Idiot politicians are often like kids playing with sparklers in a fireworks factory when it comes to national economies as amply demonstrated by Canadian Premier Justin Trudeau:
Trudeau then ordered the banks to unfreeze the accounts after the protesters had been cleared away. But what is reported to have happened after that is being ignored by the corporate press. Armstrong Economics says there was a stunning run on banks across Canada, as scared citizens are withdrawing their life savings and transferring it to foreign banks in the United States and elsewhere.
The sheer amount of money withdrawals from Canadian banks was massive. There appears to have been a 500% increase just in the previous 24 hours. This is the problem with politicians. They are simply UNQUALIFIED to make such decisions. They have no idea that freezing accounts will undermine the confidence in the banking system,
Trudeau has created a very serious crisis and just rescinding his Emergency Act is not going to make it all better. Trudeau has driven a stake through the heart of the Canadian economy and that means that international capital will be skeptical about trusting Canada as long a Trudeau is in power.
Personal anecdotes responding to the Twitter thread below also show that Canadians are having trouble removing their money from the banks, and that the feeling at the banks is very strange. One user said, “The bank TD; told me to come back Monday, my Daily cash withdrawal was denied Friday. I have taken out larger amounts everyday.” Another said, “It is absolutely true. The lines were out the doors and a bank teller told me at one branch not to visit a specific branch because they had run out of funds that day. It’s very real. The energy inside the bank was clearly not good.”
Go here to read the rest. This certainly explains the hurry with which Trudeau rescinded his Emergencies Declaration. Economies strive on stability and wilt under instability. Changing the way banks operate overnight is instability on steroids.
I am sure that Trudeau and the fools advising him thought that it was oh so funny to freeze the accounts of the people supporting the truckers. That will teach those stupid rednecks to defy their betters! Instead, what their action teaches us all is that the political class in the West is filled with economic illiterates who have little private sector experience and who are increasingly detached from normal people who work for a living. Of course the Covid-Lets-Wreck-The-Economy mandates also demonstrated this. Elites this harmful are often a precursor to revolution.
Sorry, but Canada is getting what it deserves- it voted this idiot into office and then re-elected him.
Canadians also don’t believe their rights come from God but from their government- see that pesky act or rights they keep mentioning. Helps to have a written constitution and a second Amendment after all.
Sorry, but Canada is getting what it deserves- it voted this idiot into office and then re-elected him.
Actually a minority of Canadians voted for him both times.
Canada is the test case for Davos and a preview of what what the is planned here. Act accordingly.
Never trust you own money to a country that does not respect personal property rights and the western notions for the rule of law. Usually this rule applies to places like China, Russia, Argentina, Nigeria, etc. Before two weeks again, who would have ever imagined Canada on this list?
Ye gods.
Actually a minority of Canadians voted for him both times.
52% of the ballots were cast for the Liberal Party or the New Democratic Party in the last election. The New Democratic Party’s boss is a man named Jagmeet Singh, who has been Trudeau’s bully’s-little-pal in this whole episode. Also, huge sections of the Canadian public were antagonistic to the trucker’s protest. Unlike the facially-invalid BLM and Antifa protests, the trucker’s were complaining about the government interfering with their efforts to earn a living.
Note what Trudeau, Obama, and especially Biden have in common: in a serious country, peer-review in the political class would never have put them into the positions they occupied and a critical mass of the public would have rejected them. Back in the day, Trump would have been rejected as well. The thing is, Trump is a most accomplished man outside the realm of politics; these other three aren’t worth a pitcher of warm spit.
The run on banks should have started a minute after Trudeau said, “Freeze your bank account”. Money talks when it walks.
There is a saying in the investment community: Money goes where it is most welcome. Canadians are about to be reminded of this.
Art,
I beg to differ. Those three, filthy animals aren’t worth a shot glass of warm spit.
I kept too much cash in savings accounts that earn 0.1% since 2009. And, am gradually taking it all out.
This may be esoteric. The US and EU saving and credit markets investing public have suffered under financial fascism/repression – central bank forced zero or negative interest rates – since 2009.
That’s how they respect God-given property rights.
Correction/Rephrase suggestion.
“That will teach those stupid rednecks to defy their betters!”
Instead Put “That will teach the stupid rabble not to defy their arristocrats!”