Based upon reliable sources,
Trudeau has been forced to abandon his Emergency Act as a staggering amount of money has fled Canadian banks. Canadians have moved accounts to the United States by the tens of thousands following Trudeau's freezing bank accounts without a court order which has even included credit cards. Canadians began withdrawing all of their money from their bank accounts with most turning to cash, others to gold, and some to BitCoin. The demand for US dollars more than tripled in the past week.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.
We can see that our computer picked this week as the Directional Change so Trudeau backing down was on target. However, note that volatility rises building into the end of March. This is what I am talking about.
Our model is suggesting that this is not simply going to return to normal.
Comment: The amount of hubris needed on the part of Trudeau and his cronies to not be able to see this coming is staggering. Of course people are going to pull their money out of banks if they are suddenly made aware of the fact that their money is not safe there! And who would feel safe knowing their assets could be seized because the government doesn't like your person politics? This also explains the
mysterious banking outages that were happening last week. While some tried to explain it as people who'd had their accounts frozen mistakenly reporting it as outages, it now looks like it was very likely a bank run.
See also:
Comment: The amount of hubris needed on the part of Trudeau and his cronies to not be able to see this coming is staggering. Of course people are going to pull their money out of banks if they are suddenly made aware of the fact that their money is not safe there! And who would feel safe knowing their assets could be seized because the government doesn't like your person politics? This also explains the mysterious banking outages that were happening last week. While some tried to explain it as people who'd had their accounts frozen mistakenly reporting it as outages, it now looks like it was very likely a bank run.
See also: