“If the desire of the big institutions to basically prevent a flight of money into bitcoin…what on earth do people do?”
— Nigel Farage

Nigel Farage is a prominent British broadcaster and former politician. In this interview, in the wake of the controversial closure of Nigel’s bank account that led to the resignation of the CEO of Natwest Bank, we discuss the importance of individual sovereignty and the control of money by the state. We also discuss the growing concern over CBDCs and the critical importance of cash.

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In June 2023, Nigel Farage had his Coutts UK bank account unexpectedly closed. He firmly believed that this action was a result of political persecution. This sparked a heated debate, with prominent politicians, such as the UK’s Chancellor of the Exchequer Jeremy Hunt, expressing concerns about the denial of financial services to those who engage in lawful free speech.

The BBC reported in early July that Farage's Coutts account had been shut down because he didn't meet the bank’s minimum investment threshold. However, this version of events was untrue. Farage had obtained a document (through a subject access request to Coutts) revealing that the closure of his accounts was in fact due to his political views not aligning with the bank's values.

The CEO of the NatWest Group, Dame Alison Rose, was the source for the BBC’s initial incorrect story. Natwest, the owner of Coutts, is one of the major UK banks. The British Government bailed out the banking group during the Global Financial Crisis, and they still own 39% of the company. Responding to the mounting pressure, Dame Rose resigned on July 25, 2023.

These unfolding events shed light on the challenges faced by individuals when financial institutions seemingly conflate personal beliefs with the provision of banking services. The situation underscores the importance of upholding freedom of speech and the need for transparency and accountability within the banking sector.

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This episode’s sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably
Ledn - Financial services for Bitcoin hodlers
Bitcasino - The Future of Gaming is here
Ledger - State of the art Bitcoin hardware wallet
Wasabi Wallet - Privacy by default
Unchained - Secure your bitcoin with confidence

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WBD699 - Show Notes

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