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  1. The Masked Tulip

    The Masked Tulip

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  2. DurhamBorn

    DurhamBorn

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    dgul

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Popular Content

Showing content with the highest reputation since 19/06/22 in all areas

  1. Not replying for Mr Durham, just chucking my bit in. It is hugely inflationary, system collapse type nonsense, what's the point in carrying on against this type of stuff. I run a small self employed business, and I am getting close to jacking it in. Had a call today from a customer with a boiler issue, not the easiest of repairs and I would normally have done it, I said no, I am too busy, its not worth the hassle anymore. HMRC is fucked, bennies are fucked, police, government, council, teachers the list goes on. They now want me to change to a digital tax system from 2024, so I have to spend £1000 on software every year just so I can tell them I dont owe any tax. It has gone mental. I have decided to retire.
    59 points
  2. Good luck. I just don't know if I can do it anymore. I'm , so tired right now... I've been making decisions that make sense in a world that doesn't. Nothing seems right. I could have joined the lunacy and be well in the green. Yesterday it suddenly occured to me that there's a very real possibility that none of the financial things I wanted for me and my kids will happend for me. I will never own a house anywhere where I'd like to live. Neither will my kids. They won't leave the uni debt free. Both me and my wife are highly skilled professionals and we'll have nothing but ourselves because world has been turned into a casino. My nest egg is disappearing in front of me. 4% one day, 2% on the next, 2.5% the day after that... I don't feel like I've done anything wrong yet the results are disastrous. Once it runs out then that's it. There's no plan B, no hidden stash or surprise inheritance, the dream dies and I probably die with it. The alternative is to park money in cash and see it trickle away with inflation, very likely timed to perfection with the drunk party resuming its course. I feel trapped. I've lost all motivation to try. My performance at work in the last few weeks has been laughable. There's no way to change things, no escape. March 2020 was violent but I remained optimistic. What's going on right now is making me want to cry and eat a gun whenever I start thinking about it. I'm probably working my way to early cancer or heart attack 10 years from now, but there's nothing to do, no way to change course. Fuck it.
    58 points
  3. Two things to now consider as certain now is BTL is mostly finished and will burn large percentages of those involved who dont get out.Bag holders.Some will get out with big profits,some with small profits,but anyone using leverage,even say 50% is going to be running at a loss at some point. The second thing is the West splitting from the Emerging Markets.We predicted both on here,but now we can start to cross market those affects. One of the reasons i like the wealth managers is the death of BTL.Lots of capital will go their way,once market falls are over.The population at large doesnt understand pensions,share ISAs etc,but that will now grow as BTL fades away to big institutions and the few pro landlords (even many of them will cash in) The splitting provides us with huge chances to grow capital.First we need to understand why its happening,and thats so western governments can default on their debts through inflation.The savings of China,decades of working hard in factories stolen by western governments.The thing here is though is that will be a one time event.They wont be bitten again.So where will their savings go? I think gold and Asian stocks markets will see much more demand and Russia will fill their energy needs.Eastern companies have just gained a huge advantage so their shares are likely too cheap. The west we need to work more on.The first take is consumption will fall,but not all,some will increase.There is a chance this isnt an 8 year reflation,but a 4/5 year reflation followed by a 25 year steady inflation (3%-4%).I think that is now more likely,i cant macro that yet,but im seeing signals. Easy first step for anyone not already is ladder into Henderson Asian Income and Blackrock Latin America.I hold them both.Im going to try to find a way to play Turkey outside of just Turkcell.In history Turkey (the area) has been a huge winner as the bridge between different blocks,likely it will be again. Il make a contrarian call based on this roadmap scenario.Turkey is the best investment in the world right now with multi bag potential. How do we play it?
