Trudeau is ending use of the Emergencies Act.
(twitter.com)
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Did the truckers really win? It sounds like he's just ending the "emergency," but he and the Canadian government still have the power to invoke it whenever they want. And have the people who were arrested been released yet? Have their bank accounts been unfrozen? Has their confiscated property been returned to them? Have the mandates been lifted?
The answer to the bank accounts bit is yes. The government announced it was unfreezing the accounts it had frozen and wouldn't freeze anymore.
Tens of thousands of people across Canada have spent the past week moving assets around and pulling cash out because of those measures, whether they had anything to do with the protests or not. All of the big Canadian banks are too heavily leveraged to be able to absorb that. They've borrowed huge amounts with using money in people's accounts as collateral, and people just yanked millions of dollars out of those accounts.
I would not be surprised to learn that there were several profanity-laced phone calls between the bank execs and the government about that, and Trudeau has destroyed investor confidence with it. Who in their right mind would invest in any sector of the Canadian economy if the government is going to give itself the power to freeze your assets on a whim?
Trudeau is done. The announcement is him trying to save himself, but it's not going to be enough.
This is an extremely important point that not enough people know. Most banks are extremely leveraged, which is to say they have a lot of debt and not much money. They make money by taking your money and investing it elsewhere. What this means is when you deposit $1000, the bank almost immediately spends it all on an investment. When you then withdraw it, the bank is actually out a thousand dollars until the investment pays off.
Bank runs are a legitimate way to fight back, because it puts them in a terrible situation. They have no money, and now you're asking them for money that they legally cannot deny you (unless you're a truck driver, apparently). So now they have to go even deeper into debt in order to satisfy your legal right to your own property.
If enough people do this simultaneously, the bank is going to take a hit of many millions of dollars. If enough people do it simultaneously and for a long enough period of time, the bank is going to fail.
Its why banks closes when shit hits the fan and inflation sky rockets. Everyone pulling out money at once to gtfo.
Thanks for the info. Guess there's something to be happy about here. Don't see Trudeau going anywhere though. Canada will forget about this in a week once things in Russia and China heat up and the truckers do their thing in America. He'll get another term just fine.
My understanding is that because it wasn't ratified by the parliament, it didn't actually go into effect.
This could open up the possibility of lawsuits against the banks and authorities that relied on the Emergency Act powers.
Trudeau has made a complete laughing stock of the Canadian Senate and anyone who voted for it.
There should be massive fallout for all of this. Should, but we are in clown world so who knows.
Doug Ford already said he's keeping the enhanced police powers for a while longer lol
I don't know how he can do that. If so, I expect some legal challenges.
Abuses of power always go the same way, though.
Some shithead in charge overreaches
Blowback
Legal challenges
Maybe they win.
How much time passes from point 1 to 4 though? How much damage gets done before anything might even come close to overturning the original problem still leaving all the consequences after that to deal with.
Castro Jr has been taking L after L over the past few weeks to the point where he's either seen as a clown or a dictator to the rest of the world. Every single action has only served to cost the Liberal party dearly and turned Canada into a fucking circus on the global stage.
All he had to do is lift the mandates. Like everyone else is doing. He just had to follow the science, and yet his ego couldn't.