How Safe is Money in the Bank? More Bank Runs in China

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Customers form lines at Yichuan Bank. Photo WSJ.

Bloomberg and Zero Hedge report more bank runs in China, the world’s largest banking sector. The recent runs highlight the fragility of the fiat financial system.  China is now aggressively censoring any online media that discusses China's questionably solvent banks. 

The run in Hebei came after authorities kicked off a pilot program to limit large transactions in the province.  Like Cyprus in 2013 where the government took billions from people’s bank accounts the Hebei program demonstrates the risk people face using banks. Authorities have shown their wiliness to take whatever action necessary to support the fiat system.  In contrast a digital currency like RedPill not only has no central control, but no one has access to funds except the account holder. 

Could this ever happen in NZ?  Before 2020 who would have believed the NZ government would shut down the country and suspend human rights over a virus?