Josh Sigurdson talks with author and economic analyst John Sneisen on a beach as we at WAM take a 2 day breaks. We felt it necessary to still get a report done and when we found out about a bank run started by a rumor in China, it stood out!
Linshang Bank in Hong Kong was rushed by countless people following a rumor of a bank run spreading to the public.
Police questioned 27 people, detained 12 and severely reprimanded 15 as people begun to talk about problems at the bank with 61 billion dollars in deposits. Many are saying it was employees who spread the rumor and it lead to a very rare run on the bank.
As John goes into, this is only the beginning as we will see legitimate bank runs in the near future and it’ll result in nothing as banks go waltzing into a cashless technocratic future, no proper reserves are held and debt is abundant!
If your money’s in the bank, it’s not yours, it’s the bank’s! Private vaults provide far more security of wealth and even still, fiat paper currency will crash and become worthless and when that happens, you can run on a bank all you want, you can utilize that fiat paper you kept under your mattress. It won’t mean anything as it won’t be worth anything.
There are solutions to this problem though. Wealth insurance is important. Self sustainability is important. One has to be personally responsible and financially responsible. Food, water, shelter, defense and sound money!
Stay tuned as we continue to cover these issues!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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