAVE LABOR. The people have been hurting for a long time because of how HARD they work for VERY LITTLE. Yes China wanting to be the WORLD POWER on the backs of their PEOPLE with labor. This is GREAT news actually because China CAN NOT be the WORLD POWER when they TREAT their own PEOPLE LIKE they do and take the HUNDREDS of BILLIONS in TRADE from the U.S. each year. As we have all learned 500 BILLION each year.
Great coverage!!!
you right!!!
who cares.
When do ye see this crash happening guys ?
I wonder, how much longer people will wait before they have to do something – burn the FED etc… Now the public official debt to GDP is 104%. When is the breaking point ? 120%, 150%, 200%, 250%, 350% or 500% or 1000% ???
We can all participate in ending slavery that is government. We can all learn to peacefully and effectively protect ourselves from the criminals call government for free at Marcstevens.net
GOOD! Fuckin Scorched Earth for China=WINNING!
when are you love birds getting married? have you kept your faithful virginity for the wedding night?
Communism does not equal corruption see example Somalia and United States.
Don’t get sick
The Gulag archipelago I will be knocking on your door for my money you don’t have it sign here
YAWWWWWWWWWWWWWWWWWN.
DOWN WITH CHINA,EVIL
“China is a communist country so therefore it’s corrupt”. .
But the US isn’t… ???
Never heard so much BS in my entire life!!!
Nah, China banned Youtube just because it behaves like China but works for another government LOL so is google, facebook. Looks like a pattern there LOL
JOSH + JOHN do you have a backup plan for another platform? Two I use are block chain tech, Minds & Steemit.?
Cryptos will disappear with 1 click soon. It’s coming.
HTML 5 – can’t watch
? it was bound to happen, their noobs were investing in those brand new paperthin house of cards ghost cities that are only a few years old and are already crumbling down just like the movie Inception! ?? For more info checkout the expat gringo utube channels that broadcast out of china ?
Great Energy!!
Never take advice from a financial person who uses the term “borrow to”.
For a moment, I thought he’s talking about USA and Canada!
What’s a difference???
Honesty is important… deceptive title, this is NOT a bank run.
More FAKE News! Go fund me to make up more fake news to keep up my lavish lifestyle. I don’t need facts, only fake propaganda given to me .
So the Chinese didn’t learn from USA how to not create a crisis of their own making.
So it is a bad thing when there is less peer to peer lending?
Josh, your a great presenter however please slow down with your delivery, mate your like a machine gun, slow slow slow down buddy.
dept tsunami driven by central bank printing presses have been runnin wide open 24/7 for the last DECADE!printing trillion upon trillions and buyin every mofo thing!
that situation is exact same with that of korea in 1997. people rush for dollar, real estate bubble burst, IMF kicking in with high horse….they’ll suffer for greediness.