China-base Zhingzhi Enterprise Group collapses, declares massive default on financial instruments

– Ripple effects will impact U.S. institutional investors, pensions, municipalities, banks and more – US banks getting hit with a liquidity crisis that will only get worse https://www.cnn.com/2023/11/23/business/zhongzhi-enterprise-group-china-insolvent-hnk-intl/index.html https://fortune.com/2023/11/24/china-real-estate-zhongzhi-enterprise-group-shadow-bank-real-estate-crisis/ https://www.bloomberg.com/news/articles/2023-11-22/china-s-troubled-shadow-bank-zhongzhi-warns-of-insolvency#xj4y7vzkg h/t TerraForms

Liquidity is flowing out of banks paying piddly .15% interest on accounts, as yield seekers flock into money markets & other higher-yielding financial instruments. Cue worsening liquidity crisis at local and regional banks in 3-2-1…

Assets in money market funds have hit a record $5.5 trillion. With yields above 5%, this trend should continue. pic.twitter.com/gpRrtgBjoL — Charlie Bilello (@charliebilello) August 3, 2023 Bear Stearns Collapse March 16, 2008Lehman Brothers Collapse September 15, 2008 Silicon Valley …

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