- The vast scale of the UK’s “de-banking” scandal is becoming apparent
- Meanwhile, there has been fresh escalation in the “war on cash”
- Many socio-economic trends have an increasingly Marxist character
Frequently in the spotlight due to his political views, Nigel Farage has been centre stage in recent weeks due to the UK’s “de-banking” scandal, the scale of which appears to be much larger than originally thought. A great many British citizens may have been denied bank accounts due to their “politically exposed” positions.
Some banks may have even broken the law by failing to protect client data properly. The recently introduced European GDPR regulations place strict controls on how client data can be used, and what permissions are required to be obtained beforehand. In Nigel’s case, GDPR rules may have been violated.
Meanwhile, the war on cash continues. Australian banks have just introduced new, lower limits on the amount of cash that can be either deposited or withdrawn. It is already commonplace for banks in many countries to ask questions regarding cash withdrawals or deposits that are deemed to be unusually large.
The war on cash is best understood as a war on financial privacy. Yet regulators claim that their efforts to move to a more cashless society are all about financial “inclusion”. It doesn’t seem so to me.
The de-banking scandal has grown to encompass more than banks, with government officials now criticising other companies for wading into the woke wars. Do companies still acquire, retain and promote their employees based on merit? Or are they more concerned about virtue-signalling? Are your investments caught up in the furore?
It is vitally important to remain abreast of all the above developments, each of which could further constrain your financial freedom.
To hear Nigel’s latest views on these topics, please watch the video below.
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And if you’d like to hear from Nigel and other guests more often and more conveniently, why not sign up to the new Fortune & Freedom podcast on Apple Podcasts, Spotify, Amazon Music or Google Podcasts?
Investment Director, Fortune & Freedom