TRANSCRIPT: A run on Chinese banks? Don’t believe the West’s Big Lie Propaganda Machine. It can’t happen, since the citizens own them all. China Rising Radio Sinoland 220622

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By Jeff J. Brown

Pictured above: a map with where and the number of banks there are in China. There are many thousands of them, all people-owned.


Sixteen years on the streets, living and working with the people of China, Jeff

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A run on Chinese banks? Don’t believe the West’s Big Lie Propaganda Machine. It can’t happen, since the citizens own them all. China Rising Radio Sinoland 220622

Transcript:

Hello, everybody. This is a Jeff for just a quick video audio podcast. I don’t have time to do a green screen. It takes hours to do one, but I just wanted to, this one is entitled “A run on Chinese Banks? Don’t believe the West Big Lie Propaganda Machine. It can’t happen since the citizens own them all.” Alright. I wrote an article that was actually published by a popular Asian Journal back in 2017 that explained all this and it was called, “So-Called Communist China” (http://chinarising.puntopress.com/2017/05/13/so-called-communist-china-by-jeff-j-brown-in-the-all-china-review/).

Westerners cannot accept the fact that China is communist. The so-called communist China phrase comes from Franklin Delano Roosevelt, who could not bring himself to say that China was communist, because he so fervently believed that China was going to become another, you know, Sino-America, which JB East and I as JB West have talked about, how they thought there were going to be white churches, Christians and everything else. China has been communist for 5,000 freaking years.

They just gave it a name when they got Marxism and Leninism and communism and they gave it a name communist. China has been communist for 5,000 freaking years. The other thing is their whole society, their whole culture, Confucius, Daoism, Buddhism, it’s very, very communist and socialist.

The other thing that people do not understand or refuse to believe is that there is no private dirt. There is no private real estate anywhere in China. It is all owned by the people.

I and my wife, we can go get 70-year lease on a piece of property, you know, McDonalds, Kentucky Fried Chicken, BMW, Ford, you know, they can lease land for 70 years and do whatever they want with it as long as it is obviously not illegal, but you cannot buy green land dirt in China. All you can do is get a 70-year least that is renewable and they’ve come up with rules so that the buyer, the lessee does not get gouged. I’ve also talked about this on my website.

The next thing is, is that the financial sector is all people owned, few people don’t know.

Few people know that the four biggest banks in the world, and they are massive, are Chinese. And I’ve written about this: They are, the four biggest banks in the world are the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, they are massive, they dwarf the other banks HSBC, JC Morgan and, you know, Scottish Bank and anything you want to think of, the largest banks in China, they are massive.

And then number 10 is the Bank of China. My wife and I have accounts at Bank of China, Industrial and Commercial Bank of China.

Then below them are 12 massive commercial banks, including China Merchants Bank, China CitiBank, China Minsheng Bank, there are twelve of them. They’re everywhere. Hang Feng Bank, Pudong bank, they’re all over the place. My wife and I have accounts at China Merchants Bank and we had our first bank account in the 1990s with China Citibank and we still have those accounts.

Then, there are all of these hundreds and hundreds and hundreds of provincial banks and city banks, like the Bank of Beijing, the Bank of Nanjing, the Bank of Guilin, the Bank of Dalian, the Bank of Shanghai, they are just everywhere. And so, they are also out there. Hundreds of them all over the country.

Then below them, there are agricultural banks, village banks, thousands and thousands and thousands of them, Rural Commercial Bank of Guangzhou, Beijing Rural Commercial Bank, Shanxi Commercial Rural Bank, and then you have got below them, there are all of these little village banks. I mean, there’s thousands of them, thousands.

So, websites like Zero Hedge and Corbett report, they do some really, really good reporting. But when it comes to China, they don’t know their rear end from a hole in the ground. They don’t know dog poop from peanut butter. They are so ignorant of China. It’s embarrassing. And so, they are also Sinophobic, Yellow Peril racist against all things China and they are absolutely, you know, apoplectically they have a visceral hatred of communism and socialism and so they find any and all ways in the Western Big Lie Propaganda Machine about China to propagate and misinform people like you.