    41 points
  4. Until recession and PAYE drops.Sunak was on today and said putting up pensions and bennies wasnt inflationary because it doesnt affect input costs and thats the difference with wages,so wage restraint is where action is needed. It was incredible to hear this schoolboy error.Its so wrong on macro terms where do you start?.He thinks the coppers in my close getting £3k increases isnt inflationary?.We are in a commodity and consumption inflation,so extra consumption takes directly off someone else.Its insane.He is the dumbest resident of no 11 alongside Brown,or he is lieing.Or both. These are facts.In every street in the UK those working are going to get less than those not working at every level.From the single mother with one kid,to retired civil servants.Every single private sector worker will range from worse off,to badly worse off.Anyone with a fixed annuity will be slaughtered (horrible,but why i like insurers). Osborne did some good work on welfare,at least a start,Sunak has wiped it out and more.UK is fucked with these in charge.Collapse of the private sector isnt out of the question the policy errors are so big.Outside of that higher inflation for longer.
    38 points
  5. Retired coppers in my close ,3 of them on for £3000 a year increase in their pensions,£60 a week.Private sector worker needs to save £70k to get that.In my last job the workers got around £4k into their pensions a year so one year increase for those ex government workers will take them 17 years,so two years pension increases for retired public sector workers equals almost a working lifetime for a private sector worker on £30k. The state is now taking all wealth and income into a black hole,we are very close to the event horizon.10% bennies and pension increases are horrific.Workers of course need to do as little as they can and opt out.
    38 points
  6. Kibuc, you're a more intelligent man than I am, so I don't have anything to say about money and investments. However, remember you have a wife and children, and just as importantly they still have you. Family is the central plank of any life, and if that remains solid, then everything else can be coped with. Your children will survive and prosper: even if they don't get exactly what you would have wished for them, they will have had an excellent up-bringing, have seen the slings and arrows of outrageous fortune, and will still admire their father. Ultimately, even a catastrophic financial loss can mean just a burning away of things that are unimportant, leaving you not a finished man, but a more finished man, in wisdom and resilience.
    35 points
  7. PS. about the work performance, i disengaged months ago, im doing the office space guy thing, hahaha, literally i spend all day watching crap on youtube or wandering around going to the shop or just even going for a walk, i ignore all meetings and just palm people off constantly, the pile of work that needs doing and im ignoring is growing bigger by the day, teams is constantly set to offline, messages might get an answer tomorrow but it will be a literal 'fuck off im busy' but not in so few words, its great. I will all be revealed and come crashing down at some point but to be honest im beyond caring, getting some shit about diversity training now --> bin.
    34 points
  8. You will come good on your holdings,silver will be one of the three best performing assets this cycle,just a matter of when,junior miners can treble in weeks once things move.Your not like the sheep walking around.You will own a house,you will set your kids on their way.Get a barbell,im glad i got one again thanks to the lads on here.Its a great way to empty your mind with the added bonus of being able to rip limbs of any clowns who go near your family.
    32 points
  9. I said to you guys before the war started that this is how LNG is sold. Nothing new. Astonishingly is seems that Europe STILL hasn't learned that. I'll say again that they turned down 20 year contracts before all this. Russia was pretty much telling them to do it or they were fucked. But they thought they'd be fine with the spot market. During a generational bear market low. These are the people who supplied their soldiers with broomstick handles for guns on NATO exercises. As was said, there's no conspiracy theyre thick as pigshit, sociopaths or both. Europeans, remember that when you freeze this winter. Edit @sancho panza your comments on relative intelligence are interesting and I largely agree, but there are a couple of other categories I think. There are a LOT of dumb people who think they are brilliant, because they are too thick to self reflect. They might be good at schmoozing though and can be incredibly dangerous. It's always worth remembering that 50% of the population have a 2 digit IQ, by definition. Explains almost everything. At the other end are the really, really intelligent Feynman type people who actually doubt themselves, think they are imposters, and so are smart enough to say "I don't know". Listen to those ones.
    31 points
  10. THE IOPC child abuse inquiry into Police failings in Rotherham was finally released after eight years. The cost of the report was upward of £6,000,000.00 and it is estimated that over 1,400 children were abused. The most severe punishment for one negligent and indifferent police officer was a final written warning. Blame it seems was institutional rather than individual. Many of the guilty had already retired on full pensions thereby escaping justice and exposure. Can you even imagine the level of compensation due to the victims of these heinous crimes? Add to that the cost of prosecuting and incarcerating the sick SOBs who perpetrated the crimes. Let's not forget the pensions and wages of officers who knowingly turned a blind eye to children being raped. Finally there are costs relating to wrongful dismissal for the few decent individuals who tried to blow the whistle. Don't forget that this pattern of predatory behaviour has been replicated in Rochdale, Keighley, Oldham, Leicester, Bradford, Dewsbury and numerous other towns and cities. If our Police Forces are unable or unwilling to protect children why do we shell out ever more money for 'bobbies on the beat?' The failings in Rotherham are emblematic of the Public Sector more broadly. In this instance less would be more.
