Intelligence Squared How Britain became Butler to the World, with Oliver Bullough
Mar 28, 2022
Oliver Bullough, a bestselling investigative journalist known for his work on kleptocracy, delves into how Britain has become a haven for oligarchs and global billionaires. He discusses the historical transition from empire to a financial hub, spotlighting the rise of tax havens like the British Virgin Islands. Bullough critiques the UK government's inadequate responses to tackling economic crimes, examines the effectiveness of sanctions, and explores the troubling societal disparities created by the power of oligarchs.
AI Snips
Chapters
Books
Transcript
Episode notes
Delayed Reaction
- Oliver Bullough's book, "Butler to the World," was published right as the UK government began cracking down on Russian oligarchs.
- A friend jokingly tweeted that the government waited for the book's release to take action.
From Empire to Butler
- Britain transitioned from an imperial power to a "butler" for the world's wealthy, facilitating their evasion of regulations.
- This role emerged after the Suez Crisis when London banks began using dollars to bypass UK financial restrictions.
Cold War Finance
- During the Cold War, London banks helped a Soviet state bank move dollars to avoid potential US freezing, profiting by undercutting US regulations.
- This demonstrated early on how the City of London acted as a butler, prioritizing profit over geopolitical alliances.
