News, Rumors and Opinions Friday 7-17-2020
Our prayers for a successful surgery and hope you Get Well Soon Blondie~ Dinar Recaps
Prayers for Blondie:
Just thought you all should know that Blondie fell and broke her hip and will be going into surgery soon/ today Friday morning…
We’re not sure about the rehab situation, but her spirits are good.
Thought her Dinarland friends might want to send some Prayers Aloft for Speedy Healing and Recovery :)
China Rocked By "Unprecedented" Surge In Bank Runs
by Tyler Durden Wed, 07/15/2020 - 19:30
At first, it was an unthinkable taboo - after all with a banking system that's twice as large as that of the US, the last thing Beijing wanted (or could afford) was doubts that the people's trillions in savings were safe as the alternative was not just a collapse of the financial sector but a breach of China's capital controls firewall as tens of millions scrambled to move their savings abroad, in the process obliterating the yuan.
Then, starting in early 2019 after several banks quietly failed or were not so quietly nationalized... .. most notably the inner-Mongolia-based Baoshang Bank which was seized in the first state takeover since 1998, domestic confidence in China's banking system was suddenly - and perhaps irreparably - shaken, leading to scattered scenes such as these as depositor runs hammered several Chinese banks , forcing Beijing to unleash unprecedented damage control (and internet censorship) to keep the illusion that all is well.
Fast forward to today, when a confluence of the adverse trends that emerged in 2018 and 2019, coupled with the historic economic slowdown in China's economy, and accelerated by social media-fueled rumors about collapsing banks have sparked what Bloomberg called an "unprecedented" surge of bank runs, forcing regulators and even the police to step in to calm depositors.
According to Bloomberg, in just the past few weeks, worried savers have descended on three banks to withdraw funds amid rumors of cash shortages that were later dismissed as false.
Over the weekend customers rushed to a bank in the northern Hebei province to take out money, prompting local regulators to publicly vouch for the soundness of its lenders as the police halted the run.
Indeed, as Bloomberg adds, "after several bailouts and the first bank seizure in more than two decades last year, the coronavirus outbreak and its economic fallout have exacerbated an already shaky situation in the world’s largest banking system" leading to a sharp erosion of confidence in the $43 trillion banking system among the nation’s more than 1 billion account holders, threatening a cornerstone of China’s rise into an economic powerhouse.
"The perception Chinese savers had of banks being risk free is changing even though in nearly all recent cases their deposits have been protected," said China International Capital Corp analyst Zhang Shuaishuai.
"Once a rumor like this spreads, it brings immediate liquidity risk to a bank."
Read Full Post Here: https://www.zerohedge.com/markets/china-rocked-unprecedented-surge-bank-runs
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Courtesy of Dinar Guru
Jeff everything is moving towards completing right before your eyes. Yes, it does require some time but it is also moving towards completion. Since the current PM Al-Kazemi came into position everything that we've needed to see is now moving forward. Which is good...I can't stress this anymore. Iraq must have stability before the rate can change. They have to have stability. There's no way around it.
Pimpy I know you guys have been told that there are these 800#s you need to call. There's no 800#s you need to call...I actually called one of these 800#s that was posted one time and it literally was to a pizza place. I was like what the hell is this about? What are these 800#s?...I went into my bank. I bank at Wells Fargo. I called the manger over and we had a talk. The first thing that come out of his mouth was he said, "I must inform you we don't buy or sell Iraqi dinar...but if it gets reinstated and it's recognized and all the restrictions are taken off again here's all you got to do. Come into the bank. Get my attention...tell me you want to go ahead and exchange the dinar. We'll take a look at it, make sure the bills are real...then I'll tell you what the current rate of exchange is. We charge you a small fee...and you can just deposit it in your bank depending on how much it is..." These 800#s I'd be very very wary of. I'm just warning you out there. Be careful...
Did this just happen for Iraqi (we are so close)
Pimpy’s Investment Chat: Jul 16, 2020
Currency 365:
What Happens When Iraq Re-Opens + VND & IDR Prices
Jul 16, 2020