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Bank run fears engulf savings bank industry

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posted on Feb, 18 2011 @ 08:13 PM
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Bank run fears engulf savings bank industry


joongangdaily.joins.com

More than a thousand customers lined up in front of the Busan II Savings Bank located in Busan yesterday...the line formed by depositors extended about 100 metersfrom the door...

...analysts expressed concerns that public panic about savings banks could spread. “The fears of depositors are mounting, which could lead to bank runs at a number of savings banks, and it could eventually spread to the entire savings bank industry,” said Jung Sung-tae, a researcher at LG Economic Institute.
(visit the link for the full news article)




posted on Feb, 18 2011 @ 08:14 PM
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The headline of this article will be a bit misleading for most readers since it deals specifically with South Korea, rather than being about a global situation. Even so, South Korea is a relatively large, mostly-developed market, and a bank run there would be unexpected by just about everyone.

A Korean bank run could have unpleasant ripple effects and consequences for the Pac-rim regional and global economies. It would represent an ugly jab in the eye to financial-system confidence, at a time when confidence is needed more than other. And it begs the question -- if it can happen in Korea, where else can it happen?

joongangdaily.joins.com
(visit the link for the full news article)



posted on Feb, 18 2011 @ 08:34 PM
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Do you have any information about why South Korea would be concerned, suddenly about their money? Is something going on over there?



posted on Feb, 18 2011 @ 08:36 PM
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The world is very interconnected anymore, so every story like this is part of the house of cards.



posted on Feb, 18 2011 @ 08:41 PM
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Originally posted by silent thunder
The headline of this article will be a bit misleading for most readers since it deals specifically with South Korea, rather than being about a global situation. Even so, South Korea is a relatively large, mostly-developed market, and a bank run there would be unexpected by just about everyone.


And the benefactor of failed US economic policies, along with the annual stimulus of aid packages, defense spending and funding, and incentives to drive corporate interests to SK.

The US is failing, those nations dependent on the US will be the most vulnerable if/when the US collapses.

Maybe they've seen the writing on the wall somewhere?




posted on Feb, 18 2011 @ 09:03 PM
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I'm sure the reason is very low imports to America.
This week I had a chance to watch the freight train traffic from East to West coast and vice versa in the Cajon pass, Ca.. On average one train passes every 20 minutes 24/7. The number of westbound trains seemed slightly higher in number. The carry cargo containers from Los Angeles harbor in the eastbound direction. The containers marked South Korea were very few in number...very few.
The wealthier imigrants from SK buy Toyota cars predominently instead of Kia. Not much loyalty to home made products.



posted on Feb, 18 2011 @ 09:34 PM
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reply to post by Granite
 


Well look at you! How did you do this?, and what an astute observation. I have asked questions on threads before and it is usually the other posters who answer, don't know why, but thanks for that, their economy might be on the verge. Not that I even remotely want to hear or think about that.



posted on Feb, 18 2011 @ 09:41 PM
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I've already done my personal bank run few months back.



posted on Feb, 19 2011 @ 01:06 AM
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reply to post by silent thunder
 


Oh, I've gocha Crystal. This is a colapse of the Fiat Currency system.(did I spell everything right?) We had a touch of that in Sept.2008. Ya know, we here at ATS and others too are dancing around conspiracies that right before our own eyes are TRUE. We are looking and watching and what do you know, Wisconsin. I am sure there are many ways to look at this current event but tell me, does anybody besides me think even for a second that the China Vault has been closed. I hope not but what else could the deal be?

My post is not to predict doom or dismay or align with any side. So skip the typical ATS "your just a fearmonger" comments....thanks OP you give us a perspective from another spot in the world



posted on Feb, 20 2011 @ 04:16 AM
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Well, look what we have here, another piece of the puzzle clicks into place:

South Korea Suspends For Savings Banks for Six Months in Liquidity Crunch
South Korea’s Financial Services Commission suspended the business of four local savings banks for six months from today due to a liquidity crunch.

The four banks are Bohae Mutual Savings & Finance Co. and three subsidiaries of Busan Savings Bank -- Jungang Busan Savings Bank, Busan II Savings Bank, and Jeonju Savings Bank, the financial watchdog said in a statement today.

“They have suffered a bank run” after the recent suspension of two other banks, the FSC said in a statement after a meeting at 7:30 a.m. today. “We concluded that they will not be able to meet demand for withdrawals, eventually hurting depositors’ interests and credit order.”


More at source above (Bloomberg).



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