Posted on 02/23/2022 3:04:44 PM PST by Mount Athos
Has there been a massive exodus of capital out of the Canadian financial system?
A few obscure but interesting data-points seem to indicate Justin Trudeau’s unprecedented use of the federal government and intelligence apparatus to target the bank accounts of Canadian citizens has just created a serious problem for their financial institutions.
When Prime Minister Justin Trudeau announced he was invoking the Emergency War Measures Act to seize bank accounts and block access to the financial system for people who were arbitrarily deemed as terrorists to the interest of the Canadian government, i.e. the Freedom Protest group writ large, many people immediately thought about the consequences of a government taking such action.
Indeed, the first response to many who witnessed the gleeful declarations of the Canadian government as they expressed their intent to utilize their emergency power, was that this was seriously going to undermine faith and confidence in the Canadian financial systems. The RCMP is the Canadian equivalent of the FBI.
If the government can work with the RCMP to target people based on an arbitrary political decree, and then control your bank account while simultaneously giving financial institutions liability protection for their participation, the confidence in the banking system is immediately undermined.
What might seem like a great tool for political punishment has long term consequences, especially if people start withdrawing their money and/or shifting the placement of their investments to more secure locations away from the reach of the Canadian government. Considering the rules of fractional banking and deposits, it doesn’t take many withdrawals before the banks have serious issues.
Finance Minister Freeland’s assistant deputy, Isabelle Jacques, informed a parliamentary committee that all bank accounts frozen by the federal government’s use of the Emergency Act, were immediately being unfrozen.
Obviously, many people realized from the outset what the Canadian government had done was tenuously legal at best, provided no legal due process or right of challenge, and likely would not pass any serious legal scrutiny. Unfortunately, in the echo chamber that is far-left liberalism, such matters are not as important as the ideological political motives; but there are people who realize the consequences of power-lust in this application.
Central banking finance ministers around the world obviously would pay close attention to what Trudeau just announced, and there are certainly people in the World Economic Forum (WEF) group, International Monetary Fund (IMF) and central bankers who would not be happy about the Canadian government showing just how easy it is to snatch money out of the hands of citizens.
These tools of citizen control are things well known to the central bankers and control agents of finance, but they are never spoken about in polite company – let alone publicized, promoted and openly bragged about.
Justin Trudeau and Chrystia Freeland essentially broke the financial code of Omerta, by highlighting how easy it is for government to seize your bank accounts, credit cards, retirement accounts, insurance, mortgages, loan access and cut you off from money.
Worse yet, the short-sighted Canadian government via Minister Freeland announced their ability to control cryptocurrency exchanges in their country and block access within a financial mechanism that exists almost entirely as an insurance policy and hedge against the exact actions the government was taking.
What might seem like a great tool for political punishment has long term consequences, especially if people start withdrawing their money and/or shifting the placement of their investments to more secure locations away from the reach of the Canadian government.
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They didn’t really think that one thru, did they.
They seldom do.
EPOC times reported this earlier today, Trudeau is an IDIOT, but that woman under him is FAR WORSE, her name is Freeman!!
Freeman = Freeland
It’s a wake up call, but I think in the direction of justiying the great reset. when the people lose faith in their money, they look for a replacement. That is what the great reset supposedly offers, secure finance (in exchange for freedom).
I know this: I will never trust any Canadian financial institutions ever again.
Get set.....
Bank run!
Law of unintended consequences in full effect.
When government arbitrarily confiscates all that you have, it causes a person to be in the position of nothing left to lose. Without assets, without the ability to work, death is inevitable, hence nothing left to lose. Even a rabbit fights back when cornered.
Yes, because you can only do it once. I can well imagine what impassioned discussions took place behind boardroom doors.
Our DOJ was advising them what to do and it is a trial run for suspending rights and free and fair elections here in the U.S.
Here’s what they did last time: lost in the legislature but went to lower level judges who ordered drop boxes, late voting, vote by mail, etc etc.
Show up to complain? No standing. Too early. After the election is stolen then what? Oops. No standing. Too late.
They’re testing a “Social Credit Score” so if you show up to an unapproved protest (BLM is approved, of course; truckers for freedom is not approved) they can chase you down forever and end your ability to have a bank account, get a job, practice a profession (look at the doctors and nurses losing careers).
Canada today is us next year.
more secure locations
Where might that be?
The current regime in Canada is commmunist. It believes that all assets belong to it. It cannot be trusted with your money.
Damage already done.
Lost confidence is a hard thing to restore.
Destroy all woke companies, including banks.
I an having a glorious sense of Schadenfreude!
Play stupid national games.
Win stupid national prizes.
The Royal Canadian Mounted Police said those who had their bank accounts frozen were “influencers in the illegal protest in Ottawa, and owners and/or drivers of vehicles who did not want to leave the area.”
Doesn’t sound like a large enough group had their accounts frozen to put the banking system in “Serious trouble.” Wishful thinking on the authors’ part.
Venezuela never crossed their minds.
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