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Issue #1364: Be careful what you say or the bank shut down your account

Issue #1364: Be careful what you say or the bank shut down your account

Jul 19, 2023
Marty's Ƀent

Issue #1364: Be careful what you say or the bank shut down your account

Here's a great advertisement for bitcoin out of the UK. Earlier this month, Coutts Bank, a private bank and wealth manager catering to high net worth individuals, closed Nigel Farage's account without warning. Seemingly because of Mr. Farage's political views and positions on particular topics. A few days ago, "sources familiar with the matter" leaked to the BBC that Mr. Farage's account was closed because he didn't meet the capital requirements necessary to bank at Coutts.

However, it seems that an internal Coutts memo was leaked to Mr. Farage yesterday which makes it clear that he met the capital thresholds necessary to bank with Coutts, but his political views and posturing didn't align with Coutts mission of "inclusivity". Here we have a very prestigious bank cutting a prominent, yet "controversial", politician off from access to the banking system necessary for him to operate throughout the economy. Whether you agree with Nigel Farage's political views or not, this type of move should incite a bit of fear about how the modern banking system can be weaponized to target particular individuals. After Coutts shut down his bank account with little warning, Mr. Farage found that no other bank would take his business. This is the current state of the clown world we live in. If the powers that be do not agree with your beliefs they will cut you off from the system with little recourse.

In a hyper-political world with increasing stakes, the power structure will do anything it can to prevent those who exhibit "wrong think" from being able to live their lives without turmoil. This is a bit of a problem, especially when you begin to consider that it is easy to see how this can be normalized. We just had a Supreme Court ruling here in the US that made it clear that business owners cannot be forced to do business with customers they don't feel like doing business with. It isn't hard to see that case being used as an excuse to allow banks to decide who they will do business with based off of their political or social views. It's an unfortunate reality, but it's the one we find ourselves in right now. Long gone are the days when businesses focused on their core competencies, simply provided their specialized services to customers, and minded their own business.

As the struggle for sanity in the digital age gets more grueling you should run with the assumption that instances of discrimination against individuals because of the beliefs they hold will increase dramatically. With this in mind, it will become more important than ever to protect yourself and your wealth from this attack vector via bitcoin. If you hold bitcoin in addresses that can only be accessed via keys that you possess there is no "inclusivity board" that will be able to decide whether or not you can move that bitcoin, or simply keep it in the address. Bitcoin has no idea who you are, what you believe, or what your Twitter history looks like. It only knows whether or not you have the keys necessary to move bitcoin out of particular addresses.

Storing your wealth with counterparties who are becoming more and more politically driven as the power structure loses control is going to be a massive risk moving forward. First they come for the "crazy politicians", but, make no mistake, they will be targeting the "crazy undesirables" who refuse to step in line next and they'll likely get away with it. Operation Choke Point should have already taught you this lesson.

Final thought...

About to see a magician perform for the first time in decades. Pray for me.

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