So, on Asianmarkets.com, they blast, “There’s a run on Chinese banks and it being ignored by the world”. They did this on the 12th of June. Oh, really? Okay. You cannot have a run on bank that are owned by the people. The people own the freaking banks.

All right, here’s what happens: If a bank gets in trouble in China or any private big, big enough to matter, like China, Evergrande. If they get into trouble, Baba Beijing, the Chinese government just moves in, allocates the assets, absorbs the assets, writes off the bad debt and they allocate the assets to state-owned corporations and the state sector in China just gets bigger and bigger and bigger. Every time a Chinese company buys a Western company and they are state-owned, there are Chinese state-owned companies’ sub-entities all over the world because they are owned by the people because they’re state-owned. So, in this article, they’re talking about six banks that are village banks. I mean, village banks.

There’s thousands of these all over China, thousands and thousands and thousands and thousands of them. And yet they focus on these six banks, they are all in Henan and Anhui Provinces. They may have been mismanaged. They show really fuzzy photos. There they show one photo that could legitimately be a protest, and it’s probably true, these little local branch banks probably, maybe were mismanaged, doesn’t matter, Baba Beijing will just move in, take control of them, write off the bad debt, take care of the people and reallocate the resources.

And of course, the guys and gals, who managed, if they badly managed the banks will go to prison, unlike in the West where they get off scot-free. Then they have this hilarious picture of a few people standing outside the bank in Yuyao. All right. That could be me. I spent, I don’t know how many hundreds of hours of my life waiting in front of my Chinese banks, because you need to get there early, because they’re so many darn people that go in there and flood in there every day. You know, the Chinese are 1.4 billion of them and there’s just still not enough branches everywhere.

I spent hours and hours and hours of my life waiting in front of banks at like eight in the morning when they’re going to open at 8:30, or 11:30, if they’re going to open at lunch or on Saturday or whatever. That photo is a bunch of bunk.

All right, there is one photo from Henan Bank and they are asking, you know, that they’re worried about their savings. Great, the Chinese government, Baba Beijing loves all the protests, the public protests all over China.

There are three to five hundred of them a day. Three to five hundred public demonstrations protest a day in China. No, they don’t get shot. No, they don’t get maced. No, they don’t get beaten and tasered and run over like they do in the West, having their eyes poked out, arms ripped out, fingers ripped out etcetera. They love it because it exposes bad governance. It exposes bad governance.

Then they show a short video of people protesting at Evergrande, that from 2021. Whatever happened to Evergrande? Nothing, they’re taking care of their debt. It’s being restructured. They have not defaulted. The Chinese government, Baba Beijing is not going to let the customers of Evergrande left holding the bag. They’re not going to let it happen. And if it eventually comes to the point where Evergrande does go into receivership, the Chinese government will take it over, allocate the assets to state-owned corporations, take care of the people who were badly treated, or have debt and they’ll go on.

You know, in 1988, when there was a huge meltdown in the West, you know, the stock market dropped 25% in the United States, and then the two thousand dot.com bust where everything was fake and fake books and fake companies, and fake everything. And then the even bigger 2008 meltdown in the West and then we can go back to 1997 in the Western orchestrated Asian tiger meltdown to strip the assets from Taiwan, and from Thailand, and from Malaysia, and from South Korea, etc.

All that and what was the one country that did not miss a beat… China… because its financial sector, it’s real estate and I can also bring up insurance. Some of the biggest corporations in the global Fortune 500, some of the biggest insurance companies in the world are owned by the Chinese people because they are under the Aegis of the Chinese government.

There was another insurance company that was having some problems. In the United States that would have caused, you know, tremendous opportunities for billionaires to make more billions by picking off assets for ten cents on the dollar, the Euro Not in China, they just go in there, put it under state receivership. I mean, it was state anyway, but they got in cleaned it up, restructured the assets, wrote off the debt, took care of the people, got it back going and now that company will be extremely under the control of Baba Beijing.

