The U.S. government may “restrict your right” to

Akash Arjun

Global Courant 2023-05-12 16:35:00

Macro guru: The US government can ‘restrict your right’ to withdraw money from banks if panic escalates – here’s what it wants for protection. Plus 2 other anti-shock agents

By The collapse of the Silicon Valley Bank until the demise of First Republic, the US banking crisis may not be over.

Hedge fund manager and macroeconomic expert Hugh Hendry recently expressed concern that the government could step in to prevent US bank withdrawals in an interview with Bloomberg Markets.

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Hendry says, “I would imagine there will be a rule from the federal government or the Treasury saying, ‘You can’t get your money out of the banking sector for the next 180 days.'”

Hendry compares this to the Gold Reserve Act of 1934, which banned private ownership of monetary gold to raise its price, control the dollar’s value, and bring more money into circulation.

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