Diabolical "Debanking": A Distressing Trend in the Great White North

Evil canadian banking lord burns a pile of money

Over the past few years, a marked increase in the peculiar phenomenon of "debanking" has haunted Canadians who dared to chart their own course through the pandemic. Rebel News recently plunged the depths of this crisis as revealed through compelling data procured by Blacklock's Reporter via an access-to-information request from the Financial Consumer Agency of Canada. It uncovers how, since 2018, a staggering 837 Canadians have experienced sudden, unexplained closures of their bank accounts. (Well, we kinda know why!).

This data, drawn from complaints filed with regulators, illuminates a perplexing situation where the far-reaching arms of financial institutions have reached a tipping point. It invites us to ponder the ramifications of debanking, especially when it affects individuals whose only "crime" is supporting a particular sociopolitical movement, the Freedom Convoy. The data indicates that among the debanked, 267 belong precisely to this category—an echo of Canada's larger anxieties concerning dissent.

While the Financial Consumer Agency of Canada did not illuminate the precise reasons behind these account closures, the evidence rules out justifications such as substantiated terrorism and money laundering. This absence of clear answers trails behind it a litany of questions. It provokes a debate about the dynamics between individual rights and societal security, private autonomy and government control.

At a recent hearing at the Commons finance committee, Angelina Mason, general counsellor for the Bankers Association, testified that the decisions for account closures were not solely based on names provided by the RCMP, but also included determinations made by the banks themselves. This stance further muddies the waters, rendering the boundary between personal liberties and financial obedience a blurred line.

Echoing these concerns, New Democrat MP Daniel Blaikie asked, "Were there accounts of individuals frozen that did not appear on a list of names submitted by banks to the RCMP?". Mason's affirmative response added a new layer of complexity to the conversation. Whilst the Bank Act allows banks to refuse services in cases of alleged criminality, its application to the debanked Canadians, specifically those supporting the Freedom Convoy raises doubts.

https://twitter.com/RebelNewsOnline/status/1501253940519706626

More startling is the revelation by the Canadian Bankers Association that depositors can be “flagged for life.” So, once marked, an individual's financial record will forever bear the burden of this societal ostracism. An added level of alarm arises from the declaration that banks carry no liability for damages from frozen accounts, shielding them from serious financial and reputational repercussions.

Photo by Naomi McKinney on Unsplash

Our nations now stands at a crossroads. If we are to pride ourselves on being a democratic society, the act of debanking innocent citizens on shaky grounds is incompatible with our attempted narrative. There is a dire need for transparency, accountability, and a careful reexamination of these decisions. To ensure a balance between financial regulation and personal liberty, reviewing the debanking process is urgent, if not crucial. The future of Canadian democracy may well depend on how we respond to this crisis.