Western MSM minions like NYC, CNN, WSJ, BBC, DW etc are silent about whats happening in China.
Because they get millions of dollars from Chinese companies.
Its only because of whistle blowers and local translators through social media that this kind of news surfaces.
— The Macro Story (@themacrostory) July 12, 2024
- Background:
- China’s regulators have been implementing reforms and consolidations for years.
- Since 2019, several mid-tier banks have collapsed, and powerful investment managers and state financiers have faced challenges.
- However, small rural banks pose the most complex problem.
- Recent Developments:
- In the week ending June 24th, 40 Chinese banks vanished as they were absorbed into larger institutions.
- These smaller banks encountered similar issues as American banks during the savings and loan crisis in the mid-1980s.
- Comparison to the U.S. Savings and Loan Crisis:
- The S&L crisis in the U.S. was triggered by aggressive lending growth, poor risk controls, and a property downturn.
- Over 1,000 small lending institutions collapsed or merged during that period.
Source:
https://www.straitstimes.com/opinion/why-chinese-banks-are-now-vanishing