Is HSBC Bank Collapsing? A new recession imminent?
There's a speculation that HSBC bank, one of the biggest banks in the world is on the verge of collapse. The recent news that the bank has put checks on the amount of cash people can withdraw from their own bank accounts has fuelled the news. Apparently, the customers were told that they'll have to submit a proof first before they can withdraw money from their own accounts. In banking terms, HSBC is said to be going through serious liquidity crisis (which means it's got no hard cash) - a serious indication that the bank is on the verge of collapse.
BBC reported that several of Britain's customers were not allowed to withdraw funds from their own accounts. They were offered to make a bank transfer - to some other bank account and then withdraw funds from there. The bank's asking for proof on the intended usage of the money withdrawn. One of the customers requested to withdraw about 5000 pounds, but he was allowed to withdraw only 3000.
Of course, the conclusion of HSBC bank on the verge of collapse is not mine; but drawn by various media sources. My own knowledge of banking is very limited; but the news confirms my belief that money is nothing but a big fraud to keep the power in just a few people's hands.
What do you think?
BBC reported that several of Britain's customers were not allowed to withdraw funds from their own accounts. They were offered to make a bank transfer - to some other bank account and then withdraw funds from there. The bank's asking for proof on the intended usage of the money withdrawn. One of the customers requested to withdraw about 5000 pounds, but he was allowed to withdraw only 3000.
Of course, the conclusion of HSBC bank on the verge of collapse is not mine; but drawn by various media sources. My own knowledge of banking is very limited; but the news confirms my belief that money is nothing but a big fraud to keep the power in just a few people's hands.
What do you think?
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