Yellow vest protesters plan massive run on French banks
by News Corp Australia Network
Posted January 10, 2019
Furious yellow vests are preparing to withdraw all their euros in a massive run on French banks, as the violent protests spill over to Britain.
If a bank run succeeds, the yellow vests could cause a complete failure of France’s banking system. Unlike Australia, France operates on a Fractional Reserve System meaning their banking system holds a fraction of money that’s deposited by customers. The rest is used to make loans, creating new money.
If reports are true in saying 70 per cent of the population plans to withdraw all their euros, it means more than 46 million people will be directly revolting against the system. This could lead to a systemic banking crisis in the country where almost all the banking capital is wiped out. More…