Beware: Two Major Banks in Serious Trouble
What just happened in a small rural town in eastern China should raise every warning flag here in the United States.
A man innocently walked into his bank in Yancheng, a city in Sheyang County, and asked to withdraw the Chinese equivalent of $32,200.
Not an outlandish request, right?
Well, the bank refused.
Within seconds, news had gone viral.
Fearing the worst, depositors believed that the bank had run out of money.
Minutes later, hundreds of customers were beating on the doors, demanding cash.
Despite assurances from regulators and the central bank that their money was safe, a full-scale run on the bank lasted three days!
Well, here’s where it gets scary…
Don’t think it could happen here?
In the coming days, you’ll be hearing a lot of negative news concerning banks in the United States.
You’ll hear that the FDIC doesn’t have enough money to insure your deposits.
You’ll hear that one of the major banks will soon fail.
You’ll hear that Citigroup (C) is behaving very strangely.
All of this (and more) will soon come to light, I assure you.
But first, let’s begin with international banking expert, Martin Hutchinson.
Martin, a Harvard MBA, spent 25 years working inside the global banking system from London to New York and back again. In the 1990s, he played a key role in establishing the debt markets in Croatia.
In my recent conversation with Martin, he revealed which two major banks are in the most trouble.
If you have money on deposit with these banks, I urge you to listen very carefully.
Onward and Upward,
Founder, Wall Street Daily
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