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🚨 IMPORTANT: A financial "bomb" just detonated in China. Everyone in the crypto space needs to know this now. A thread 🧵
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1/ A banking panic has recently erupted in China. Frightened depositors are storming the Guangzhou Bank and this is just the beginning. Since last week, a wave of panic has swept across the country's banking system. Branches of the Guangzhou Bank overflow. https://t.co/vvtEikkftY
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2/ Numerous videos have surfaced on the internet showing depositors standing in long queues at various bank branches to withdraw their money. The banking panic is now spreading beyond China to Japan, Australia, Canada, the United States, and other countries worldwide. https://t.co/RLxcO4okPa
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3/ This is happening while everyone is distracted by another war. This fundamental shift towards digital currencies goes unnoticed. Right now, there is serious and man-made pressure on regional banks by central banks. https://t.co/ll8jWqwCET
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4/ As previously mentioned in the thread about central bank reports: - We predict a wave of defaults. - They will hit small, regional, and even large banks at a scale unprecedented. Even Lehman Brothers' 2008 scenario could seem like a children's story in comparison. https://t.co/jBqwai9k5x
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5/ In this thread, we will delve into the precise details of what is happening. We will also analyze a video recording of the FDIC (Federal Deposit Insurance Corporation) discussing the imminent bank debacle and the information they aim to withhold from the public. https://t.co/nd3YqkEfrR
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6/ Another Chinese bank, Zhangzhou, is experiencing a banking panic as hundreds and thousands of depositors rush to its branch to withdraw money due to concerns that the Evergrande collapse has made this bank insolvent. https://t.co/qJ1jYpo9KQ
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7/ Creditors showcased a photograph featuring a massive pile of cash in an attempt to reassure individuals. But, this didn't help. Evergrande, the largest residential real estate operator in China, has debts amounting to $340 billion.Evergrande is much more than just 🇨🇳 banks. https://t.co/jtSSZZgy6o
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8/Â It has numerous connections not only in China but also, for example, in America. Many financial institutions and major organizations are linked to it. We could face a situation where Evergrande might unleash a very dangerous virus into this chain. https://t.co/eoLp0eJpKT
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9/Â Evergrande also represents 1.6 million unfinished and unoccupied apartments. Five million people have already suffered because of this. Another Chinese property developer, Country Garden, warns that it may default on its debts, and at the moment, it has $200 billion in debts. https://t.co/b5FcA0FdN1
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10/ It has already missed payments on some dollar-denominated bonds last month. And this week marks the end of the thirty-day grace period for making payments. https://t.co/35f4ZJEva6
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11/ Look at this - the Chinese real estate market has fallen by 82% since May 2021. What did China do? It reduced interest rates on mortgage loans by $6 trillion to prevent this crash. So far, it hasn't helped. It seems impossible to stop what is coming. https://t.co/ZHCqMlppB9
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12/ And these are just Chinese news from the last few days. They are promoting the Central Bank Digital Currency (CBDC), pushing the digital yuan. Chinese regulators eagerly support this policy for CBDC, and things get even more interesting. https://t.co/ClR90Ne7O2
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13/ Here's what's happening in Canada. Every fifth borrower is forced to extend their mortgage within the next year. https://t.co/FoZTPU1bFL
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14/ A homeowner on Twitter reports that his previous interest rate has increased from 2.6% to 6%. And he adds, quote: "I don't know how people can afford to live in G7 countries." https://t.co/jaBHy5wyVg
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15/ According to the CEO of Wowa Leads - at least 75,000 borrowers are already receiving letters with revised and much higher interest rates as the mortgage renewal deadline approaches. https://t.co/vUpMstPPYI
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16/ He also suggests that the surge in bond yields could add about six hundred dollars to monthly payments. Who can afford that? Two out of three Americans, two out of three Canadians, don't even have $400 in the bank. https://t.co/Keqy8PO8Ni
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17/ How are they going to pay an extra $600 per month? They can't. We will see a major crisis in the Canadian real estate market. And while this is happening, here's what's interesting: just like in China, there is propaganda preparation for the population for digital currency. https://t.co/Ng9gZZm4lA
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18/ The Bank of Canada says that CBDC can overcome inclusion problems, and in general, digital currency is so good that it solves all problems at once. https://t.co/isXykkOrvn
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19/ In Australia, it's more of the same. Every fifth borrower is in a deep debt pit. The Reserve Bank of Australia echoes the sentiment, stating that Central Bank Digital Currency (CBDC) is the future of money. Depositors' savings need to be tokenized. https://t.co/LGO5x3F625
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20/ Overall, the real estate market worldwide is approaching a stage of significant problems. It will be a global crisis that nobody is paying attention to right now because everyone is focused on the war. https://t.co/SCqMIX9AK6
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21/ But what happened, for example, in Japan? On October 9, the largest failure occurred in the Japanese banking system, freezing 1.4 million transfers. This is not an amount of $1.4 million, but 1.4 million individual transfers that got stuck in the system due to the failure. https://t.co/HLqOu9yZkS
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22/ The glitch affected 11 banks, including JP Morgan Chase Bank, incidentally. Now, Japanese banks are launching a central bank digital currency backed by bank deposits—meaning customers' money. Also, Japanese companies will tailor it to environmental and clean energy standards. https://t.co/eOWJq7h9V4
