Run on Canada banks is happening

a reply to: Ksihkehe

Point being, is it based on individual bank branches or as an industry

Im assuming the former. So then how many branches?

As another poster noted, simply denying ATM access is a minor loophole.

Also, denying withdraws up to a certain amount would suite the same cause.

So, we could technically never see a actual run, but a denial of certain services etc.

a reply to: JinMI

If they have to restrict withdrawal or fabricate outages to prevent a bank run then it's effectively a bank run. A massive outage they can play off as a technical problem though.

It's counterproductive to openly make withdrawal limits via government order as it diminishes confidence even further. If it gets to that point it will show they're desperate to delay what has become an inevitability. If they have a hard bank run and try to place severe restrictions on accounts there's a real possibility of a civil war or mass uprising.

Trudeau is a muppet and I hope his poor choice of words and actions put enormous pressure on banks. I'd love for his support to completely dissolve and for him to leave public life in shame.

originally posted by: IndieA

originally posted by: nugget1

originally posted by: IndieA
Information from Zerohedge is pretty much worthless and always suspect for disinformation, which is why I don't waste my time with it.

All you have to do is google it to find some credible sources stating it IS true. Or not, if you prefer to believe otherwise.

There's a huge difference between a bank run, and a small percentage of people taking their money out of the bank.

Actually - no, there isn't much of a difference. As another poster pointed out, banks only hold a few percentages in cash. If just five percent of the population gets ticked about the truckers and starts to withdraw their money - that's enough to take all the reserves of most banks.

Of course, before that would happen, they would limit cash withdrawals but then that would piss off a greater percentage of the population. It would cause a major disruption in the banking industry.

a reply to: machineintelligence

That is how the great depression started.

originally posted by: Daughter2

originally posted by: IndieA

originally posted by: nugget1

originally posted by: IndieA
Information from Zerohedge is pretty much worthless and always suspect for disinformation, which is why I don't waste my time with it.

All you have to do is google it to find some credible sources stating it IS true. Or not, if you prefer to believe otherwise.

There's a huge difference between a bank run, and a small percentage of people taking their money out of the bank.

Actually - no, there isn't much of a difference. As another poster pointed out, banks only hold a few percentages in cash. If just five percent of the population gets ticked about the truckers and starts to withdraw their money - that's enough to take all the reserves of most banks.

Of course, before that would happen, they would limit cash withdrawals but then that would piss off a greater percentage of the population. It would cause a major disruption in the banking industry.

Only if that small percentage of people all request their money out in the form of cash. Electronic transfers wouldn't be an issue.

originally posted by: IndieA
Information from Zerohedge is pretty much worthless and always suspect for disinformation, which is why I don't waste my time with it.

Of course. Anyone on the left side would say that.
The ministry of truth would be so proud.

originally posted by: Daughter2

originally posted by: IndieA

originally posted by: nugget1

originally posted by: IndieA
Information from Zerohedge is pretty much worthless and always suspect for disinformation, which is why I don't waste my time with it.

All you have to do is google it to find some credible sources stating it IS true. Or not, if you prefer to believe otherwise.

There's a huge difference between a bank run, and a small percentage of people taking their money out of the bank.

Actually - no, there isn't much of a difference. As another poster pointed out, banks only hold a few percentages in cash. If just five percent of the population gets ticked about the truckers and starts to withdraw their money - that's enough to take all the reserves of most banks.

Of course, before that would happen, they would limit cash withdrawals but then that would piss off a greater percentage of the population. It would cause a major disruption in the banking industry.

hmmm 2/22/22 ? Pluto return in the US Natal chart!

a reply to: starshift

Will truckers be requiring cash payments for their services going forward?

The real question is, will they have a choice?

It's nothing for a truck to pull up to the pumps and dump 150-200 gallons of fuel in. You think spending $75 for a fill-up is expensive? If diesel is $3.50 a gallon (it's actually higher here right now), that's between $525 and $700 for one fuel stop. If the truck is well-tuned and the load is light (most aren't), that will get them around 1050-1400 miles (that's assuming 7 mpg, which is average for a newer rig).

Canada (and the US) is over 2000 miles from coast to coast. So double that for a coast-coast run.

Truck repair costs are literally insane. An overhead can cost upwards of $500... just a simple (reguired by law) DOT inspection upwards of $200. If a new part is needed, even a minor part, you're well into 4 digits. Major repair? 5 digits. That has to be paid at the time service is rendered... no credit from truck shops. They don't know when or if you'll ever be back through.

So exactly how are these truckers supposed to pull freight with their accounts frozen? They can't even afford to fuel up, much less handle the costs of maintenance and repair.

What will happen is that the independent drivers will be forced to either park or sign on with a company that is holding favor from the government (meaning their accounts won't be frozen). Many will do so; many will not. Some will take temporary work driving for a company fleet. Most will not... that itself comes with a TON of regs from the company itself, and absolutely no guarantee of a livable income.

Of course, if the banks are restricting cash, and the truckers demand cash, that won't be a problem. Amirite?

Less trucks mean less freight can be pulled. Less freight means shortages and job slowdowns. Less freight means lower supply and therefore higher prices, AKA inflation. Less work means less money to buy those goods at the inflated prices.

But it'll all work out. I wouldn't worry too much about it. It's just those nasty old truckers causing trouble again. Trudeau will fix it.

TheRedneck

Regardless of the "data" and/or where it comes from, the first thing in my mind AS SOON AS I HEARD Trudeau was going to begin freezing accounts was: "I would be pulling my money out first chance I got".

It doesn't matter why Trudeau's doing what he's doing, it matters that he IS doing it. It matters that he CAN do it. The little trust left in banks keeping money 'safe' have flown out the window.

originally posted by: ThirdEyeofHorus

originally posted by: IndieA
Information from Zerohedge is pretty much worthless and always suspect for disinformation, which is why I don't waste my time with it.

Of course. Anyone on the left side would say that.
The ministry of truth would be so proud.

I'm not on the left.

Make assumptions much?

a reply to: IndieA

Zerohedge was only reporting what had already been reported by a Canadian news agency who had called all the banks directors and gotten quotes about the problems. CIBC and TD Ameritrade denied any problems occurring and the other two said they were having technical difficulties.
It all came from the government declaring an emergency which meant, that it had authorized banks to freeze accounts of individuals and businesses that they suspect to be affiliated with the illegal blockades, without requiring a court order and without incurring any civil liability.

a reply to: IndieA

Electronic transfers would be a problem. Because banks have been able to loan out more than they have credited. It wouldn’t be by much but at a point they would have to stop all transfers due to credit issue.

Pfff people don't have money

a reply to: mcsnacks77

If they can do that, then it opens the gate for anyone else to act illegally.