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.
Ironic, now that Canada is no longer a free land.
“There is no man more dangerous than the man who has nothing to lose”.
They poked the bear!
I think the great reset has just been.....reset.
I hadn’t heard about the liability protection provided to collaborating/cooperating financial institutions....
I’d never trust my institution again.
I plan on purchasing a larger supply of consumer goods that have an indefinite shelf life. Whatever I can buy now is protected from future inflation. Money in the bank (or mattresses) isn't.
Freeland studied in the USSR ,LOL
more secure locations
Where might that be?
—
A coffee can buried in the backyard provides more security.
An explanation for what might be scaring the crap outta Canad’s Deep State, from Punch magazine, 1957...
https://ritholtz.com/2008/12/a-primer-on-fractional-reserve-banking/
They’ll never see the evil or the wrong in what they do, even as the noose slips around their necks. Just like the Ceausescus. Defiant to the end.
You can’t hide it on your body because the police love to strip search people over and over again
It is not the frozen accounts that will trash the financial system, it is all the other people that will pull their money due to the thought that their accounts can be frozen so easily.
Learn about fractional reserve banking and you will quickly realize why this could be so massive.
I actually hope everyone who opposes Canadas overreach drains their bank accounts. It would be glorious! The dang central bankers would finally get what they have deserved for millennia.
True.
At this pint, goods are a great investment.
I have always told mr. mm that we should buy what we want or need or are planning to use now, while it’s still available, while the money is actually worth something, and we have it.
Because sure enough, if inflation and supply chain shortages continue, and I don’t see them slackening, we won’t be able to get stuff. And all the money in the world can’t buy what isn’t there.
They didn’t even go to the courts they just said RCMP FREEZE
joshua c wrote: “what about people who do not want their assets frozen cuz the state does not like your political speech?”
I don’t consider blockading border crossings or closing down public right of ways as an acceptable form of political speech. One wonders how many who are criticizing Trudeau’s actions would have applauded had the target been BLM or ANTIFA?
walkingdead wrote: “I actually hope everyone who opposes Canadas overreach drains their bank accounts. It would be glorious! The dang central bankers would finally get what they have deserved for millennia.”
I would suggest the economic carnage you seem to want would hurt you far more than the central bankers. I believe the Revelation implies in verse 6:6 that catastrophes hit the poor harder than the rich.
I’ll bet there were some intense phone calls from bank presidents.
************
That’s the only logical explanation for the sudden reversal.
Imagine the money that has been pulled out of Canadian banks and the threats to withdraw even more.
Very good and funny, but it skims over the fractional part.
I have a bank, and that bank has $10 in it. I can lend out $100 legally. Think about that and welcome to fractional reserve banking.
We think its bad for inflation to print money, and it is, but there is another 90% that is created due to fractional reserve banking.
walkingdead wrote: “It is not the frozen accounts that will trash the financial system, it is all the other people that will pull their money due to the thought that their accounts can be frozen so easily.”
Pure speculation and wishful thinking on your part. The overwhelming majority of Canadians support the government actions and think the truckers went too far. Now why would they pull their money?
walkingdead wrote: “Learn about fractional reserve banking and you will quickly realize why this could be so massive.”
Fractional reserve banking powers all the great economies. If it weren’t for fractional reserve banking you’d never get a loan for anything.
>>Is the Canadian Financial and Banking System in Serious Trouble as a Result of Their Attack on Private Bank Accounts?<<
I HOPE they face serious trouble for this. Trudeau is a jackass and it would serve him right.
At the end of the day, why would you keep your money in place that can be frozen or confiscated by the government for a lousy 1 to 2% interested. Not worth the risk or the return.
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