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Investors Were Being Blocked from Fund Withdrawals Months Before the Pandemic

Courtesy of Pam Martens

Broken Piggy BankWall Street On Parade has previously written that a financial crisis was already well under way before the first case of COVID-19 was reported anywhere in the world. This should matter greatly to Americans because the Federal Reserve is attempting to blame the financial crisis on the virus to avoid Congressional investigations of its second epic failure in a dozen years at regulating the behemoth Wall Street banks.

America needs a comprehensive investigation of what really triggered this financial crisis in order to restructure the U.S. financial system away from a casino culture into one that doesn’t regularly need massive Federal Reserve and government bailouts. These bailouts are piling more and more debt on the shoulders of taxpayers and becoming a crushing drag on the U.S. economy, notwithstanding Fed Chairman Jerome Powell’s dismissive remark to Congress that we’ll worry about the debt later.

Today we’re expanding our financial crisis timeline to include pre-COVID-19 announcements of big job cuts at global banks; mutual funds and hedge funds taking the desperate measure of locking out investors from access to their money; and the massive sums investors were pulling from mutual funds and hedge funds throughout 2019 — all prior to the first case of COVID-19 anywhere in the world.

According to the timeline at the World Health Organization, on December 31, 2019, China first reported a cluster of cases of pneumonia which were identified in early January to be the coronavirus now known as COVID-19. This is the timeline of events suggesting that a financial crisis was in the works months before December 31, 2019.

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June 3, 2019: The highly-touted $4.7 billion Woodford Equity Income Fund in the U.K. froze withdrawals by investors. It had too many illiquid securities.


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