Chinese banking crisis: Four Henan banks froze cash withdrawals

[Jimit]

@Kahuni Maisha

We posted the Evergrande issue a while back, and the usual character was up in arms telling us China wasn’t US, and that The China Communist Party would sought out the mess.
China being a dictorship, and a country that oppresses freedom of press, it’s very hard to tell the extent of the financial mess there in currently.

@Sambamba you no longer suck ching chong’s dicks what happened? Cheated on you? Trouble in paradise?

[Aka_mpole]

@Swansea

Whenever I read on here that China will soon surpass the US, I’m in awe. As much as some (most) hate the US, they have mitigated this risk.

“The Federal Deposit Insurance Corp. B is the agency that insures deposits at member banks in case of a bank failure[/B]. FDIC insurance is backed by the full faith and credit of the U.S. government. The FDIC insures up to $250,000 per depositor, per FDIC-insured bank, per ownership category.”

Vumbistan pia sisi tuko na Kenya Deposit Insurance Corporation (KDIC)

KDIC is mandated to provide deposit insurance coverage of up to Ksh. 500,000 to each depositor of a member institution. The insurance covers all types of deposit accounts. However, protected payment is restricted to one depositor per institution.

[Stormtrooper98]

@fisi fc

People who have put all their savings in the banking system forget that the bank can limit your access at anytime especially during a crisis (Greece). Always have alternative forms of banking.

Alternatives like what?

[Stormtrooper98]

@fisi fc

There are online banking alternatives, money market funds, crypto, and having highly liquid assets. In case of a major market crash in Kenya you can have ways of accessing capital outside the local banking system.

Si Cytonn ilikuwa money market na walikwamilia dough za watu. Crypto nayo ni sawa na gambling.

[Stormtrooper98]

@Jimit

Ati online banking alternatives? Just a bank in fancy terms

I guess maybe Paypal? Mpesa? Skrill?

[Kahuni_Maisha]

@Stormtrooper98

Alternatives like what?

@Stormtrooper98

Si Cytonn ilikuwa money market na walikwamilia dough za watu. Crypto nayo ni sawa na gambling.

@Stormtrooper98

I guess maybe Paypal? Mpesa? Skrill?

Soma comment ya @Kibinda Nkoye hapo juu.

[Mzeiya_Flany]

@Wanaruona

Pia huku tuko pabaya. Our banks saving ndio zina fund gavament loans. Saa hii nyasore one haendei loan majuu. Ile siku utamuua kutoa pesa zetu kwa bank. Bank zitaanguka.

Actually GoK takes out loans from domestic banks in USD as opposed to KES.

[Mzeiya_Flany]

Its messed up everywhere. The Fed’s act of printing dollars in excess imeharibu mambo huko Bidenstan as well. The energy crisis and disputes they picked with oil producers plus the Dem’s promise to eliminate fossil fuel imeongeza shafting as well

[fisi_fc]

@Kibinda Nkoye

Online banking is just banking incase of a crash they will just lock your account. For money market funds the monies are still tied to a custodian bank (mark that), crypto you still need a banking channel to access the funds. In other words I still don’t know where else to keep my money.

If you keep money for instance on mpesa, if CBA and KCB which are the custodian banks for mpesa go down you will surely be in trouble too.

Any alternative outside of Kenya is better than non unless you have gold and silver stashed in a home safe.

[fisi_fc]

@Kibinda Nkoye

Online banking is just banking incase of a crash they will just lock your account. For money market funds the monies are still tied to a custodian bank (mark that), crypto you still need a banking channel to access the funds. In other words I still don’t know where else to keep my money.

If you keep money for instance on mpesa, if CBA and KCB which are the custodian banks for mpesa go down you will surely be in trouble too.

Those are the avenues I currently use outside of keeping emergency cash at home. If US markets crash and people are locked out of their savings and investments then the whole world is screwed which I’m betting wont happen before Kenya goes down. The only way to survive such is if you have valuables to trade.

[Stormtrooper98]

@fisi fc

Any alternative outside of Kenya is better than non unless you have gold and silver stashed in a home safe.

Alcohol can be very good for trading too…in an economic collapse.

[mayekeke]

@Kibinda Nkoye

How else should we keep our savings? Mattress banking ama?

Buy gold, that’s what I’m doing.

[Sambamba]

Mambo ya China wachieni wenye wanajua China.Yes there was some issue with fraud at a several rural banks na perpetrators run the US but hii mambo ya tank ni fake news