    31 points
  11. We shouldn't laugh. But fuck it. 🤣🤣🤣
    31 points
  12. It has been on the cards for years, but they keep putting it off. My sister is an accountant, I asked her if she could do it for me to avoid getting the software, she said no you have to submit it to me in the digital accounts form. She then told me that 90% of the small hobby / retired traders have said they will jack in when it comes into force. They really are fucking everything up.
    30 points
  13. Critical product is diesel. You need heavy oil to make diesel, and it's all getting lighter as fields mature and discoveries get gassier. No diesel, no transport, no food, no society. Shortages already begun. If you mean equipment to produce oil, there are lots of choke points. Diesel, steel, frac sand, people.
    30 points
  14. I think Lyn might be right.My interest rate target is showing 3.25% in the UK due to structural issues.The fact that ties in to the 40s is very interesting and i really like it when people who's work i respect get similar results from angles i didnt consider.Id go so far as to say we are right,or will be close.My work is still showing roughly 66% compounded inflation for the cycle,hardly any change from when i started the reflation roadmap.So if we are looking at an average rate of say 2.5% over the cycle about 23% compounded so a rough 43% loss of purchasing power bang on what Lyn shows happened in the 40s. However ,could it be we get a 40s style monetary policy,but a 70s style fiscal/society environment?.I think maybe yes. If we roadmap this scenario its pretty obvious value type companies with pricing power and big debts depreciating should do very well indeed.The areas we own. Growth/bubble areas wont see rates as high so that removes one thing smashing them down,but its still bleak,and bonds could simply give up that 40% purchasing power. My initial roadmap showed rates could go into double figures,but that ignores the politics of the situation.It is more likely my cycle inflation target needs boosting to around 77% instead. Could we see the initial falls we are now like in the Vanguard 60/40,but then returns of around 2% after costs?.Housing similar?
    30 points
  15. I have a friend who circulates in the world of the 1%. He's a normal down to earth bloke, not monied or anything but a bit of an intellectual. What he seems is vested interest, people out of touch with most of the world, selfishness, outright stupidity and sociopaths. He says there is no conspiracy, just cunts everywhere.
    28 points
  16. The frozen allowances are the killer i think.Only hope for the UK is gilt sales failing to pull these loons in.BOE cant print thats for certain,unless they increased rates sharply as well. Telling workers to fuck off,telling bennies and retired have a load more money.Its incredible really,is it even real?
    28 points
  17. Just found out a friend put 50k into crypto at the top, it's now less than 10k He's 56 and not got a pot to piss in now. Those whom the Gods wish to destroy they first make mad. Wonder how many more there are out there.
    28 points
  18. Exactly.I started this thread because we are at war with the system.I come from the poorest town in the country.My no1 hate is seeing ordinary people who work and try getting slaughtered.I love it because my brain seems wired to run ahead of it,like i see the future in the present.I make mistakes,i study them and consider them.I change ideas if my roadmap flags change is needed.I consider my understanding of the fusion of macro and how it interacts with governments and CBs (especially governments) to be world class. However good that knowledge though you have to stay diverse and never over commit.I sold £15k of Sibanye before it went up 600%,£100k missed profits.Mistake?.No.I had £20k of Harmony and it was too much in South Africa.The biggest risk to investors is not drawdowns,its capital wipeout.Il never ever over commit,its the lesson iv learned. I have been young myself in this game and know the emotions.You want to bring forward gains so you can buy a house,car,retire early,even hookers and living like a dandy.Those emotions will destroy the best investors or macro strategists.Its crucial to be sensible,cool under pressure.Ladder into sectors the cycle favours,but many sectors.We all make mistakes.If i was down heavily in the PM miners now id hold them all,but be buying ladders in other sectors,build out the rest of the portfolio.Some of my biggest winners over the years have been areas that i was down a lot in for a long time. Iv been very busy buying up lots of quality items on Ebay,seems the shoplifters must be very busy.Go short Boots.