There are a handful of private banks starting in 2014, they allowed about, eventually, in 2016, it got up to, like, I think maybe 19 bank and there’s like, WeBank and MyBank, and MyShare Bank in Wenzhou, and, you know, KCB, SHRB in Shanghai, but they haven’t done well and they are private. I mean, they’re small but they were allowed to be there in sort of a test tube. There are 19 of them out of, you know, well over ten thousand banks easily in China.

And if you take the branches, you’re talking hundreds of thousands. And so, in fact three of the privates went into receivership because they were not managed well. Baba Beijing moved in took them over, allocated the assets to the state banks and then, they took care of the people who had the debt so they would not suffer. This, my friends, is communism and socialism and there is no way that banks in a communist socialist country like China can go bankrupt because the people own the banks.

Can there be public panic? Can there be rumors circulating? Can people, you know, lose their heads and cry Chicken Little? Yeah, that’s possible.

There’s also in this one picture: they show people standing in line, you know, but you can’t, all I can see in Chinese is Shanghai. I don’t know if that’s a bank. You stand in line all the time in China, that could be for a trade show or a restaurant or God knows who or where, you know, you spend a lot of time standing in lines in China.

They show a Twitter of the ICBC, some people standing in line outside of an ICBC Bank. You know what, I’ve stood in line outside of banks too and it was not because there was a run on the bank. So, this just, and then you know, no one’s getting beaten up, no one’s getting tasered and pepper sprayed and thrown in jail. Nothing like that happens because the people wouldn’t tolerate it like they do in the West.

So, this article in Asianmarkets.com is a wonderful bit of agitprop, Western Big Lie Propaganda Machine. It’s just, it’s just big lie propaganda slop. And there is no way that this can happen in China because the government will just come in and clean everything up. This is why the most successful bank in America is the South Dakota State Bank, it’s state-owned and they don’t have any problems, you know, because it’s owned by the people.

And, of course, all of the Western trillionaire global capitalist dictators do not want any public banks in the West is because then they can’t make money trillions and trillions of dollars off of people like you. So, if I had to put my money anywhere in the world, in fact, I’ve got money in my bank account at the Bank of China in Shenzhen, that’s the safest place I could put it, because I have absolutely zero trust in the West and the fact that the first people who are going to take a loss in the West are the citizens.

And they’ll make sure that the owners, you know, the A-share stockholders, the CEOs, all the officers, the boards of directors, they’ll get taken care of and the rest of us can be told to go take a hike. All right, I just wanted to share that with you. I have no notes or anything. So, it’s a little bit rough, but I think I got my message across. Thank you.

Note: I forgot to mention that China prints its own money, so they don’t pay trillions of yuan/dollars in interest to private banks on the national debt.

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Why and How China works: With a Mirror to Our Own History


ABOUT JEFF BROWN

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JEFF J. BROWN, Editor, China Rising, and Senior Editor & China Correspondent, Dispatch from Beijing, The Greanville Post

Jeff J. Brown is a geopolitical analyst, journalist, lecturer and the author of The China Trilogy. It consists of 44 Days Backpacking in China – The Middle Kingdom in the 21st Century, with the United States, Europe and the Fate of the World in Its Looking Glass (2013); Punto Press released China Rising – Capitalist Roads, Socialist Destinations (2016); and BIG Red Book on China (2020). As well, he published a textbook, Doctor WriteRead’s Treasure Trove to Great English (2015). Jeff is a Senior Editor & China Correspondent for The Greanville Post, where he keeps a column, Dispatch from Beijing and is a Global Opinion Leader at 21st Century. He also writes a column for The Saker, called the Moscow-Beijing Express. Jeff writes, interviews and podcasts on his own program, China Rising Radio Sinoland, which is also available on YouTubeStitcher Radio, iTunes, Ivoox and RUvid. Guests have included Ramsey Clark, James Bradley, Moti Nissani, Godfree Roberts, Hiroyuki Hamada, The Saker and many others. [/su_spoiler]

Jeff can be reached at China Rising, jeff@brownlanglois.com, Facebook, Twitter, Wechat (+86-19806711824/Mr_Professor_Brown, and Line/Signal/Telegram/Whatsapp: +33-612458821.

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