Mar 8, 2022
I wrote an important piece last week. Here is a response from one of the trucker supporters married to a banker.
“If the best run and most financed bank in the world has a bank run, they close the doors. Well, the entire banking system in Canada froze and the real reason Trudeau and Freeland did a 180 degree turn overnight was because they were told by the banks that unless Trudeau wanted to kill the entire economy of Canada, they had to cut out the stupid shit.”
Yup. I was there in the trenchs and my sweet Beryl, teller at the CIBC, was shell shocked. She’d never seen that much money go out the door. I live in a very upper middle class/rich neighbourhood and people were walking in and demanding 20K or 50K and their USD. It was awesome and it scared the shit out of the banks. Accounts were being closed, investment accounts moved, RSPs transferred.
The truckers lit the fire, the bank run turned it into an inferno.
I wrote Bill back and asked if I could repost what he said.
To add a bit of flavour. I wanted to pull USD from my USD account. The branch had to order the cash. Fair ball. But poor Beryl had to go four days with “Well, things are slow at the cash place.” “Covid, they are short staffed.”
I love Beryl. I had to tell her I would be “annoyed” if the cash did not get in next business day. It did. So I was able to tell Beryl I was delighted and would not have to parade in front of the bank with my sign, “Where’s my money?”
She was relieved.
A lot of Canadians drained their accounts or closed them altogether. It was quiet but it was very, very, effective.
You can think you have all the power in the world but when you are wrong it can get expensive. Trudeau and Freeland didn’t have the power they thought they had.
Wait until the world wakes up to the stupidity of the US and EU loading Russia up with sanctions. They just blew up the entire paper money system. It will destroy the Euro first, then the bond market and then the dollar. When you fire any weapon there is always blowback.