By: Sorcha Faal, and as reported to her Western Subscribers
The Ministry of Finance (MoF) is reporting today that British banking giant HSBC is nearing a total collapse after its having lost a staggering nearly $1 trillion due to the ongoing Great 2015 Global Market Crash and earlier today it completely ran out of cash to pay its obligations and depositors.
According to this report, HSBC is a multinational banking and financial services company headquartered in London, United Kingdom and is the world’s fourth largest bank by total assets worth $2.67 trillion.
Not known to many Westerners, this report continues, HSBC was established in its present form in London in 1991 by the Hong Kong and Shanghai Banking Corporation Limited to act as a new group holding company and the origins of this banking giant mainly lies in Hong Kong, and also to a lesser extent Shanghai, where branches were first opened in 1865.
Due to the staggering crash of the Shanghai Composite index that has shed 38% of its value since 12 June, this report explains, HSBC lost nearly $700 billion of its value in China while a further estimated $300 billion has been lost due to the Dow’s collapse of over 1,800 points since its high for the year was reached on 27 May.
To the consequences of this massive $1 trillion HSBC loss, this report says, began hours ago when reports began to surface in the UK that hundreds-of-thousands of people were not being paid their salaries, which this British banking giant first tried to deny, but a few hours later blamed their failure to pay on a “computer glitch”.
MoF experts in this report dismiss HSBC’s explanation of a “computer glitch” noting that this phrase is commonly used by Western banking and financial institutions as a “cover story” to mask their inability to access cash…and is likewise being used to explain what is preventing hundreds of American mutual and exchange-traded funds from providing their investors with the values of their holdings, and why one of the world’s largest brokerages, Charles Schwab, shut down earlier today too.
As HSBC is Britain’s largest bank, this report notes, it has appealed for an emergency loan from the Bank of England (BoE), with the BoE then appealing to the European Central Bank (ECB), and the ECB then appealing to the US Federal Reserve System (FRS).
With the US Congress having verified that over $16 trillion of the American peoples money was given by the US Federal Reserve to European corporations and banks, purportedly for “financial assistance” during and after the 2008 fiscal crisis, this report says, it remains “highly probable” they will do so again before HSBC totally collapses.
And with China continuing to dump hundreds-of-billions of its US held debt to stabilize its own markets and economies, this report concludes, the near collapse of HSBC today is but a prelude to the coming greater global financial collapse some experts have warned will “change the landscape of the entire world”.
Though not mentioned in this report, it is interesting to note that at least the American people are seeing the truth and, according to one news source, are “yanking their money from almost everything”…which in turn has led one of the elites major mouthpieces, the Financial Times, to publish an anonymous article calling for the outright abolition of cash in order to give central banks and governments more power.
August 28, 2015 © EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked back to its original source at WhatDoesItMean.Com. Freebase content licensed under CC-BY and GFDL.
HSBC system failure leaves thousands facing bank holiday without pay
Problem with BACS payment system means salaries have not arrived for many customers as bank faces barrage of complaints. Read more