Simon Black - A 'Fake Bank' Story !

[DinarThug]

CNN. Broadcasting A Wang Suppressing Bank Story !

 

 

 

January 28, 2015   Notes From The Field   By Simon Black

“just because you can log on to your bank’s website and see an account balance printed on the screen doesn’t mean that the money is actually there.”

Sovereign Valley Farm, Chile

Last May, Mr. Wang from Hangzhou, China walked into a bank on Jiangpu Street in Nanjing, opened an account, and made a 12 million yuan deposit.

The bank was new, but it didn’t look different from any other bank that Mr. Wang had been to.

It had a giant vault, counters for the tellers, exchange and interest rates posted on the wall. And above all, it was very elegant.

But after a few weeks, Mr. Wang stopped receiving the interest he’d been promised.
~~~

 

When he tried to withdraw his money, the bank froze his deposit. So he went straight to the police.

Turns out that even though it had been operating for over a year, it wasn’t actually a licensed bank.

Apparently some people had simply renovated a building to give customers the impression that they were a real bank. But it was a total scam.

Some of the senior executives have since been arrested, and the story is now slowly leaking out to the Western world.

What I find particularly interesting about this story is that it reveals how people have been programmed to hand over our hard-earned savings to complete strangers, simply because we walk into a building and see a vault.

In this case the bank itself was a ‘fake’, i.e. it wasn’t sanctioned by the government.

Candidly, though, I find very little difference from government-licensed banks that recklessly gamble their customers’ money… or that are effectively insolvent to begin with.

It’s crazy to think that very few people ever conduct due diligence on their bank.

You wouldn’t just walk up and hand over your life savings to some bum on the street.

But put him suit standing in front of a vault and suddenly the air of legitimacy compels us to hand over everything to this complete stranger who has a track record of screwing his customers.

We’ve discussed this before. Many banks, particularly in the West, are highly illiquid and borderline insolvent.

You don’t even have to take my word for it. Go see for yourself.

Each quarter, most large banks publish their financial statements. And with a few simple calculations you will be able to see just how illiquid they really are.

Some of the largest banks in the west, for example, state in their financials that they only hold a small fraction (often less than 3%) of their customers’ deposits.

The rest is loaned out or gambled away. It’s not exactly a conservative practice.

Given that they actually publish these results, the banks themselves are telling anyone who’s paying attention that they’re very risky.

Fortunately for them there are very few people paying attention. People simply think that just because it’s a bank, it must be safe.

This Chinese bank happened to be fake. But again, when you look at the actual data, the “real” banks, particularly in the developed West, aren’t much safer.

Bottom line — banking is all about confidence. It’s imperative to have trust and reliability in credible, conservative, strong, transparent financial institutions.

Even if you don’t understand finance, one way to test your bank’s transparency is to ask them for their financial statements.

If they won’t do it, you should not only walk out the door, you should run. And be sure to take all of your money with you.

Handing your money to a stranger DEMANDS transparency. If they’re not willing to be transparent, that’s a bad sign.

As the people of Cyprus found out nearly two years ago, just because you can log on to your bank’s website and see an account balance printed on the screen doesn’t mean that the money is actually there.

For banks, your account balance is a liability -- money they owe you. Think about that: your bank OWES you YOUR own money. Do they have it?

It’s a question worth asking. And a lot of the information is right there in the financials.

Just because there’s a vault in a building doesn’t mean that they’re good for it.

Trust and confidence are built by conducting serious due diligence and making calculated, informed decisions about the strangers that we’re dealing with.

Until tomorrow,   Signature  Simon Black   Founder, SovereignMan.com

[utah rock]

WTF thug! To drunk to read the whole post but if Chase says I have the money, I'll spend it. May tonight be the night we are all blest with the ilusive RV. IN MY DRUNKEN STATE I MUST SAY, Thug, you help make this site GREAT!!!

[UNEEK]

Hello Thug - How's it going??   Hope you are doing  well -- I am staying busy  - thrive & survive  -  you know these days it's a task - -- doing my best to stay out of  trouble - away from the curb - out from under the bus -- and dodge anything flying -- lol --  -- take care - keep up the good work --  

 

 Oh and by the way -- I posted this article earlier --  it is a great  article -- http://dinarvets.com/forums/index.php?/topic/195643-a-fake-bank-really/  

[DinarThug]

Thx Uneek !

 

And Btw - I Loved The Story That U Had Shared About Nadita ! 

 

That Was Very Courageous For A Sensitive And Caring Person Like U To Post

 

And CNN Personally Commends U For Having Helped To Expose Her !

 

       

 

 

 

Posted 03 January 2015 - 01:44 PM

Hello everyone -- I have been pretty silent through this thread -- I was in the chat during the entire feeding frenzy and said very little there - I copied the entire chat because it was going so fast and I wanted to read every word that Nadita said later hoping to gain a better understanding of her plans and intentions --

 

It would be easy to sit in judgment if I had verifiable facts from absolute reliable sources  -- I have neither  in regards to Nadita and her bank story -- It also makes it more difficult when you have allowed yourself to trust and have a friendship with someone --  Many of us did this with Nadita over the span of a few years here -- 

 

I was somewhat surprised when Nadita PM'ed me about her so called connections and her plans -- she got my interest and curiosity right away but with lots of questions. She was fairly quick with her replies but I felt they were very lacking in details; at least to satisfy my concerns.

 

I did my own reading between the lines and because of my uneasy gut feeling and not wanting to have a confrontation I very politely declined her offer -- Stating I did not mind paying the fee but wanted to do my own physical exchange -- in  person - in a bank so that I could know and see what was being done -  I was not turning loose of my dinar to anyone  -  and especially to someone I did not "know" -- and especially giving them power of attorney with my bank account ##'s  -

 

A situation such as this  hurts many of us  even though we did not give up our dinar -- we still suffer loss and deal with the emotional ramifications - We lost trust and we lost a friend we thought we had - 

 

Many of us want to believe that Nadita had sincere intent  - but even that gets a little tainted when there is a fee imposed  and details are very obscure - I mean, our dinar even at a 1-1 exchange is a boatload of money and some will have more than they can spend -   

 

I am sorry that this has happened - to us that grew to like her and trust her and to her for what she lost here  -- friendships & trust -- money can't buy - 

 

I am sure we all will recover and become a little more wiser - a little more cautious -  and hopefully a lot richer SOON!! Happy New Year !!!

Read more: http://dinarvets.com/forums/index.php?/topic/193745-i-have-bank-story/page-12#ixzz3QBtw3lnQ

[wbuse984]

Thanks for the post DT ...