The Chinese Banking Bankruptcy Could Trigger the Mother of All Crises
An economic tsunami coming from the East could wipe out the plans of future generations.
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This is the first time in 2 years and over 200 articles that I am considering if I should keep writing this article or if I should hit the “publish” button after finishing it, or not.
I know that if instead of publishing this article here on Medium, I uploaded it as a video on my Youtube channel, The Expat, I would be immediately punished by Youtube. Some other channels have already suffered a similar fate or warned about the risks of vocalizing certain subjects about China.
So here is the first disclaimer: this is not a political article. I am not criticizing the Chinese government but just stating facts about the economic crisis.
I am also not implying that in the West, our authorities are more competent in economic matters. In fact, I just wrote about how western governments are throwing gasoline at the inflationary fire.
This article is about a (still) local crisis that may contribute to the current inflationary cataclysm and make the mother of all crises even worse than it already is.
So, what happened in China?
In the middle of June, thousands of Chinese citizens that had deposit accounts at a bank in Henan, China, woke up with a notification on their phones.
Their COVID Passes had turned from green to red, indicating that each one of them was now considered at risk of spreading the virus.
Levi, you told me that this article was not about politics but about a financial crisis. Why the heck are you talking about Covid?
Wait, dear reader. This has nothing to do with COVID. At least not from the biological aspect of it.
Apparently, this was a trick to stop people (in China, you cannot travel to almost anywhere without a green COVID passport).
And, curiously, the newly “red-pass” citizens belonged to the same group, and they had one thing in common: they were all customers of the same Henan bank, and they were angry and ready to protest.
