Canada Bank Run.
- Thread starter GoldenEye
- Start date
Yea, basically anyone and everyone in Canada can be a suspect person now. Fudeau is one crazy mofo.
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Prime Minister Justin Trudeau’s emergency orders aimed at cutting off funds to protesters have cast a wide net across the Canadian financial industry, forcing portfolio managers and securities firms to take a harder look at who they are doing business with.
The new rules make demands of a broad list of entities—including banks, investment firms, credit unions, loan companies, securities dealers, fundraising platforms, insurance companies and fraternal benefit societies. They must determine whether they’re in “possession or control of property” of a person who’s attending an illegal protest or providing supplies to demonstrators, according to orders published by the government late Tuesday night.
If they find such a person in their customer list, they must freeze their accounts and report it to the Royal Canadian Mounted Police or Canada’s intelligence service, the regulations say. Any suspicious transactions must also be reported to the country’s anti-money-laundering agency, known as Fintrac.
“I think this caught everyone off guard last night when it was released,” Greg Taylor, chief investment officer of fund manager Purpose Investments Inc., said on BNN Bloomberg Television. “There’s a lot of questions right now in figuring out who we’re targeting, what do we have to look at.”
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https://fortune.com/2022/02/16/trud...counts-canada-covid-protest-emergency-powers/
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Prime Minister Justin Trudeau’s emergency orders aimed at cutting off funds to protesters have cast a wide net across the Canadian financial industry, forcing portfolio managers and securities firms to take a harder look at who they are doing business with.
The new rules make demands of a broad list of entities—including banks, investment firms, credit unions, loan companies, securities dealers, fundraising platforms, insurance companies and fraternal benefit societies. They must determine whether they’re in “possession or control of property” of a person who’s attending an illegal protest or providing supplies to demonstrators, according to orders published by the government late Tuesday night.
If they find such a person in their customer list, they must freeze their accounts and report it to the Royal Canadian Mounted Police or Canada’s intelligence service, the regulations say. Any suspicious transactions must also be reported to the country’s anti-money-laundering agency, known as Fintrac.
“I think this caught everyone off guard last night when it was released,” Greg Taylor, chief investment officer of fund manager Purpose Investments Inc., said on BNN Bloomberg Television. “There’s a lot of questions right now in figuring out who we’re targeting, what do we have to look at.”
"
https://fortune.com/2022/02/16/trud...counts-canada-covid-protest-emergency-powers/
https://twitter.com/TrueNorthCentre/status/1494358600080404481
This is hard core - all who donated to the Convoy are now considered designated people under the Emergency Act and thereby whose credit cards can be cut etc.
Didn't take Canada long to turn from a liberal and free Western democracy into a full-blown Chinese social credit tyranny state.
They're punishing people for something that happened before the Emergency Act came into force.
This is hard core - all who donated to the Convoy are now considered designated people under the Emergency Act and thereby whose credit cards can be cut etc.
Didn't take Canada long to turn from a liberal and free Western democracy into a full-blown Chinese social credit tyranny state.
They're punishing people for something that happened before the Emergency Act came into force.
You've been using it for decades already.
Money in a bank account is a losing proposition. If you have savings in a bank you are underwater as the inflation rate is higher than the interest rate that you are receiving. That’s why things like art, classic cars, vintage guitars and property are rising in price so quickly now - people with a lot of money are looking for other asset classes to get their wealth out of banks and into something that will appreciate or even just hold value instead of going backwards.
I just realised my vinyl record collection must be valued upwards of $10k. I bought those without even thinking - have you seen them at JB-HIFI? $70 a pop some of them!!
Jordan Peterson just said in an interview that he was contacted by a friend who is highly placed in the Canadian military who advised Jordan to get his money out of Canadian banks as "things are worse than you realise". JBP is not prone to lying or exaggeration.
^ I wouldn't be taking the second-hand advice from Jordan Peterson as any proof that the banking system in Canada is threatened. Mind you I'm not familiar with Peterson's work on the the modern day banking system so he may know what he's talking about, but I just don't think he does if he cites military officials as sources in a discussion on financial crisis.
There's a number of questions to be asked.
1. Did Canadian banks experience interruptions to their services?
That was confirmed apparently though I couldn't find any mention on The Royal Bank of Canada's website and couldn't be bothered searching the websites of other banks, nor was there any mention in mainstream news sites that I could find.
2. Was this in relation to the government's actions against the truckers?
Probably not, what would be the point of shutting online services down for a couple of hours?
3. So was there a bank run?
No. There may have been some individuals who rushed to withdraw their savings but it doesn't constitute a bank run.
4. Do Canadian banks face any insolvency issues?
No. Since the GFC (which was a giant bank run) there are a host of new regulations that put constraints on bank's balance sheets to prevent insolvencies.
5. Is a bank run imminent?
No. See 4.
6. Why is this even in the news?
Because populist rhetoric thrives on the web.
1. Did Canadian banks experience interruptions to their services?
That was confirmed apparently though I couldn't find any mention on The Royal Bank of Canada's website and couldn't be bothered searching the websites of other banks, nor was there any mention in mainstream news sites that I could find.
2. Was this in relation to the government's actions against the truckers?
Probably not, what would be the point of shutting online services down for a couple of hours?
3. So was there a bank run?
No. There may have been some individuals who rushed to withdraw their savings but it doesn't constitute a bank run.
4. Do Canadian banks face any insolvency issues?
No. Since the GFC (which was a giant bank run) there are a host of new regulations that put constraints on bank's balance sheets to prevent insolvencies.
5. Is a bank run imminent?
No. See 4.
6. Why is this even in the news?
Because populist rhetoric thrives on the web.