I bet the banks got to Trudeau and told him that his emergency act was going to bring down the banking system and Trudeau is backing off.
Indeed, as per the article, his move was totally political and not legislative in both cases of enacting and removing the emergency act.
Yes. There is the REAL reason for the reversal.
It has not been made public but a bank run has already begun in Canada.
Even bank depositors NOT part of the protest lost trust in banks and the government’s dictatorial efforts to freeze bank accounts.
Pressure from banks stopped Trudeau.
Trust in banks, once lost, cannot be restored like the turning of a light switch.
Nobody wants to be last in line to withdraw their cash from a bank.
People began emptying their accounts at ATM’s which prompted a freeze on ATM’s for a good part of one day.
Another bit of lunacy was talk of confiscating the big trucks and selling them. Banks hold loans on these trucks and would have taken enormous loan losses trying to get rid of the trucks. Combine that with talk of canceling truckers’ insurance which would instantly place all that loan collateral at risk of loss.
It is hard to imagine moves by Trudeau and his idiot minions more destructive to Canada than what they have done.
They may well have done permanent and destructive damage to the entire banking system in Canada.