the confidence in the banking system is immediately undermined.

That's not how to spell annihilated.

I had a sneaking suspicion this is why they reversed course so quickly. I have the feeling this might spread to the US and elsewhere. Kind of similar to the meme stocks of GME and AMC. These were shorted by major institutions and when common people bought these stocks, there was the mother of all short squeezes. I wonder if a run on the banks will happen and lead to a financial crisis?

I see Candace Owens saying (and I think others):

"I’d recommend every person pull their money out of big banks (Chase, Wells Fargo, Bank of America, TD Bank) and open accounts at small local ones. I did this as a News Years resolution. We have given them too much power over our money."

So much for the advertised security of Crypto Accounts.

In case anyone wants to know what this absolute crap excuse for a post is about...

A Major Backfire – Is the Canadian Financial and Banking System in Serious Trouble as a Result of Their Attack on Private Bank Accounts? February 23, 2022 | Sundance | 34 Comments Has there been a massive exodus of capital out of the Canadian financial system? A few obscure but interesting data-points seem to indicate Justin Trudeau’s unprecedented use of the federal government and intelligence apparatus to target the bank accounts of Canadian citizens has just created a serious problem for their financial institutions.

If I was a betting person, I would bet half my stake that something very serious is happening in the background of the Canadian financial system, and it appears the leaders inside government, as well as leaders in the international financial community, are reacting and trying to keep things quiet. Stick with me on this and stay elevated…