Trudeau spilt the beans about where the whole financial banking system seems to be heading, absolute financial control, where the banks via our governments get to decide not only whether you can access and spend your hard earned money or not but also exactly how you can spend it. The silence of Western governments to Trudeau’s recent totalitarian tactics speaks volumes in itself and has only served to accelerate the growing distrust we had already in our banking systems.
Even putting this aside I have heard of several reports of people having great difficulty accessing their money during non-bank crisis periods and now this year I personally experienced a similar problem with one of my foreign funded accounts in Jamaica containing a negligible amount of money. The account went dormant because I had not made any further transaction in that account for over two years. The process I had to go through to reactivate that account was unbelievable especially due to the fact that I still had two other active accounts at that very same branch. I had to reprove my real existence as a human being with documents proving my address, proof of earnings and quote two officially recognised individuals such as a local minister or justice of the peace that could vouch for me. After losing half a day at that bank being physically present and providing everything they asked for I am now several weeks further and I still cannot access that account.
In addition, all the banks are continually making updates to their banking terms and policies presented in fine print that they know most of us don’t read.
One such update required that I state what I use that bank account for. They gave several options but you could only choose one of them. One option was about investment practices. I then reasoned that if I don’t tick this option they might block or hinder any such transactions that I may want to urgently make to a stock or crypto currency exchange.
Everything is pointing towards even more and more restrictions and removal of our personal choices and freedoms.
We are living in even stranger times where the risk of losing money is increasingly coming from a source that was once the most solid safe haven option of all, our local bank.
We are always being warned about the dangers of investing in general with that familiar quote;
“only invest using money that you can afford to lose”
but now we will have to start saying more and more
“only deposit money into your banks that you can afford to lose”