Yellow Vest Protesters Call for Massive Run on French Banks, Empty Accounts, Withdraw All Euros

Yellow vest protesters are calling for a massive run on French banks, preparing to withdraw all their euros and empty their bank accounts, as protests spread around the world and pick up momentum in France.

Activists have been urging French citizens to empty their bank accounts and spark a run on the country’s banking industry in their fight with the government.

The calls come ahead of the ninth consecutive Saturday of protests across France and as yellow vest protests are beginning to spread around Europe and the world.

If a bank run takes off, the yellow vests could crush France’s banking system. France’s monetary system operates on a Fractional Reserve System, meaning banks hold a fraction of money that’s deposited. The country’s banks are believed to hold a quarter of the cash needed to handle a run on the banks.

Additionally, left-wing activist group “People’s Assembly” has called for thousands of people to wear yellow vests at an anti-austerity “Britain is broken” march in London this weekend.

“See you on the streets and don’t forget your #YellowVests,” the group wrote on Facebook.

 

Photo: “60 milliards = Montant évasion fiscale en France” by Jeanne Menjoulet is licensed under CC BY 2.0

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