(Newswire.net — January 11, 2019) — On the eighth weekend of consecutive protests across France, members of the “Yellow Vest” movement invited citizens through social networks to massively withdraw funds from banks.
Demonstrators hope that this move will force the government of President Emanuel Macron to respect their demands, first and foremost allowing the citizens to directly propose new laws.
The “Yellow Vests” movement began in mid-November with the aim of organizing demonstrations across France due to the increase in fuel tax within environmental measures. After protesters clashed with police on the streets of Paris, and demonstrations spread to other French cities Macron halted the fuel tax incense.
The protest, however, turned into a general expression of the citizens’ dissatisfaction with Macron’s policy and protesters are now demanding Macron’s resignation. In order to pressure the government the “Yellow Vest” protesters are asking citizens to withdraw all money from banks which could induce the collapse of the French economy and the end of Macron’s government.
If reports are true in stating that 70 per cent of the population (some 46 million of people) plans to withdraw all their Euros, it would induce a systemic banking crisis in the country where almost all the banking capital would be wiped out.
France has the seventh largest economy in the world and the second largest in Europe, valued at $US 2.58 trillion, according to World Bank data, News.com.au reports.
Being the most visited country in the European Union, France relies on tourism. The country heavily relies on agriculture so the sudden lack of money in banks would definitely cause the collapse of these two major revenue generators.
A bank collapse would lead further to a widespread financial crisis that will most certainly cause a long economic recession, analysts agree.
The problem, however, would seriously disturb the Euro zone influencing it in a negative way through the currency that is common for many other EU countries, and it could cause a financial crisis in those countries as well.
If the bank run succeeds, it would be the greatest demonstration that the real power lies in the hands of the people and not the politicians. The “Yellow Vests” protesters count on a possible international havoc scenario that would speed up pressure to bring Macron’s rule to an end.