Morning Wire The Existential Threat of De-Banking | Saturday Extra
Aug 26, 2023
The troubling rise of de-banking is explored, revealing how individuals can lose access to funds based on their beliefs. High-profile cases spur a discussion on the implications for personal freedoms in both the UK and US. Advocacy efforts aim to protect financial rights and ensure transparency in banking. The influence of societal movements on banking decisions is examined, particularly how ideology impacts service accessibility. Lastly, parallels are drawn to social credit systems, emphasizing the need for equitable banking as a public utility.
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Farage Debanking
- Nigel Farage, a key Brexit figure, had his bank accounts closed, allegedly due to his political views.
- This sparked controversy, as the bank claimed insufficient funds, which proved false.
US Debanking Cases
- Similar debanking incidents have occurred in the US.
- JPMorgan Chase closed an account for former Senator Sam Brownback's religious freedom charity without explanation.
Red-Dotting
- A former Chase director revealed an internal flagging process called "red-dotting."
- This flags clients for avoidance due to reputational risk, potentially influenced by critical media coverage.