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Morning Wire

The Existential Threat of De-Banking | Saturday Extra

Aug 26, 2023
08:33
Snipd AI
The podcast discusses the growing trend of de-banking based on political views, highlighting lack of explanation by banks. It explores the threat to freedoms and proposes treating banking services as a public utility. The consequences of de-banking are compared to China's social credit system, raising concerns about economic growth and free speech.
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Podcast summary created with Snipd AI

Quick takeaways

  • Debanking is a growing trend that cancels a person's access to money based on their viewpoints, affecting prominent figures like Nigel Farage and a Church of England vicar.
  • Debanking restricts individuals from participating in cashless society and poses a threat to economic growth and innovation, resembling China's social credit system, highlighting the need to defend free speech and resist control by left-wing corporate establishments.

Deep dives

Debanking in the UK

Nigel Farage, a prominent figure in the Brexit campaign, had his accounts canceled by Coot's bank due to his political views, sparking a trend of debanking in the UK. Other individuals, such as a Church of England vicar, have also experienced debanking for expressing their opinions. Similar incidents have been reported in the US as well, where religious freedom charity accounts were closed without explanation. Efforts are underway to address this issue, including proposed legislation to protect customers' rights to free speech and demand transparency from banks.

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