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The Federal government of Canada recently invoked the Emergencies Act for the first time in Canadian history in response to the trucker protest in Ottawa.
Todd Horwitz, chief market strategist of BubbaTrading.com told David Lin that the stripping away of personal freedoms is not exclusive to Canada, and is only going to get worse around the world.
“That’s where governments are going anyways,” Horwitz said. “When people continue to vote in the directions that they vote and they give up their freedoms, you are proving to the government to do this because you keep voting in the same people that don’t belong there.”
The Emergencies Act, which became law in 1988, defines a “national emergency” as one of the following: a public welfare emergency, a public order emergency, an international emergency, or a war emergency.
The emergency in question must be “an urgent, temporary and critical situation that seriously endangers the health and safety of Canadians or that seriously threatens the ability of the Government of Canada to preserve the sovereignty, security and territorial integrity of Canada.”
Invoking the Emergencies Act grants the Federal government several powers, including the ability to seize private bank accounts and suspend large transactions.
Deputy Prime Minister Chrystia Freeland said in a press conference earlier this week that the government is broadening “Terrorist Financing” rules to cover crowdfunding platforms and digital assets, like cryptocurrencies.
Horwitz said that cryptos will be difficult to seize.
“That’s not so easy at this moment. If you’re carrying, in your cold wallet, your cryptocurrencies, they don’t have any actions to that,” he said. “This is one of the things that makes cryptos so valuable right now and why you’re starting to see more dominance and more play there is because…if you’re in Ukraine and you want to get out, you can’t walk out with a million dollars of gold but you can walk out with a million dollars on a flashdrive of Bitcoin. So this is a threat that they couldn’t really follow through on.”
For more information on why stocks are still headed for a 50% to 60% correction and why a shortage of food may be on the way, watch the video above.
By David Lin
For Kitco News
Time to buy Gold and Silver on the dips
