The Gilet Jaunes: Protesters run on the banks could collapse French banking system

09 Jan, 2019 | Updated: 09 Jan, 2019
by Will Heasman
News
The Gilet Jaunes: Protesters run on the banks could collapse French banking system

As the situation in France escalates, the anti-Emmanuel Macron protesters - aka The Gilets Jaunes (the yellow vests) - plan to make a run on the country’s banks.

This “bank run” is a call from the yellow vests, to all French citizens, emploring them to withdraw their euros.

If successful, the group may cause a complete failure of the banking system in France. This is because French banks are run via a fractional reserve system, meaning that only a fraction of funds are backed by actual fiat; the country’s banks are estimated to have less than 1/4th of the funds on hand needed to satisfy a bank run.

The yellow vests seem to know where to hit the government hardest. A post on Facebook confirms that today (9th January) protestors will demonstrate outside of the Rothschild owned bank of Lyon.

It appears the cryptocurrency community hasn’t ignored the attempts to undermine these centralized financial institutions, rallying to the cause by promoting the use of Bitcoin (BTC):

As reported, a street artist known as Pascal Boyart, AKA Pboy, recently finished a mural depicting the yellow vests' struggle against the French regime. Incredibly It was revealed that the mural hides a prize of 0,26btc ($1000).

As of writing, no one has yet solved the puzzle, and the amount has increased to 0.2874245 BTC; evidently due to an anonymous donation.

Read more: Street artist Pboy hides $1000 in BTC inside a mural depicting Paris protests; Is crypto the solution to 'Gilet Jaunes' protests in France?

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