    27 points
  19. I think even without any thoughts to the cycle etc an ordinary person can build a very nice portfolio by buying sectors that are really out of favour over time .Over the last ten years Anglo American has been £3,BAT £24,BT 97p ,Insurers 50% below where they are now.At the moment the wealth managers are out of favour,in a year or two it will be someone else.Youl always catch one that keeps going south,but with divis to re-invest over the long term anyone can build a nice second income even without worrying too much.
    27 points
  20. https://www.telegraph.co.uk/business/2022/06/23/worlds-favourite-money-making-strategy-dead/ The Telegraph stealing out work again without the decency to acknowledge the fact.I think this is one of the best calls the thread has made alongside the energy call.Nobody else understood the cycle would hit both.The article is wrong of course in nowhere to hide,we have done very well as the inflation shares mostly way outperformed. I think the 60/40 route is even worse for those in drawdown.Add on 4% drawdown,10% inflation and my forecast those type of funds could empty in 10 years look a maybe.Property will roll over next. If government wants everyone not working to get 10% the workers will demand the same minimum and will strike for it.Interest increases are only getting started.
    26 points
  21. "Yeah, that thing I don't control? Well I'm gonna set a price cap for it." Has everyone just gone completely fucking mad? Did we all get slipped MDMA and this is just reality now?
    25 points
  22. It seems some members on here are wavering. Remember guys (girls, they, them whatever the fuck they try and brainwash our kids with) this is the shakeout. I couldn’t give a flying fuck who ‘they’ are. Whether it be banking families, council of 13, committee of 300, think tanks like trilateral commission, Bilderberg, WEF or plain old disastrous policymakers from political parties and organisations badly misjudging the mark. Whether it be plans thwart out long ago or ineptitude, the system is trying to squeeze capital and freedom from my family so I’m at war with the system. I’m debt free. That is paramount as there’s no leverage on me. If financially prudent members here are feeling the strain what must it be like on the over-leveraged and debt ridden? Not long now it’s palpable.
    25 points
  23. It will end with the west re-tooling and producing again and the BRICS having to build a service economy.We will be poorer and consume less per capita,but no end of jobs.Ironic,but inflation means they can get rates up without too much risk,apart from over leveraged mortgages and BTL,they are finished.BTL will be horrific from here on.Bag holders.
    24 points
  24. K old fella.I think I'm a fair bit older than you and my mother's even older than me.My Grandad,who started me in shares and investing is dead.Been dead 15 years and whislt he didn't teach me that much he taught me how to carve my own path in life and how to carve a life away from the herd.I hope he's looking down and pleased with what I've done with his legacy I've made laods of mistakes and alos had my share of successes too.When I look back at my biggest learning moments it isn't my biggest successes but rather 1)the crash of Northern Rock(we lost a lot) that made me get out there and learn what fractional reserve lending was and that got me to get us out of the banking shares that had perfomed wonderfully for us since the 90's/00's. 2) selling the miners/baccy early in the 00's run up.Missed out on mad gainz. 3) I got hosue prices completely wrong from 2003 to 2015.Got taught a lesson in the market staying irrational longer than you can stay solvent. All in all,if you'd offered me our current set up 20 years ago I'd have been well pleased but the journey has been a hard learning curve.There have been times in the middle when my head has been in my hands and the pressure has got to me. What I have now realsied at the tender age of 51,is that actually the msot importnant thing that occurred in the last thirty years was the education I got.Still learrning every day now.But the last few years on here has really accelreated my curve. In short,the best way I can describe to you the best thign that has come out of it is this:my 15 year old can hold a decent conversation on inflation measurements,how govts soft default using inflation,national debts,GDP,he has a working 'appreciation' of FRB,buy good value stocks and hold them.He's been introduced to conceopts that took me till my thirties to learn about Money comes and goes in our line of business,but that education and the lessons you've learned are priceless and you can pass them to your kids.I feel like the people with kids who's paretns jsut tell them to buy property are the ones I worry for. Don't mean to patronise because you're one of the msot talented investors on here and I lsiten to you a lot on your specialist subject,but don't make a rash move.Jsut tkae some time to reflect and think about repsotioning.Personally,jsut lsienting to the Groemn interview above and that jsut confirms my mood that this is a moment to add goldies. PM me if you need. As I've said,I think we're approaching a bottom on PM miners wroking from the sept 2018 low. Yeah it's one of thsoe signs,the threads msot knwoledgeable PM investor feeling despondet.Not a sign I want to see but it could well be one of thsoe defining moements. It jsut confirms what my charts are telling me.we'll defo be buying more goldies here.Sept 2018 gold was 1268,dyor natch.Godl and silver up 44% since,GDXJ up 25%,SIL ETF 13%,GDX 56%.Only time GDXJ/SIL have dropped below G+S since are may 2019 and march 20.dyor natch
