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.
cash is king
“EPOC times reported this earlier today, Trudeau is an IDIOT, but that woman under him is FAR WORSE, her name is Freeman!!”
WEF “young leaders” both.
Will they undo what they did to the banks when they were offline or will they keep the backdoor ?
what about the donors?
what about people who do not want their assets frozen cuz the state does not like your political speech?
what about people who do not like the idea that the state can freeze your account?
It’s time for Justin Trudeau and Chrystia Freeland to RESIGN
Makes me seriously think about that happening here and what to do.
Chrystia Freeland
That woman needed/needs medical attention…looks like some sort of drug od…
I think that buffoon Turdeau does whatever his Nazi cohort Christia Freeland tells him to do. He is the younger dancing prancing deviant.
One can only hope.
They never do.
Or if they do try, they simply do not understand how average Americans, those they despise as deplorables, think and feel.
Big time.. They did it once—on a frkn’ whim....what’s to stop them in the future.
A small semblance of trust could be regained with a vote of no confidence, removing Fidel’s offspring, which the grand pooh-bahs (financial chiefs) must support or face ruin. I’ll bet there were some intense phone calls from bank presidents.
WTF are you doing ? !! You’re GD ruining our entire financial system which exists only upon trust. You fkn idiots.
The system that monitors internets showed all the banks shutting down shortly after Monday’s reinstatement of Emergency Measures as the bank runs began.
“Shut ‘em down, NOW”
I’m lovin’ this dose of schadenfraude.
unplanned stress test...
At this point, our mattresses.
Big bucks wired to their Cayman, and Switzerland accounts
In 2013 the Euro was considered an international store of value that was beginning to challenge the dollar. Then the European central bank decided to give all the bank accounts in Cypris a haircut to pay for a financial bailout. However, a lot of really wealthy people had lots of money in Cypriot banks so they were allowed to fly to London and withdraw their money before the haircut was announced so the only people who were out the money were Cypriots. The central bank thought this was such a clever move. However, the impact on the value of the Euro was immediate and permanent. Everyone who could moved their money from Eros to dollars. Funny thing was, it isn’t as if this wasn’t easily predictable, but as the article mentioned about Canada the people who made the call were living in an echo chamber. The Euro has never recovered from this boner move. Neither will Canada. If I recall the Canadian dollar is somewhere around fifth in foreign money held reserves. I’ll bet it is falling fast.
If your currency is being held in a foreign bank as reserves that means it is not competing in your local economy. It’s like an interest free loan for that amount. If that money floods back to Canada then the Canadian economy is going to take one whale of a hit.
I've never had a reason to have an opinion of trust or distrust in Canadian financial institutions. I'll say though that the past couple of weeks has made me have a lot less trust in US financial institutions.
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