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23/ Interestingly, deposits will be tokenized. Remember how CITI Bank tokenized customer deposits? JP Morgan is also preparing for this. Now entire countries, like Australia and Japan, are extolling the benefits of deposit tokenization. Just look at all of this. https://t.co/JYB9tPpUBV
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24/ And here's what's happening in the United States. We've already mentioned that banks have unrealized losses on bonds of $600 bil. However, the total amount of unrealized losses is $2.2 trillion. Only $1.5 trillion in commercial real estate needs refinancing in the next year https://t.co/J10x2hkB6L
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25/ By 2027, this figure rises to $2.7 trillion. In other words, 10% of the entire commercial real estate market in America needs refinancing. Every commercial building in America must undergo underwriting in a bank to get a new loan. https://t.co/VjUaQ7yNcC
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26/ But most of them won't meet the requirements due to what is happening in the economy and the tightening of credit conditions we've talked about. And when talking about commercial real estate, it's not just office buildings. https://t.co/kzTwHjfujf
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27/ It includes multi-family homes, industrial properties—everything considered commercial. You understand how significant the problem we are facing is? It's enormous. But they know this. And it's the perfect scapegoat for them. https://t.co/DyEZuqzFT5
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28/ The International Monetary Fund (IMF) says that weak banks may face difficulties in an economic downturn. So, how many banks are at risk? https://t.co/UDBzXBaG3s
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29/Perhaps it's just Silicon Valley, Bank First Republic, Bank of California, and other small regional banks that don't really affect most people? No. Here's what they say: about 5% of banks worldwide are at risk if central bank interest rates remain at their current high levels. https://t.co/Lf1eOpFAdM
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30/ And here's what Jerome Powell from the Federal Reserve said on September 20—interest rates must remain high for longer. What will happen if rates stay higher for even longer? Another 30% of banks, including the world's largest banks, will be at risk. https://t.co/A47ud37xD1
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31/ So, 30% of banks worldwide, not just in the United States but globally, will be vulnerable if the economy experiences low growth rates and inflation remains high. In other words, we will be in a stagflation process. https://t.co/5qDC4TO8Sw
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32/ You can see for yourself what's happening with energy prices right now, what's happening in Israel, the risks posed by Iran and oil. This leads to high energy prices, and they are already preparing for it. https://t.co/54YbTYyfoy
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33/ Many Republicans have invested significant money in oil and energy companies, so they say that 30% of banks may face difficulties because of this. A harsh but plausible scenario. https://t.co/io6zfVq8gZ
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34/ Think about it: consumers are approaching winter by withdrawing deposits from banks at a record rate. They are even taking money from 401K pension plans, although there's a penalty for that. They are willing to pay these penalties just to retrieve something. https://t.co/BsAq5Fur0R
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35/ In America, for example, the repayment deadline for student loans for 43 million people came on October 1, and we see $1.1 trillion in credit card debt with high interest rates. https://t.co/Fv3gWciVNz
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36/ People continue to deplete their savings, their deposits, even their pension plans. This means losses for banks, and they will continue to incur much larger losses. https://t.co/t9qlZq55c2
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37/ And now, pay attention to the video from the meeting of the Federal Deposit Insurance Corporation (FDIC). After watching it, everything becomes clear. This is indeed important. https://t.co/QBecdubDDR
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38/ They say, it's important for people to understand that their deposits are insured, but openly sharing this information with the general public might lead to unintended consequences, causing panic and concerns about banks. https://t.co/1bGXoFcmL0
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39/ Selected individuals can find ways to understand the complexities of banking, and legal firms are available to explain these matters. However, caution is advised about openly sharing too much information with the broader public to avoid unintended consequences. https://t.co/ptSSt0bAZ3
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40/ Do you see what's happening? But here's the scenario we consider likely. We think we might see a wave of bank bankruptcies worldwide—USA, Australia, Japan, China, Europe, and so on. https://t.co/J5PZSgJpL5
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41/ After that, consumers will find themselves in a situation where they'll ask: What should we do? How to save ourselves? And then they'll be told: Here's an account in the Central Bank. No need to worry about liquidity problems or bank bankruptcies anymore. https://t.co/RfaEh9qp3K
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42/ Everything will be stored in the Central Bank. And people will rejoice—finally, peace and security. And then, before you know it, the money stored in the Central Bank will be tokenized. They will turn into digital currency. https://t.co/paLNBpACtr
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43/ And they'll tell us that it's environmentally better, faster, cheaper, or has fewer expenses, and so on. And people will agree with this. The only question is how much time it will take. https://t.co/b5hdxN7uRW
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44/ Lastly, pay attention to this headline. Biden is essentially declaring war on those banks for hidden fees. Why do we need these banks? https://t.co/hjL6Sl1O52
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45/ The government and Central Bank believe we only need tokenized deposits and the Central Bank's digital currency. https://t.co/QfE1F4vWeG
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46/ But we strongly believe in being our own bank, and Bitcoin has provided us with that empowering opportunity. https://t.co/xEuzGzncoq
