– Bank Of China Declares Moratorium On Transfers, Online Banking; Counters Inoperable (ZeroHedge, June 24, 2013):
From Caijing, google translated. We hope the gist of the narrative in Mandarin is far less scary, because if the translation is even remotely accurate, then all hell may be about to break loose in China.
Bank of China, Bank of suspension of transfers morning counters were unable to apply for online banking
Update: Customer service said, now silver futures transfer service has been fully suspended, online banking, the counter can not be handled, and now has the background system response, recovery time is not yet known
Following the ICBC, the Bank of China also go awry again. This morning, the Bank of China Bank moratorium on transfers, online banking, counters are inoperable.
10:00 many, many people began to receive messages sent to the Bank of China, “the end result of the Bank of China Bank failures, bank customers can not carry on through the Bank transfers, please Bank online banking, bank counter or use of other bank transfer system, Bank system will be restored promptly notify you.” large number of transfer business banking needs of the people turned to online banking, counter, but according to the instructions of the public still found text messages can not handle.
Reporters call the BOC, customer service said, now silver has been fully suspended phase transfer services, online banking, the counter can not be handled, and now has the background system response, recovery time is not yet known.
As of 12:00, the Bank customer service said handle part of the user’s online banking has been restored.
Just yesterday, 10:35, Shanghai and other places ICBC system failures, ATM machines, POS machines, online banking appeared paralyzed more than 50 minutes, all kinds of businesses can not properly handle.
The ICBC bank system failure comes trouble “money shortage”, inevitably lead to speculation that many people guess the bank is not money.
To solve this problem, ICBC relevant person in charge told reporters that morning, business process slow, the analysis on the host software upgrade, emergency treatment, 11:27 various businesses all returned to normal.
As for speculation that the crash might be the last two days the inter-bank “money shortage” relevant, ICBC has denied
This is what happens when nations leverage 1000:1.
The crash of 1929 started overseas, too. It was not China, but Europe, however, we now have the east in the system. This is looking really bad.
I continue to be reminded what Marianne Eckles said when asked what caused the Crash of 1929. He was the FED chairman at the time. He said “As in a poker game, when the chips get concentrated in fewer and fewer hands, the other fellows can only stay in the game by borrowing. When their credit ran out, the game stopped.”
It sounds very much like what is happening in Europe, China, Japan and the USA right now, except for one salient point……..we were not leveraging 1000:1.
There is no way all this debt (the only growth over the past 12+ years has been debt) can ever be repaid.
Hang on, we are in for one hell of a fall, and it is global.