Protests in France about to escalate as Yellow Vests planning a run on the banks to cripple the financial system

7:03 PM bank run, france, macron, protests, yellow vests 2 Comments

Protests are great, but as they say, money talks and bulls*it walks.  And after weeks of demanding regress from the Macron government with little to show, leaders of the Yellow Vest movement are upping the stakes by planning that protesters conduct a run on the banks in the coming days.

French grassroots political movement the Gilets Jaunes — Yellow Vests — is planning a bank run similar to Bitcoin’s (BTC) Proof of Keys, sources revealed on social media Jan. 7. 

Dubbed the “Collectors’ Referendum,” the latest demonstration by the movement calls on supporters to withdraw all their savings and other deposited cash from financial institutions on Saturday. 

Speaking in a video uploaded to Facebook, an activist known only as Tahz San said the gesture aimed to “scare this (French) state completely legally and without any violence, yet more effectively than ever expected” throughout the history of the Gilet Jaunes movement. 

“It’s our elected officials’ worst nightmare,” he added. 

As local magazine Capital notes, the potential disruptive element of the Referendum could technically be considerable. - Cointelegraph

By declaring on social media the potential for tens of thousands of people to pull their money out of the banking system, it is likely that the Macron government will enact plans to either limit or halt any withdrawals before they begin.  However this is also a catch-22 since a bank holiday or capital controls imposed on the people will extend to every French and EU citizen living in the country, and spark even greater consequences similar to what we saw in India just a few years ago.