#BankRunCanada trends on Twitter in response to Trudeau power grab
The hashtag #BankRunCanada has been trending across Twitter today in response to Canadian Prime Minister Justin Trudeau invoking the Emergencies Act. Twitter users are floating the idea of a bank run, which could potentially send the Canadian economy grinding to a halt.
As reported by AFLDS Frontline News, Trudeau awarded himself extra powers amid ongoing protests against his COVID-19 mandates. The protests are currently in their third week, shutting down parts of the U.S.-Canada border and Ottawa.
Trudeau has deemed the anti-mandate protests a “public order emergency”, which affords him such powers as the power to prohibit gatherings, to requisition or regulate private resources or services, to allow law enforcement to fine and/or imprison protestors, and to regulate or prohibit travel.
The prime minister also announced yesterday that with the powers granted under the Emergencies Act, the federal government can and will be freezing bank accounts and funds considered by the government to be a threat.
In response, thousands of Twitter users are talking about withdrawing their cash from their banks, using the hashtag #BankRunCanada.
A bank run is when masses of people withdraw cash simultaneously. This kind of financial stampede is particularly dangerous to a government, which guarantees the bank’s funds up to a point. If people begin to fear that their money will be frozen for protesting against the government, it could trigger mass financial panic and deplete banks’ cash reserves.
While there are mechanisms in place to prevent bank runs, those mechanisms could be stalled if enough people were to withdraw at the same time.
And many social media users are aware of this.
“4chan is calling for a run on Canadian banks in response to Trudeau’s crackdowns,” wrote HumanEvents Host Jack Posobiec in a tweet that has since garnered nearly 33,000 likes.
“I plan to do my part for #bankruncanada by buying all the CA$'s at my local US bank. Today!” tweeted another user.
Some suggested the use of cryptocurrencies.
“There are many countries that really need #Bitcoin right now more than others … And one of them is #Canada. Set yourself free Canada!???????? #bankruncanada,” read another tweet.
“Canada, if you want Trudeau's nonsense to stop, take your disposable income and savings out of your bank. Leave enough for your bills but cash out. Stop this tinpot dictator from getting his minions to Rob you of your free will. This is beyond vaccine mandates. #bankruncanada,” tweeted yet another.
Other users have reported empty ATM machines, though those reports have not yet been confirmed.
