Canadians can do a massive amount of damage if a great many people remove 50% of their savings in the next few weeks.
That will get MASSIVE attention, and the oligarchs will be forced to call for Castreau to resign.
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.
Wish I had an account in a Canadian bank. So I could close it!
I don’t wish ill on our Canadian bretheren, but Trudeau can’t un-ring that bell. Capital flight once it starts can have terrible consequences for an economy.
the thought that their accounts can be frozen so easily
*************
Destroying someone without due process. Not to mention the unthinkable hardship this would pose to their families.
Walking dead is not realizing just how many people will lie to those asking the questions about the truckers, when people see what the hell the government is capable of you expect them to be truthful!!
It won’t in my lifetime
If 75% of Canadians support Castrudeau that leaves 25% opposed. If 10% take their money out that is enough to cause a banking crisis. Banks usually loan out most of their assets and if suddenly 10% of all their assets are withdrawn they are in deep deep doodoo.
“The overwhelming majority of Canadians support the government actions and think the truckers went too far.”
100% of China were against the protest of 1989 after the public executions. Polls in totalitarian socialist countries are meaningless.
Do you really believe the polls from government run media ,LOL
Tunnel vision? Not only dudid every Canadian realized that they could be next but so did most of the civilized world.
No and I said as much.
I know 4 Canadian couples who are snowbirds in Florida. They moved all but what is needed to cover auto drafts in the next few weeks from their banks. The money was parked in stock accounts like etrade for now. All at the push of a button. These are all small business owners.
This all came about because of a vindictive impulse to destroy people with opposing political views.
Now the broader ramifications are becoming apparent as the interests of political friends are being hurt.
How can the people of Canada tolerate such bad leadership?
One word answer, yea or nay?
Will the Canadian bank run result in a US bank run?
You write, “I don’t wish ill on our Canadian bretheren, but Trudeau can’t un-ring that bell. Capital flight once it starts can have terrible consequences for an economy.”
That is what European bankers immediately realized and contacted Canadian officials. Now, to use another metaphor, the genie is out of the bottle.
I’m thinking very seriously about pulling most all of my money out. I can’t guess what the general feeling is out there. I guess most aren’t paying attention
Eviscerating people’s faith that their money was safe in banks was Great-Depression-Level stupidity.
The protests were not just in Ottawa, and the government was going after people who had contributed money and support to the cause. Also, the Canadian government, like ours, tracks emails and texts, so people were nervous nationwide. I know some people in Canada but decided not to text. Did not want to get them in trouble.
Bad leadership happens in a democracy. It’s inevitable. The question is how did the public allow bad laws into the democracy? That’s on them and their representatives. “Illegal protest”? Bank accounts frozen by the government for supporting a protest. That is the opposite of freedom. Freedom is not granted by the government.
Canadians can do a massive amount of damage if a great many people remove 50% of their savings in the next few weeks.
That will get MASSIVE attention, and the oligarchs will be forced to call for Castreau to resign.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.