    23 points
  25. GB News Farage at 7pm, now discussing what's the point of working when bennies getting inflation rises.
    23 points
  26. Joined a dating site eh, "yeah he put all our money into crypto.So what is potash,sounds interesting?,and Durham looks lovely ,so yes id love to visit"............
    23 points
  27. The dash for gas mostly,coal was dirty,and the unions a pain,but also cheap imports.We were very close to being able to clean burn it though.Funny enough when the pits shut an old guy said in the club,dont worry,better we burn other peoples while its cheap ours will be there when we need it.You never know.
    23 points
  28. He doesn't mention the one time it actually was higher. Understandable given the history.
    23 points
  29. Interesting some of the replies here after your post, Yesterday we finished off the process of closing our LTD company its been good to me, good years and shitty years like any business but i just wasn't enjoying it anymore working on stuff running in different timezones (Advertising Online) Burnt myself out at times Now going play around with a few projects The headache of being self employed or a business owner at times i will never understand i know at least 3 self employed people who had to pretty much commit fraud just to get a mortgage even though they earned well, but because it was not stable month to month Take construction which you will know most builders will get paid in lumps when jobs are completed etc... not like most on the 25th of every month, but that business owner knows and manages money most of the time better For me i thought about going back into construction but it gives me a headache even thinking about it Polymetal announces the appointment of a new auditor. Business update Polymetal provides an update on its business, including the current impact of sanctions against Russia. At the time of writing, the Group states that: Sales of gold bullion and concentrates from Kazakhstan continue as usual. Sales of gold bullion and concentrates from Russian mines to diverse Asian markets returned to regular schedule after significant COVID-related slowdown in April and May. The sales terms remain broadly consistent with those received earlier. Polymetal currently does not sell any of its products to Russian Central Bank or its affiliates, directly or indirectly. Silver bullion inventory continues to accumulate absent reliable export channels and non-existent domestic market. Discussions are under way with a variety of commercial and industrial international buyers. Silver bullion accounts for less than 5% of Company’s expected sales in 2022. Sales logistics continue to experience significant challenges due to the COVID restrictions in China and impact of the sanctions, leading to slower inventory turnover and higher selling costs. The gap between production and sales and the resulting finished goods inventory are expected to peak in September. Net debt increased to US$ 2.3 billion as of 1 June (31 March 2022: US$ 2.0 billion) driven by large working capital increase and accelerated procurement. 74% of the total debt is denominated in US$. The Group has approximately US$ 0.3 billion in cash deposited with non-sanctioned financial institutions. In addition, the Company maintains US$ 0.4 billion of undrawn credit lines from non-sanctioned banks. This amount, combined, covers the expected debt repayments in the next 6 months. Lending in Russia is available in both RUB and USD. RUB interest rates decreased significantly to 11-12% following Russian Central Bank’s benchmark rate decrease to 9.5%. Polymetal is currently financing its short-term working capital requirements with USD-denominated debt at lower interest rates. The Group has recently secured US$ 0.2 billion in new revolving credit lines and plans to sign an additional US$ 0.3 billion revolving credit facility in June. Polymetal operations in Russia and Kazakhstan continue undisrupted. Production guidance of 1.7 Moz for 2022 is maintained. Medium-term development projects (POX-2, Kutyn, Urals Flotation, Prognoz) progress as previously reported. Sharp rouble appreciation and continued logistical challenges are exerting significant upward pressure on capital expenditures. The 110-kV line linking Nezhda mine to the regional grid, powered by the combination of hydro and gas, has been successfully commissioned. Previously operating diesel-powered gensets have been transferred to stand-by emergency mode. The Company will announce its Q2 2022 production results