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Post by muzled on Jul 31, 2023 20:26:35 GMT 12
Nigel Farage said the same thing himself ie this was a step towards a Chinese-style social credit system. And encouragingly, despite being a polarising political figure, he attracted widespread support from across the political spectrum by appalled MPs of all parties. In response, the UK Govt pulled all the major bank CEOs into a meeting last week and basically told them “Don’t you dare go down this path of social-credit or de-banking or we will revoke your banking license.” I believe that is a healthy sign that this is NOT therefore how things are going to go in the UK. The French wouldn’t tolerate it either - they would be rioting in the streets by lunchtime. If this happened in nuzld I'm wondering what Marama Davidson would come out with. Something like - good job you savage colonising cis white male? Good to hear ze govt in England pulled the banksters into a room. Not that I'd trust a single one of them. |
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Post by ComfortZone on Jul 31, 2023 21:21:06 GMT 12
Nigel Farage said the same thing himself ie this was a step towards a Chinese-style social credit system. And encouragingly, despite being a polarising political figure, he attracted widespread support from across the political spectrum by appalled MPs of all parties. In response, the UK Govt pulled all the major bank CEOs into a meeting last week and basically told them “Don’t you dare go down this path of social-credit or de-banking or we will revoke your banking license.” I believe that is a healthy sign that this is NOT therefore how things are going to go in the UK. The French wouldn’t tolerate it either - they would be rioting in the streets by lunchtime. And yet Rishi Sunak has been a major proponent of CBDC's both during his time as Chancellor and now as PM |
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Post by Fogg on Jul 31, 2023 21:25:00 GMT 12
Sunik wants to be the cool tech-savvy PM who drinks the cool-aid with the Valley crowd. He’s walking back his earlier crypto stance since FTX collapsed and he’s now pushing hard for UK to become the AI-capital of the world with light touch regulation on AI dev. That’s a whole new can of worms but remember his wife’s dad owns Infosys so the whole family has got big tech credentials.
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Post by ComfortZone on Aug 2, 2023 18:35:16 GMT 12
a summing up of the events around the Farrage "debanking" www.mercatornet.com/woke_cancel_culture_the_ultimate_loser_in_the_farage_de_banking_scandalnotably Of course, Alison Rose eventually came clean as the one who leaked Farage’s private details to the BBC. And Coutts confessed Farage’s account was commercially viable. In fact, in a 40-page memo Coutts eventually provided to Farage justifying the bank’s decision to oust him, they mentioned “Brexit” 86 times, “Russia” 144 times and “PEP” [Politically Exposed Person] 10 times. Farage’s support for Donald Trump, and his views on immigration, net zero and Covid-19 vaccines were likewise cited as reasons for him to be de-banked. In short, Coutts’ wealth ‘reputational risk committee’ had simply decided the values of Nigel Farage did not align with their own. |
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Post by Fogg on Aug 2, 2023 19:24:48 GMT 12
And that is exactly why the UK Govt called the NatWest Board and said “Don’t you dare de-bank people for these reasons, it’s illegal.”
Because it is illegal in Britain to deny anyone a service based on their gender, race, age , physical ability or political belief.
It’s obviously the last one that NatWest / Coutts were using to deny Farage.
Which is why NatWest acted illegally and will face censure by the Financial Conduct Authority.
Since the Farage case, he has set up a website for other victims of “de-banking” and it turns out that there are tens of thousands of others who have been de-banked for questionable reasons.
This will open a whole new can of worms and take years to play out.
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Post by ComfortZone on Aug 6, 2023 10:36:10 GMT 12
interesting write up on Alison Rose www.conservativewoman.co.uk/dame-alison-rose-portrait-of-a-climate-and-diversity-fanatic/Rose has ‘form’ as long as your arm of being a political activist rather than a sound and principled banker. From the moment she was appointed to her role in 2019 she made it clear that her priority was to drive relentlessly for ‘diversity’ on the lines of Black Lives Matter, and to campaign to stop British business investing in anything that might get in the way of her Net Zero agenda.She goes on to detail how her main objectives will be to stop all investment in coal, oil and gas, and impose rafts of nanny-state measures to cut their clients’ CO2 consumption. In other words, to make them poorer, colder and less secure.Incredible how people of these mindsets get into these positions of power |
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Post by Fogg on Aug 6, 2023 15:26:50 GMT 12
Obviously there’s a strong anti-CC political tone to this piece.
Whereas if you speak with industry insiders, Rose is / was highly regarded across the finance sector with hardly a bad eitd spoken about her. Even her colleagues and junior staff regarded her as personable, approachable and progressive. And only the previous week she had been invited to join one of Rishi Sunak’s new advisory panels.
So her massive mis-step around Farage’s banking has taken lots of senior people by surprise, as she was regarded a safe pair of hands having risen from NatWest graduate to Natwest CEO over the last 30yrs.
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Post by Fogg on Aug 6, 2023 15:29:46 GMT 12
But perhaps more important than Rose herself is the revelation that approx 1 million bank accounts have been closed by UK banks in the last 4yrs - with no reasons given. 😳
The tricky bit is that the usual reason is when banks suspect there is some money laundering going on hence they must act by law. But they are also bound by another law that means it’s illegal to inform someone that they are under surveillance from the police. And if someone is suspected of money laundering then they usually will be. In other words, if your bank account is closed at short notice with no reason provided, there is a strong possibility that you are under surveillance. In the UK anyway.
