Access to basic finance should not be withheld for any reason. (IE A basic bank account). That no financial transactions can have limitations on amounts and that any individual always has the right of access to their own finances.
De-banking someone is one of the most limiting things the banks/governments can do to make life extremely difficult. Access to the finance system (Whatever that might be now or in the future) is vital to living.
They even tried to do this to Nigel Farage at one point and it is in place with multiple people right now. Tommy Robinson as an example.
I have also found myself being interrogated about financial transactions and the bank wanted to limit me spending my own money over ÂŁ10K.
This is wholly unacceptable.
Moving away from the âCashless societyâ side of things will just help this so much more. Hard cash over card any day, but of course the Gov and banks had to implement the âsorry, we wonât allow you to withdraw anything more than ÂŁxxxxx a monthâ. I canât recall the full figure, but I donât think it is that much in total, the Gov should not have the power to do that in our current days, it is plain sinister.
I agree in principle, however I fear that passing further regulations onto the banking sector actually exacerbates the problem.
The reason we have so many problems with banking in this regard is because the banking sector is too close to government, which is as a result of immense regulation and oversight.
In a true market, âde-bankingâ would not be a problem - because if one bank âde-banksâ someone - another bank would make a fortune by banking all of the âde-bankedâ and anyone afraid of being âde-bankedâ. But we do not have a true market, because the banking sector is directly interfered with by government, and as a result, becomes an extension of government.
The answer, I believe - is to strip away all but essential regulations, open up possibilities for start-up banks to compete with the major banks, and pass laws that put severe criminal sentences on any public employees (MPs, civil servants etc) that in any way interfere with markets, in any form (beyond interference through statutory instruments). The government and civil service should have the fear of god in them, if they engage in market manipulation, however slight.
Yep, this is well put. Banks currently are essentially an arm of the state, weâve seen that in America too with âoperation chokepointâ, and America has a VASTLY more free banking sector, so the UK is an even worse example of banks acting as government proxies.
Whatâs disturbing is a lot of this comes from unelected international bodies too, such as the FATF (financial action task force) which is an unelected internation organization founded by Western countries that bullies the entire world into enacting extremely authoritarian financial surveillance laws)
The principle of deregulation (to varying degrees) should work broadly across all sectors. That said, I believe there is a place for minimal, simple regulation where absolutely necessary. Minimal and simple is key, as large and complex regulation is often used to suppress insurgent competition from below and/or to disguise market signals to enable defacto collusion between incumbent businesses. Not to mention, expanding the size and scope of government.
Essentially, in my view:
Over regulation gives government more scope, more control and therefore more power.
Over regulation gives large incumbent businesses (a) the ability to legally collectively manipulate markets and (b) kill insurgent competition before it takes root by imposing onerous overhead costs to do business.
Getting rid of it is in the interests of everyone, everyone other than expansionist statists and lazy, bloated and inefficient businesses.
Yep, you could easily create size neutral requirements fo banks that would allow new entrants.
For example why does a new bank requires millions of pounds of capital from day 1? Capital requirements should be proportionate to the number of customers you have, if you only have 10 customers, your capital buffers shouldnât need to be that big.
