Yellow vest protesters to withdraw all their euros in massive run on French banks

Yellow vest protesters to withdraw all their euros in massive run on French banks

Yellow vest activists are urging French citizens to empty their bank accounts and spark a massive run on the country’s banks in their longstanding fight with the government — which could lead to the collapse of its banking system.

The call for citizens to withdraw all their euros come as copycat protests are planned for Britain on the weekend.

Protesters hope the move will force the government to listen to their demands, notably their call for more direct democracy through the implementation of popular votes that allow citizens to propose new laws.

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.

aThe countries banks are believed to have about a quarter of the cash needed to weather a bank run.

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.

Source