(SNews) – A top economic expert has warned that Democrat President Joe Biden’s administration may be planning to freeze all U.S. bank withdrawals.
The warning comes as fears over the banking crisis and the stability of the economy continue to soar.
According to macroeconomics guru Hugh Hendry, the Biden admin could literally ban withdrawals from the banking system.
The move would see Americans’ checking accounts locked down in an effort to prevent widespread bank runs.
And while such a move sounds more like the actions of a far-left communist dictatorship, it would follow suit with other Biden admin policies.
Under Biden, the federal government has already moved to force Americans to buy expensive electric cars, limited the kinds of appliances you can buy, and censored the questions you can raise about fair elections and much more.
More importantly, Biden has also moved to eliminate America’s traditional dollar and replace it with “digital cash.”
Now the next step could be to seize control of your bank account, according to 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.
He said the move 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.”