on the 21st of July 2022. Since the previous update, Japan joined western countries and imposed additional sanctions against Russia prohibiting exports of industrial goods and technologies. Procurement continues to adapt to the current environment with orderly replacement of sanctioned equipment, consumables and supplies with alternatives from Russia and other countries. The majority of existing contracts with foreign suppliers continue to be honoured and the Company maintains significant safety stock for critical consumables and spares. The Board and the management continuously evaluate stability, liquidity and solvency of the business in light of multiple external uncertainties. The Company will announce its full-year 2021 and interim 2022 dividend decisions at the time of 1H 2022 results publication on the 22nd of September. Significant challenges and delays in establishing new sales channels and the resulting decline in operating cash flows will be the key factor informing these decisions. On the 3rd of June the European Union imposed sanctions on the Russian National Settlement Depositary (NSD) effectively blocking the operations between Euroclear and NSD. The Company is advised that this development makes it impossible for those shareholders who keep their shares in NSD (~22% of our share capital) to receive dividends and/or take part in any Company’s corporate actions. Polymetal is consulting with its legal advisors and regulators to confirm the outcomes of these sanctions and measures that could be taken to secure shareholders’ rights. The Board and the management strongly believe that share buy-backs are presently inappropriate given short-term liquidity challenges, grave business uncertainties, and NSD challenges outlined above. Following the Executive Order 14066, 14068, or 14071 and subsequent clarification of the scope of the legislation by by Office of Foreign Assets Control, trading in Polymetal’s ADR program (tickers AUCOY/POYYF) has been halted since 15th of June, even though Polymetal’s shares have not been issued by a Russian entity. After consulting with the depositary bank administering the program and our legal advisors regarding the situation the Company confirms that no shareholder rights are affected by this event, including right to receive dividends and voting rights. Shareholders holding ADRs can apply for conversion and receive underlying shares. The Borad has approved the appointmet of MHA MacIntyre Hudson LLP (an independent member of Baker Tilly International Limited) as a group auditor jointly with AO Business Solutions and Technologies (previously AO Deloitte & Touche CIS) as a component auditor. Sanctions announced in the period between 9 March and the date of this press release did not have a direct material impact on the business of the Group. The Group complies rigorously with all relevant legislation and is implementing comprehensive measures to observe all applicable international sanctions. The scope and impact of any new potential sanctions (and any countersanctions) are yet unknown. However, they might further affect key Russian financial institutions as well as mining companies. Polymetal believes that targeted sanctions on the Company remain unlikely, but are not impossible. Contingency planning has been initiated proactively to maintain business continuity. In June, the Russian Government revoked a requirement for exporters to sell 50% of their foregn currency revenue, while transborder capital flow restrictions (including dividends) remain in place.
    22 points
  30. Look at the Russian PM miners, the west has already demonized them. Even Hoch and Cey are on their arses. It will interesting to see what the goverment do about Polymetal, an ex listed FTSE company, kicked out of the Russell index; now residing on the bottom feeds of the LSE lurking like some AIM stock. Massive UK PI holdings in there. I wonder whether the board have come to some agreement with the UK goverment behind the scenes. They have not suspended it, and now with the Russian gold export ban in place. I guess its another red week for Polymetal. It really is becoming quite obvious that all these sanctions are designed around something other than this invasion of Ukraine. Something is brewing, they leave Johnson at the helm, to buffer all this stuff. In days gone by, a lying PM who is obviously very unpopular with the voting public would be long gone by now, yet he is planning ahead for 2028 by all accounts. Quite astounding these modern times we now live in.
