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The reason which triggered the bank run was that there was a company that has just gone bust, with the founder and other executives ran away, brining probably RMB1 billion or more away with them. The company in question looks like a Ponzi scheme.
Originally posted by Ameilia
I believe the original post is unnecessarily inflammatory. There was not a true bank run, rather one situation with one company which caused some people to become emotional and withdraw money. Quote from your source states:
The reason which triggered the bank run was that there was a company that has just gone bust, with the founder and other executives ran away, brining probably RMB1 billion or more away with them. The company in question looks like a Ponzi scheme.
Originally posted by pityocamptes
Originally posted by Ameilia
I believe the original post is unnecessarily inflammatory. There was not a true bank run, rather one situation with one company which caused some people to become emotional and withdraw money. Quote from your source states:
The reason which triggered the bank run was that there was a company that has just gone bust, with the founder and other executives ran away, brining probably RMB1 billion or more away with them. The company in question looks like a Ponzi scheme.
Not really, its situations such as these that can cause a run, which typically can fuel on itself. Just look at the first bank run in 1929 in the US, it was benign in nature but fueled a MUCH LARGER event!!
Originally posted by Ameilia
Originally posted by pityocamptes
Originally posted by Ameilia
I believe the original post is unnecessarily inflammatory. There was not a true bank run, rather one situation with one company which caused some people to become emotional and withdraw money. Quote from your source states:
The reason which triggered the bank run was that there was a company that has just gone bust, with the founder and other executives ran away, brining probably RMB1 billion or more away with them. The company in question looks like a Ponzi scheme.
Not really, its situations such as these that can cause a run, which typically can fuel on itself. Just look at the first bank run in 1929 in the US, it was benign in nature but fueled a MUCH LARGER event!!
1. You say now a situation like this 'can cause' a run. Yet that is not what you titled your thread, you titled it 'Chinese BANK RUNS' in all caps, indicating more than what is going on. As I said, unnecessarily inflammatory.
2. You have also changed your original response since I posted.
Don't try to incite panic friend. Sincerely, not sarcastically.
"In the evening of May 30, there are rumors that the relevant state departments to rectify rebate network, it may freeze the personal bank account." Number of Wuyishan local residents confirmed to this reporter, "so people flocked to the bank teller, 31 withdrawals crowd formed the climax, are overcrowded urban areas, Construction Bank, Agricultural Bank of China, ICBC even Wuyi University, backdoor teller machines. "