Category China Social Credit Application

Jul 13 2022

400,000 Chinese Lose Their Life Savings Instantly


Armstrong Economics Blog/Corruption Re-Posted Jul 13, 2022 by Martin Armstrong

https://rumble.com/embed/v1964tn/?pub=4#?secret=LxEgfpWi3W

Officers in plain clothes disrupted a peaceful protest outside the capital of Henan, as seen in the video above. Depositors were protesting to demand that their savings be returned as thousands have been unable to access their money for over a month. Banks in Henan first froze client assets, and then the Chinese government changed the victims’ COVID QR passes to red to deny them the freedom of movement. The most recent protest was among the largest seen in China since the pandemic began.

Over $6 billion (39 billion yuan) is missing. A reported 400,000 people have been affected. Imagine going to the bank only to realize that your entire life’s savings were gone instantly? You worked hard, saved, and did everything right for years or decades, only to have it all abruptly taken away. Even the most ruthless government is in trouble when the people have nothing left to lose. Imagine if the Chinese were permitted to own guns? There would be uncontrolled civil unrest.

So where is the money? Chances are that the banks do not have the liquidity to pay out all of the depositors. Instead of cracking down on the banks, the government is coming after innocent people. Officers in plain clothes attacked protestors, including the elderly and women, and civilians were left wondering why their own people would attack them when they were clearly the victims. Governments are completely ruthless and DO NOT CARE ABOUT THE PEOPLE.

Jun 21 2022

China Uses COVID Pass to Restrict Movement


Armstrong Economics Blog/Tyranny Re-Posted Jun 21, 2022 by Martin Armstrong

People believed that governments would use tracker apps solely for COVID purposes. Sadly, the Chinese are quickly learning the harsh reality – the apps were always intended to control the masses. Over $6 billion (39 billion yuan) has been frozen, and thousands of people are unable to access their bank accounts. A few banks in rural Henan reported bank runs, and residents were planning a protest after finding that their funds were frozen.

Conveniently, the COVID tracing app is required to enter the bank. Users need to scan their QR codes to enter most public places. It has been reported that thousands of COVID-negative individuals had their status changed via the app, restricting their movement and making public places inaccessible.

Numerous depositors were taken to quarantine camps. CNN reported on one individual who was forced to spend the night in a quarantine camp after his code falsely showed he came into contact or was infected with COVID. He was permitted to leave the following day, but since his code was still inactive, he was not permitted to board the train home. As the lockdowns have shown, government tyranny is certainly not restricted to China. If it happened there, it could happen anywhere.