The bank runs have started in China. Just like Japan's banking collapse in the early 90's, it's starting with the rural banks. Note the word "contagion". The big reason for the 2008 crisis wasn't the property price collapse but the loss of confidence in the internal banking system and the freezing of inter-bank credit. That was the main reason for Hank Paulson's bank bailout and the start of the endless QE that's still with us today! Remember what happened to the gold price then too.
China’s Village Bank Collapses Could Cause Dangerous Contagion
Ann: June 2022 Quarterly Report, page-37
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