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Post by ComfortZone on Aug 9, 2023 9:22:29 GMT 12
Looks like the policies of Alison Rose continue with Bank Nat West full steam ahead advancing "the cashless society" whether customers want it or not www.telegraph.co.uk/news/2023/08/06/natwest-cash-limits-cashless-society-coutts-debanking-row/Natwest has granted itself sweeping new powers to limit cash deposits and withdrawals, fuelling warnings that banks are forcing customers towards a “cashless society”.The high-street bank has told current account holders it is bringing in new conditions “giving us the right to set limits on inbound and outbound payments”.In a leaflet it said that could include imposing “daily and annual” cash withdrawal and deposit limits and “limiting the amount of cash” paid in or taken out.The move has raised fears that increasing curbs on the use of paper money across the system could have negative consequences for consumers.I bet she was also a strong proponent of the Black Rock driven "ESG" principles designed to put a lot of legitimate industries out of business |
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Post by Fogg on Aug 9, 2023 16:09:06 GMT 12
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Post by Cantab on Aug 9, 2023 16:33:43 GMT 12
I know your broke, but here's another 2 billion to throw around.
Don't worry if you can't pay it back, we will come to some sort of arrangement.
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Post by Fogg on Aug 9, 2023 16:42:03 GMT 12
I know your broke, but here's another 2 billion to throw around. Don't worry if you can't pay it back, we will come to some sort of arrangement. Yeah although my read is the deal has been materially mis-reported (what a surprise). I don’t think BR are putting up $2Bn. Instead, they are taking the lead on a $2Bn fund raise, meaning they expect to act as a magnet for lots of other investor money - including existing inshore NZ funds and SWFs like ACC & NZ Super for example. And then BR will maybe up the difference, give or take. So yes they will put a chunk in (probably not less than $500m because from my experience these guys don’t get out of bed for an investment opportunity under $0.5Bn) but it won’t be the whole lot. But they will drive a hard bargain on the expected returns with a medium (not long-term) timeline in mind. Which is where it will all go wrong. |
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Post by fish on Aug 9, 2023 16:52:08 GMT 12
I know your broke, but here's another 2 billion to throw around. Don't worry if you can't pay it back, we will come to some sort of arrangement. Yeah although my read is the deal has been materially mis-reported (what a surprise). I don’t think BR are putting up $2Bn. Instead, they are taking the lead on a $2Bn fund raise, meaning they expect to act as a magnet for lots of other investor money - including existing inshore NZ funds and SWFs like ACC & NZ Super for example. And then BR will maybe up the difference, give or take. So yes they will put a chunk in (probably not less than $500m because from my experience these guys don’t get out of bed for an investment opportunity under $0.5Bn) but it won’t be the whole lot. But they will drive a hard bargain on the expected returns with a medium (not long-term) timeline in mind. Which is where it will all go wrong. I've been pondering this whole thing. I don't understand it. Why is capital an issue in the energy sector? never has been before. No reason for it to be an issue now. So these are all private schemes, with private money, driving market returns on investment. What has the govt got to do with it? AND, why do we need BR to sort out capital? Don't we already have capital markets in NZ? This has gone so far over my head its not funny. As far as I can tell, the govt is selling the rights of all our future energy projects to the highest foreign bidder for a cheap pre-election announcement. |
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Post by Fogg on Aug 9, 2023 18:40:14 GMT 12
Let me explain it when I’m feeling fresh in the morning…
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Post by ComfortZone on Aug 9, 2023 18:47:10 GMT 12
Yeah although my read is the deal has been materially mis-reported (what a surprise). I don’t think BR are putting up $2Bn. Instead, they are taking the lead on a $2Bn fund raise, meaning they expect to act as a magnet for lots of other investor money - including existing inshore NZ funds and SWFs like ACC & NZ Super for example. And then BR will maybe up the difference, give or take. So yes they will put a chunk in (probably not less than $500m because from my experience these guys don’t get out of bed for an investment opportunity under $0.5Bn) but it won’t be the whole lot. But they will drive a hard bargain on the expected returns with a medium (not long-term) timeline in mind. Which is where it will all go wrong. I've been pondering this whole thing. I don't understand it. Why is capital an issue in the energy sector? never has been before. No reason for it to be an issue now. So these are all private schemes, with private money, driving market returns on investment. What has the govt got to do with it? AND, why do we need BR to sort out capital? Don't we already have capital markets in NZ? This has gone so far over my head its not funny. As far as I can tell, the govt is selling the rights of all our future energy projects to the highest foreign bidder for a cheap pre-election announcement. 2 thoughts 1. Typically investment in unreliables does not work unless there are government subsidies. Where else would anyone invest in an asset ie wind generation that only produces in an unpredictable fashion intermittently. When touting wind power they love to cite installed capacity, but go very quiet when availability is mentioned, on average ~30% for land based turbines 2. NZ is a red flashing light for most foreign investors when sovereign risk is concerned, what with Stabcinda destroying the O & G sector and all the bro-governance crap. Then you look how the 2 recent PPP projects (TG and P2WK) have gone for the investors, you are mot going to see anyone line up to sign a contract like those again unless the terms are very slanted in their favour |
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