The government might stop new bank withdrawals, according to a financial specialist

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Hugh Hendry, a manager of hedge funds and macroeconomic analyst, claims that if an economic panic breaks out, the government may prohibit fresh banking withdrawals.

Hendry claims that the recent widespread fear and capital flight from the US banking industry is perfectly justifiable in a new interview with Bloomberg Markets.

According to Hendry, a further drop in the M2 currency supply, which partly measures the amount of cash in liquid savings accounts, might encourage the US government to engage and stop people from withdrawing money from the financial system.

“Occasionally, it relates somewhat to panic. You should panic, in my opinion. Currently, you’re witnessing M2’s largest waterfall collapse. Savings, not loans, contribute M2. Deposits are leaving the system in this manner and entering funds for the money market.

It could get to the point where the Treasury and the Fed are forced to engage and impose restrictions on your ability to withdraw money from US banks as a citizen.

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