    21 points
  31. Was uanaware of thsi story.Shows the growing risks of instability. This is the stuff of Big Kahunas if it gets traction https://www.asiamarkets.com/chinese-banks-run/ There’s a run on Chinese banks and it’s being ignored by the world In Asia, bank runs have also been rare. A run on Japanese banks in 1927 led to the collapse of dozens of institutions across the country. There was a banking crisis in Myanmar in 2003 which the country has never really fully recovered from. But perhaps since the Great Depression, none has been as significant compared to what is seemingly unfolding in China right now. The Chinese bank run of 2022 In recent years it has become clear the Chinese people are losing faith in their financial institutions. There’s been anger over harsh COVID lockdowns in Shanghai recently, while the collapse of China Evergrande saw rare public demonstrations as residents faced the prospect of losing their life savings used as deposits for housing. The song book is eerily similar at bank branches in a number of China’s rural provinces right now. Multiple sources contacted by Asia Markets, have confirmed deposits at the following six banks have been frozen since mid-April. Yuzhou Xinminsheng Village Bank (located in Xuchang City, Henan Province) Zhecheng Huanghuai Bank (City of Shangqui, Henan Province) Shangcai Huimin Rural Bank (Zhumadian City, Henan Province) New Oriental Village Bank (City of Kaifeng, Henan Province) Huaihe River Village Bank (Bengbu City, Anhui Province) Yixian County Village Bank (Huangshan City, Anhui Province) It’s understood the banks with branches across the Henan and Anhui Provinces successively issued announcements in April, stating they would suspend online banking and mobile banking services due to a system upgrade. At the same time, clients reported their electronic deposits in online accounts, mobile apps and third-party platforms could not be withdrawn. This led to depositors rushing to local bank branches, only to be told they were unable to withdraw funds. By late May, images emerged on Chinese social media of demonstrations at the front of numerous bank branches. Asia Markets has verified these images with local contacts. Fraud scheme blamed Following the public protests and the PBOC statement, the China Banking and Insurance Regulatory Commission revealed it is investigating fraudulent activity carried about by the Henan New Fortune Group – the largest shareholder of the four banks listed above in the Henan Province. It’s understood the commission is working with police to investigate allegations that the Group colluded with bank insiders to misappropriate bank funds. Bank run contagion to “sweep across China” Regardless of the cause, the developments raise serious questions about the health of China’s and its regulatory oversight. The more immediate concern, however, is the prospect of contagion, which could see the (so-far) rural-only bank run spread to bigger cities. There’s evidence this is already happening. In one of the only mainstream international media articles to report on the unfolding situation, local residents highlighted the seriousness of the situation and the likelihood of contagion. From the Financial Times on June 9: “Some depositors such as Xu have already lost trust in the system. The 39-year-old said he had withdrawn all of his deposits from 10 other small banks that had promised him an annualised yield of more than 4 per cent. “Another depositor, a 30-year-old father, said he had placed more than Rmb900,000 in his village’s banks since 2020 at a return of 4.1 per cent. “I felt like being slaughtered,” he said, declining to give his name. He drove overnight to negotiate with the banking regulator in Zhengzhou, capital of Henan, in mid-May. “This is the money my wife and I have saved together since we got married. I had to lie to her that I was away for work.” On Twitter, a video of a large line at an ICBC Bank in China (one of China’s largest state-owned banks) posted on Tuesday, June 9, suggest contagion is in progress. Translated to English, the tweet reads “The bank card system is locked, and these people are here to unlock it. Massive runs are coming.”
    21 points
  32. Houses will come down,but the young will of lost all their savings so cant take advantage.Wonder how many grannies left their grandkids £30k in their wills only for them to lose it all in crypto.Its been an incredible scam though,maybe the biggest illusion since the tulip craze,but even worse.Some will of made life changing amounts and walked away of course,your just seeing the bag holders now.
    21 points
  33. 😂 As ever, it's each to his own. My point is that it's really not worth sinking into a depression. There's nothing wrong with buy and hold, just check in every now and then and make sure nothings gone insane, in which case you may want to top slice. But fixating on where you're at day by day is just a recipe for misery in my opinion.
    20 points
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