Hedge fund manager and macro-economic expert Hugh Hendry has alerted the banking system and the American economy as a whole.
Article by Belle Carter, republished with permission from Naturalnews.com
“President Joe Biden’s administration may be looking at ways to lock down your checking account, literally ban withdrawals from the banking system,” he warned.
In a new interview on Bloomberg Markets, Hugh Hendry said that mass panic and capital flight away from the United States’ banking sector is entirely justified. He added that a further decline in the M2 money supply could convince the U.S. government to step in and prevent citizens from taking their capital out of the banking system. M2 is a measure of the money supply that includes cash, checking deposits and other deposits readily convertible to cash.
“Sometimes it’s kind of relevant to panic. I would recommend you panic… You’ve seen the biggest waterfall decline in M2 right now,” said Hendry. “M2 is deposits, not loans. That’s the deposits fleeing the system and going into money market funds.”
He pointed out how the administration has been driving the economy to this situation. Hendry added that the bureaucrats Biden has installed in the federal government have already moved to force Americans to buy electric cars, limited the kinds of appliances they can buy, censored the questions they can raise about fair elections and much more.
“Now the next step could be your bank account,” the economics guru said. “This 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 also explained that capital flight from banks is not solely about fears of whether the Federal Deposit Insurance Corporation will insure deposits above $250,000, and a blanket guarantee on deposits would not solve the problem. According to Hendry, there is capital flight, deposit flight from the banking sector seeking yield. He said he is scared that as in 1934 the Federal Reserve Act confiscated gold from U.S. citizens. And so, he advised that when it comes to where Americans can place their capital amid the uncertainty, his go-to are U.S. Treasuries and potentially Bitcoin.
see link below and use caution
“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 said.
Even former President Donald Trump has long been warning that once people put their money in banks, the money is no longer theirs and the system will find a way to not give it back.
“Our currency is crashing and will soon no longer be the world standard,” Trump said. (Related: 1.8M fraudulent transactions led banks to close accounts of innocent customers without warning or explanation.)
Shock-proof assets
Treasuries are considered more reliable and safer assets since the government backs them and they come with a fixed interest rate for the life of the bond. Bitcoin is a potential winner as well, with Hendry predicting it could trade three or four times higher in the next five years.
“There is no other asset class that I could make that determination,” he said.
https://100percentfedup.com/expert-warns-banks-will-claim-that-your-money-3/