[New]: ‘Elected officials' worst nightmare’? Yellow Vests hope to trigger bank run with financial protest

If the banks weaken, the state weakens instantly,” mentioned Yellow Vest “sympathizer” Tahz San on Fb. “It’s elected officers’ worst nightmare.”

Protesters plan to empty their financial institution accounts on Saturday, withdrawing as a lot cash as doable in a bid to undermine the French banks – if not the euro itself. The plan is to “scare the state legally and with out violence,” forcing the federal government to undertake the motion’s Residents’ Referendum Initiative, which might enable residents to suggest and vote on new legal guidelines.  

We’re going to get our bread again…you’re earning profits with our dough, and we’re fed up,” mentioned protester Maxime Nicolle in a video message shared on YouTube. 

A well-coordinated monetary motion has the potential to convey the French banking system – and by extension the euro – to its knees, as banks all the time maintain solely a fraction of the funds the nation’s residents have of their accounts. Nevertheless, most banks restrict ATM withdrawals to a comparatively low quantity, which means protesters must line up contained in the banks to withdraw the remainder of their cash, giving the state loads of time to put restrictions on withdrawals – although this may, little question, spark additional protest.

The monetary demonstration is a novel technique of circumventing Prime Minister Edouard Philippe’s proposed crackdown on “unauthorized protests,” introduced earlier this week after a very violent weekend of clashes with armed riot police – together with an sudden look by boxer Christophe Dettinger. Philippe has promised 80,000 safety forces shall be deployed for the following protest.

Additionally on rt.com France’s crackdown on protesters: ‘Govt has nothing to supply besides blood, sweat & tears’

In the meantime, there may be stress throughout the motion itself, as some former protest leaders name for a political answer.

The federal government has urged the protesters to make their voices heard in a nationwide debate as a substitute of demonstrating within the streets as they’ve finished for the final two months. The controversy, scheduled for subsequent week, will cowl local weather change, “democratic points,” taxes and public companies.

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