Martin Armstrong: "Trudeau backs down after Major Banks scream about Massive Withdrawals"
February 23, 2022: Mainstream media headlines are reading, "Trudeau revoked the Emergencies Act." If you thought Justin Trudeau and Chrystia Freeland had a rare moment of compassion and concern for fellow Canadians, think again. Trudeau and Freeland caved in under the pressure of "screaming" bank executives and major shareholders who have a "front row seat" as they are witnessing billions of dollars leaving the Canadian banking system at breakneck speed.
Trudeau and Freeland were both forced to back off their outrageous use of the Emergencies Act, not out of compassion and patriotism but rather in a fit of panic and loss of control.
Unfortunately, severe and irreparable reputational damage (both domestically and internationally) has been caused by these two inept WEF lapdogs. Understandably, Canadian citizens and the international investment community see serious risk in the once highly respected Canadian banking system - now the loss of confidence in the financial sector is real and visceral.
It is safe to say that the only reasonable way to start the "Canadian recovery process" from this arrogant blunder is to immediately call for the removal Trudeau and Freeland from office. Their mere presence in Canadian politics is a terminal threat to Canadian sovereignty, international credibility, and inter-generational prosperity. Leaders who actually represent the well-being of Canadians and the spirit of Canadian law must be identified and appointed to lead Canada out of the quagmire caused by Trudeau, Freeland, and their toxic Liberal Fascist Party.
According to Martin Armstrong:
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 [Socrates System] 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.
Source: Armstrong Economics