Should I be scared of this?

https://scheerpost.com/2023/08/08/ellen-brown-war-by-other-means-short-selling-jpmorgan-chase/

The Chinese government and affiliated Chinese entities have purchased not just U.S. Treasuries with their dollars, but U.S. stocks, real estate, farmland and other assets. DeepThroatIPO calculates that the Chinese have “accomplished constructive control of approximately $58.58 trillion of Western Financial Assets, stealthily hiding in Western Financial Markets, likely in plain sight. … [T]hat $58.58 trillion, focused directly on select targets … is more than enough to sink our previously thought unsinkable fleet of battleship banks.”

 

It's unsettling to say the least.

Though there is sliver of a silver lining ... emphasis mine

 

Banks are vulnerable to short selling only if they are publicly traded. State-owned or city-owned banks are impervious to that sort of attack. The Bank of North Dakota, our one and only state-owned bank, is a stellar example. It cannot be short sold and it is not vulnerable to bank runs, since over 95% of its deposits come from the state itself. The Bank of North Dakota also acts as a mini-Fed for local North Dakota banks, extending a lifeline in the event of capital or liquidity shortages. 

Like the U.S., China has a vast network of local banks; but most of its banks are government-owned. We may need to follow suit as a matter of defense. We need to ensure, however, that the governments owning our local banks actually represent the people. Banks should be public utilities, serving the public interest.