Biden Administration May Freeze Bank Withdrawals

Macroeconomics expert Hugh Hendry has raised concerns over potential restrictions on US banking withdrawals and recommends purchasing “ultra long Treasuries” as a hedge.

Here’s What You Should Know

A renowned macroeconomics guru, Hugh Hendry, has issued a warning that the Biden administration may consider measures that would restrict citizens’ right to withdraw money from their checking accounts.

In an interview with Bloomberg Markets, Hendry explained that recent declines in the M2 money supply, which tracks deposits in liquid checking accounts, could be the trigger for such actions.

Hendry also expressed concern about the flight of capital from the US banking sector and suggested that the government might consider implementing a “gate” or “lock” on bank deposits to prevent further deposit flight.

The economist cited previous historical examples, such as the confiscation of gold from US citizens in 1934, to support his warning.

He recommended that investors consider purchasing “ultra long Treasuries” as a hedge against potential restrictions on withdrawals.

Hendry also expressed optimism about the potential growth of Bitcoin as an asset class and predicted that it could increase three or four times in value over the next five years.

The warning comes as the Biden administration has faced criticism for its recent policies that restrict consumer choices, such as forcing electric car purchases and limiting appliance options.

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