Thank you to Armstrong Economics.
Today, after careful consideration, we’re ending the use of the Emergencies Act. Existing laws and local law enforcement authorities can keep people safe, and we’ll continue being there to support provincial and local authorities to protect Canadians.
— Justin Trudeau (@JustinTrudeau) February 24, 2022
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.
This might help to underscore the point.
TD Bank has lost 8.5B$ in value since Trudeau invoked emergency measures act. Plus whatever was withdrawn in the bank run. This may have been a colossal error in judgement.
— Zander Hemingway (@HemingwayZander) February 24, 2022
TD Bank is one of Canada's largest banks. Wikipedia explains,
In 2021, according to Standard & Poor's, TD Bank Group was the largest bank in Canada by total assets and also by market capitalization, a top-10 bank in North America, and the 23rd largest bank in the world.[5] In 2019, it was designated a global systemically important bank by the Financial Stability Board.
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