Canada’s largest bank collapsed Friday after hours, dropping 64% Canada’s largest bank, the Royal Bank of Canada or RBC, with $1 trillion in AUM and the largest stock in the TSX, crashed 64% after hours on Friday with no explanation. Today, customers en masse were locked out of their RBC accounts and RBC is closed. Trudeau and Freeland release the budget tomorrow. Rumours are that RBC is insolvent, has begun seizing customer’s bank deposits to stay solvent and that Trudeau and Freeland will bail out RBC (and other banks) with their budget. There is a rumor of world rest so I wonder if it has started https://duckduckgo.com/?q=Royal+Bank+of+Canada+collapsed&t=palemoon&ia=web Yet to hear any main street news covering this
Probably because it would cause runs on their banks in places like Mexico and even the Bahamas. I dealt the the Bank of Canada when I lived in both of the countries I mentioned and frankly, I didn’t like them 40+ years ago.
It may be the first of the big financial institutions to fail. There may be dominoes that bring down many an economic system. The FDIC and such have only a fraction of the reserves they need to cover major failures. It could be interesting. Hopefully they won't just take our money as happened in Cyprus a number of years ago. Of course, hyperinflation accomplishes much the same thing.
Might be just the excuse they've been looking for to seize retirement assets. Responsible people are so easy to demonize in the New Amerika.
Maybe they should do what Iceland did drag out the bankster and throw them in jail it work good there.
I think it was back around 2016 when the banks in Greece failed. Greece still hasn’t seen a full recovery from that episode.
I think that was in part due to the entanglement with the EU. Germany dictated what Greece was going to do. Greece used to just inflate their way out of trouble, but the EU prevented that because Greece alone could not inflate the Euro; only Germany or perhaps France could accomplish that.
... Friday at the end of the active day, options that were purchased previously were executed at the last moment, perhaps causing "appearances" of a collapse. When the market re-opened, the prices rebounded right away - no danger at this point and no indication from this that the bank was in danger of collapsing at any point. Any and all banks may 'crash' or simply be closed before tomorrow, by the powers that be already in control for decades.
If enough options were exercised at the same time on the same day to make it seem as though the institution was collapsing, a reasonable man would assume there's something going on.
Very strange, after I read your post I googled it and I saw the post, people were locked out of their accounts, etc etc. I sent out a few feelers to some people and they got back to me saying there was no such post of Google. It's very concerning!?
Of-course Google will not remove information or ban people. Ha Ha Put the same request for info. into other search engines like Duck Duck go and see what you get. .