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.”
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The recommendation from this one expert was to seek out “ultra long Treasuries,” as they are trading below expectations.
“It’s time to own the most reviled security in the universe, the ultra long Treasuries. I know you all think we’ve got an inflation problem. It was a supply shock, and a supply shock needs the manifestation of more and more bank printing of loans to propel it into the future. We’re getting the opposite. The ultra longs are trading two to three standard deviations below the ETF…”
He also suggested Bitcoin “is something I could conceive as an asset class that could trade three or four times higher in the next five years.”
IMPORTANT NOTE: Although millions of American parents send their precious children off to public school every day, imagining their kids’ days will be filled with reading, writing, arithmetic, science, history, sports and music, they’re not only in for a shock – but for total BETRAYAL. Today’s “public” (government) schools have become far-left ideological, political and religious indoctrination centers aimed at reprogramming and transforming America’s children.
Kids are being taught to HATE their own country and to see themselves and their parents as racists – or victims of racists. They are sexualized and corrupted, and many are groomed into the dark LGBT world, with almost 6,000 schools prohibiting parents from even hearing about their child’s transgender “transition.” In between all the far-left indoctrination and sexual corruption, teachers take time to scare children to death about the near-term end of life on earth due to “catastrophic climate change.” Another lie. But it’s all classic Marxism/communism, with even the “3 R’s” – reading, writing and arithmetic – now being corrupted with “woke,” “1984”-style madness.
Perhaps never has the true threat of today’s U.S. public school system been exposed as in the sensational April issue of WND’s critically acclaimed monthly Whistleblower magazine, titled “THE GREATEST BETRAYAL: How Marxism and madness have taken over America’s public school system.” Whistleblower is available in both the popular print edition and a state-of-the-art digital version, either single issues or discounted annual subscriptions.
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This article was originally published by the WND News Center.
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