Posted on 02/21/2022 1:17:53 PM PST by PJ-Comix
Canada has become one of a growing list of nations facing backlash from citizens over COVID-19 curbs. Protests began in late January in response to new laws for cross-border truckers. Effective 15th January, all cross-border truck drivers became subject to mandatory vaccine and quarantine requirements.
...In response to the state of emergency, Canadians have been reportedly withdrawing money from bank accounts in fear of assets being frozen. UK economic journalist James Melville posted graphs of bank outages from last week, reflecting the surge in banking activity.
(Excerpt) Read more at news.yahoo.com ...
This is what happened in 1933 to banks in the USA. A lot of people are WITHDRAWING their money from banks in Canada which causes other people to fear for their savings so they ALSO withdraw their money. One of the "fringe benefits" of Fidel's son invoking the Emergencies Act and freezing bank accounts.
Interesting consider the rash or reports and some posters insisting no such activity or bank runs were occurring.
If I had one penny in a Canadian bank I would withdraw it ASAP.
Do Canadian banks have federal deposit insurance?
This is going to do wonders for Canada’s banking industry.
I don’t think Justine is gonna find it quite as simple to just pull the “cancel” button on them as he did on the truckers.
Probably, in some sort. Canada tends to copycat everything we do.
I’m starting to wonder what that’s worth.
Even if you weren’t a protester you still would be worried about a run on your bank if you you live in Canada so you too would also withdraw your savings to be on the safe side. Thus perpetrating more of a bank run.
I don’t mind if the banks go bankrupt (they participated in freezing bank accounts) but I don’t want citizens to lose everything because of some corrupt bank boards.
Where “smart government decisions” meet the complex realities of population behavior. You are correct though, people only need to *believe* that everyone else might be withdrawing and it can create a self-fulfilling prophecy.
If they do pay out deposit insurance as a result of a systemic collapse, the government will attach some strings, like you have to sign a loyalty oath to Justine Trudeau or something like that.
Only logical thing to do, especially if you happen to have donated to the truckers and posted even one online item critical of the government. One freezing afternoon a continent away you pull into a gas station in Yellowknife and suddenly find your credit cards have been cancelled, your ATM card doesn’t work, and the bank can’t help you. Meanwhile you can’t go anywhere, you can’t afford a motel, and the hungry kids in your car aren’t going to get supper. (Which kids, by the way, the government will be taking from you shortly as an unfit parent). “They’d never do that” has, I’m afraid, gone the way of “Peace in our time”.
Putting your money in BTC is not smart. If you had dropped 100k into BTC a week or so ago when it was at 45k, you would have lost about $15,000 now that it’s at 38k. Go with good old US dollars.
In this case, I agree with you. In an environment where banks are being squirrelly it is beat to have what people recognize and will accept.
Even in the US right now, with the prospect of cyber attacks on banks…it might be a good idea to hold enough cash to stay fed for a week. You don’t want plastic in your hands when the cards stop working.
https://www.youtube.com/watch?v=K71ZQiKZCfY
If you still live in Canada, answer the question below!:
Why would anyone keep their money in a Canadian Bank?
https://pbs.twimg.com/media/FL9xZl3XoAAK2D6?format=jpg&name=large
“Do Canadian banks have federal deposit insurance?”
Does it matter? The “Federal Deposit Insurance” program is a huge confidence scheme set up by the Federal Reserve, with absolutely NOTHING except the “full faith and credit” of the US Government, which surprisingly, has already run up a debt of thirty TRILLION dollars, so what are they going to do if there is a really serious run on all banks?
Not to be an alarmist, but America, and by extension most of the world, is running on fumes already. Just waiting for a spark....
Where “smart government decisions” meet the complex realities of population behavior.
What hasn’t been frozen will be pulled out. Probably the end of the banking industry in Canada. Stalin did the same thing and banks were not trusted for decades.
A mix of bags of junk silver, rolls of $20 Liberty’s, and stacks of $100 bills.
And don’t forget the big pickle jars for hiding all that in the back 20.
And yet, Bitcoin is tanking today.
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