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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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.
Threat to Freedoms and Prosperity
The debanking trend raises concerns about the infringement of freedoms and potential economic repercussions in both the UK and the US. Debanking restricts individuals from participating in cashless society and hampers their ability to transact or access essential services. This development resembles China's social credit system and poses a threat to economic growth and innovation. The situation calls for a defense of free speech and a resistance against the control exerted by left-wing corporate establishments.
Debanking is a growing trend that cancels a person’s access to money based on their viewpoints. In this episode we discuss the intricate issue of de-banking and its implications for individual freedoms both in the UK and the US. Get the facts first on Morning Wire.
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