As Chinese P2P lending bubble bursts, "investors" mob Chinese sports-stadiums used as temporary processing centers

boing
1

Originally published at: https://boingboing.net/2018/07/23/zhuaqianmao.html

…

2 Likes
2

I guess it has ever been the issue that capitalism is based on confidence.

4 Likes
3

This may be the first time in history that a bank run was hosted in multiple sports stadiums. If this is how it’s going to be for late-stage capitalism with Chinese characteristics then maybe a fun mascot (“Han the Happy Hobo”?) is in order.

When the central government in Beijing imposed a compliance regime on the platforms intended to root out fraudsters, platforms started folding, investors started pulling their money out, and the whole system collapsed.

To which Libertarians reply “regulations ba-a-a-ad.”

10 Likes
4

“… impact of a broader debt-cutting campaign that is cutting off liquidity to shadow banks and weak borrowers.”

That should read: “weak borrowers which DON’T have ties to the Chinese Communist Party.”

5 Likes
5

Only the strongest borrowers have ties to the Chinese Communist Party and the Russian Mafia. The greatest borrowers! You’ve never seen borrowers like this before. #MAGA

6 Likes
6

#MACA?
 

3 Likes
7

If only they had all just “invested” in bitcoin…

4 Likes
8

#MCGA?..

I’d bet that there are scammers going through the crowds saying something like. “Look, most of the money is gone, but I can make sure that you get yours out with the party officials if you just give me 10% of what you have invested.” Because those stadiums are full of desperate, proven marks.

4 Likes
9

Being the guy who pops the bubble is never a flattering look; but the people who come out of the woodwork to imply that said bubble was on its way to stability, success, and shareholder value when it was brutally cut down by the dead hand of the state tend to either be the bubble-blowers or investors still at the ‘denial’ stage of grief.

2 Likes
10

Any word on whether just setting foot in one of these camps tanks your social credit score?

11


2 Likes
12

Money Grab Cat of course!

2 Likes
13

Phoebe from Friends is now singing ‘Money Grab Cat’ (to the tune of ‘Smelly Cat’ obviously) in your head.

1 Like
14

If it’s the Yellow Dragon stadium in Hangzhou, I once danced on a stage there in front of 10k people.

15

This topic was automatically closed after 5 days. New replies are no longer allowed.