The Communist Chinese government has deployed tanks to prevent its disillusioned people from withdrawing their savings from crisis-embattled banks.
Shocking video taken in what is believed to be Rizhao in Shandong Province shows a line of tanks surrounding a local bank branch to prevent disgruntled citizens from withdrawing their money, which the government is now classifying as “investment products,” according to a Reddit user.
🇨🇳 Rizhao, Shandong province – Several videos broadcast on RS showing tanks deployed in the street, for unknown reasons? Some claim to protect the Henan branch of the Bank of China pic.twitter.com/HRylsnghSs
— We The Fringe (@DaleFourTrump) July 20, 2022
Tanks are being put on the streets in China to protect the banks.
This is because the Henan branch of the Bank of China declaring that people's savings in their branch are now 'investment products' and can't be withdrawn.
— Wall Street Silver (@WallStreetSilv) July 20, 2022
Accounts at Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and New Oriental Country Bank of Kaifeng in Henan province and Guzhen Xinhuaihe Village Bank in the Anhui province have been frozen since April 18, according to the South China Morning Post, citing a “system upgrade.”
Chinese officials claim the Henan Xincaifu Group had taken over these five banks through “internal and external collusion” and “illegally” attracted depositors with peer-to-peer fundraising practices.
Bank runs began erupting in Henan province last week over reports their deposits totaling $6 billion (40 billion yuan) vanished, with videos capturing the Chinese officials violently cracking down against people trying to access to their money.
This is huge. Don't know how this will end. Henan bank is NOT the only one that is having problems with liquidity. All four Chinese banks are having the same issue. Some depositors found they can save and can NOT withdraw money with their bank cards. #bankrun #China #CCP pic.twitter.com/5WYYgpmIWP
— Jennifer Zeng 曾錚 (@jenniferatntd) July 10, 2022
— China Uncensored (@ChinaUncensored) July 11, 2022
In one particularly violent scene, protesters gathered in front of the Zhengzhou sub-branch of the People’s Bank of China were attacked and dragged away by an unknown group in white shirts on July 10 while police looked on.
Citizens storm the Bank of China in Zhengzhou over bank account freezes. Banks froze millions of dollars in deposits last April, simply explaining to savers that they need to upgrade their internal systems. Since then, customers have not received any kind of communication. pic.twitter.com/XS9zuXRuEK
— RadioGenova (@RadioGenova) July 10, 2022
— 河南村镇银行维权 (@Qwaszx179730654) July 10, 2022
Over 400,000 depositors of six rural banks in central China’s Henan province in June were urged to file cases to banking regulators if they could not withdraw their money.
A Chinese regulatory banking official insisted that depositors with under $7,400 (50,000 yuan) will receive their money piecemeal and urged for customers who haven’t received their funds to “wait patiently.”
“The action plan is to repay the principal of these customers in batches,” an unnamed official from the China Banking and Insurance Regulatory Commission (CBIRC) stated Sunday.
But some reports suggest the laobaixing (the common people) may never get their deposits back.
The Chinese Communist Party is “turning hundreds of thousands of depositors into participants in financial fraud and illegal fundraising,” noted China Observer, adding that it is “high likely” depositors “will not get their money back.”
The CCP began quelling these protests last month by weaponizing COVID health codes against citizens that are baked into its social credit score system, imposing a “red” code on their COVID passport app which prevents them from accessing public places.
Human Events editor Jack Posobiec noted that similar bank runs involving military intervention could come to the United States.
“If you think that’s just Chinese banks, you got another thing coming because that’s the same exact thing that would happen here in the U.S.,” he warned last Wednesday.
.@JackPosobiec on people in China protesting frozen bank accounts: "If you think that's just Chinese banks, you got another thing coming because that's the same exact thing that would happen here in the U.S." pic.twitter.com/GOi1BagIIj
— The Post Millennial (@TPostMillennial) July 13, 2022
“They’re over-leveraged to the hilt. If your money only exists on paper, it’s not tangible…that money doesn’t exist,” he added.