An expert in economics is warning that the Biden administration may be looking at ways to lock down your checking account – literally ban withdrawals from the banking system.
The teams Biden has installed in power in the federal government already have moved to force you to buy an electric car, limited the kinds of appliances you can buy, censored the questions you can raise about fair elections and much more.
Now the next step could be your bank account, according to macro economics guru Hugh Hendry.
A report at The Daily Hodl explained Hendry was in an interview with Bloomberg Markets when the questions of mass panic and capital flight came up.
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He said the moves away from the U.S. banking system, which recently has seen several major institutions fail, is justified.
The report explained, “Hendry says a further decline in the M2 money supply, which in part tracks money in liquid checking accounts, could convince the U.S. government to step in and prevent citizens from taking their capital out of the banking system.”
“Sometimes it’s kind of relevant to panic. I would recommend you panic… You’ve seen the biggest waterfall decline in M2 right now. M2 is deposits, not loans. That’s the deposits fleeing the system and going into money market funds,” he explained. “That could reach a crescendo where the Treasury and the Fed may have to come in and actually restrict your right as a U.S. citizen to pull money out of the U.S. banking sector.”
He continued, “There is capital flight, deposit flight from the banking sector seeking yield. I fear that, I don’t say this lightly, but in 1934 the Federal Reserve Act confiscated gold from U.S. citizens.
“We’re at the point where the Fed and Treasury officials I’m sure are having to consider a gate, a lock on U.S. bank deposits.”