We are developing the social individualist meta-context for the future. From the very serious to the extremely frivolous... lets see what is on the mind of the Samizdata people.
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The Ukrainian search for an inspiring and usable past—a search for brave historical warriors whose legacy might be appropriated for the sake of inspiring the heroic warriors of the present—is to be respected, even as some of the figures who have been lionized are not always figures that we would like to be lionized. The mobilization of masculine virtues and intensity are par for the course in the midst of a war of genodical annihilation, and Ukrainian society has certainly militarized to a significant degree over the course of the last 500 days.
Which is not in any way to engage in Holocaust denial or revisionism. My own Jewish great-grandparents were shot in Belarus in November 1941. Dealing honestly with what some Ukrainians chose to do in the 1930s and 1940s is imperative, so that we can fight honestly and without a pause. I am immensely proud that Tablet recently published John-Paul Himka’s essay on the pogroms in Lviv in 1941. However, it is a fact that today’s Ukrainians, in a time of war, have consolidated their society in a manifestly liberal fashion. We should do the same and stop telling fairy tales about Nazis.
Anyone who gloated about the “de-banking” of Nigel Farage over his account will now realise, or they should have anyway, that the sword is double-edged:
Monzo initially refused to tell Ms Miller why her “True and Fair” party account would be closed in September. After the BBC contacted the bank about the case, it said it did not allow political party accounts and had made a mistake in allowing it to be opened. Monzo said it recognised the experience would have been “frustrating for the customer and we’re sorry for that”.
It is too easy to roll the eyes, and say “karma is a bitch”. What appears to be the case is that, as discussed in my post here, and in the comments, we just don’t have a fully free market banking system in the UK and much of the world today. The next time you read some idiot going on about “unbridled capitalism” or “neoliberalism”, point this out to them.
(Updates with correction about the dossier. Thanks to eagle-eyed readers for the pointer!)
A few days ago, Patrick Crozier of this parish wrote about the decision by Coutts, a UK bank that is part of NatWest Group, to end an account of former UKIP leader Nigel Farage. At the time, Farage speculated he may have been targeted for cancellation of this account (he was offered a retail, mass-market NatWest account instead) because he was what is called a Politically Exposed Person (PEP), or that someone had flagged him following allegations (which he denies) of receiving lots of money from Russian-backed state media, and he also wondered whether his role in driving Brexit, and his scepticism about a climate crisis, etc, were factors. (Here are some of my comments on the case.)
In the following days, the former CEO of NatWest told a BBC journalist that a reason for the debanking of Farage was that he lacked the funds to justify a particular Coutts account. The BBC journalist ran a story; this was a clear breach of client confidentiality – also possibly a serious regulatory/criminal offence – and Alison Rose, the CEO, resigned this week. Peter Flavel, the Coutts CEO, has also resigned.
It also turned out that NatWest had compiled a dossier about Farage, which was sent to him after he requested it and he later shared this with the Daily Telegraph newspaper, showing that his political views and associations – including friendship with tennis ace Novak Djokovic – were reasons to suspect that Farage was a bad egg, and his “values” did not “align” with those of NatWest. NatWest has championed ESG investing, diversity, equity and inclusion, to a degree that puts it out front of other banks. NatWest is 38.6 per cent owned by the UK government. In the furore about its treatment of Farage – now a presenter on GB News – Prime Minister Rishi Sunak, and other ministers, and yes, even columnists in the Guardian, have argued that the treatment of Farage was beyond the pale.
The reputation of Coutts and NatWest has been damaged. Coutts is a “posh” bank, supposedly used by the UK Royal Family – for whatever that’s worth – and in days of yore, having a Coutts account was a bit of a brag point. Well, no longer.
Meanwhile, in the US, the banking group Chase has shut an account of a businessman and those of his relations because, as far as I can tell, he has been a prominent critic of US vaccine policy and the policy response to the pandemic. There is the disgraceful Canadian case of the government freezing accounts of people donating to truckers protesting about vaccine mandates. The PayPal account of the Free Speech Union was closed (PayPal eventually overturned that decision.)
The “debanking” of people for the offence of holding the “wrong” views appears to be a general trend. At HSBC, in what I consider the most shocking act so far, earlier this year it was reported that the UK-headquartered bank, which does most of its business in Asia, had blocked pension payments to Hong Kong dissidents who fled the jurisdiction following Beijing’s national security crackdown. In 2020, when China imposed its law on Hong Kong, HSBC and Standard Chartered, another UK-listed bank, issued public statements supporting this law. So much for their concerns about “sustainability”, “inclusion” or all the other cant expressions of modern finance.
Even so, the optimist in me hopes that these cases, especially the NatWest/Farage one, might signal a high watermark for this sort of nonsense. The mask is well and truly off. People, not just those on the Right side of politics, can see what is going on.
People don’t have a “right” to a bank account, any more than they do to “free” healthcare, but they have the freedom to go about their lawful business unmolested. Now, in conditions of laissez faire capitalism, competition would weed out the idiots and ensure people could have a choice of bank services, with even the most eccentric or troublesome individuals being able to conduct financial affairs, even if with just cash. But we don’t have such a situation. We have a banking system umbilically linked to the State, fed on cheap central bank funny money, resting on a set of monopoly fiat currencies, and hedged by regulations, and as a result, stuffed with people whose main function is compliance with this or that rule, not focusing on building value. The upper reaches of these banks are filled with mediocrities who shuffle between private and public sectors with alarming ease, and who know all the right words.
Farage is an excellent campaigner and he knows how to get a message across. He does not respond well to slights. NatWest chose the wrong man to antagonise and be rude about. Maybe, as investors contemplate the falling share price of NatWest, and the tarnished image of Coutts, they’ll realise that indulging political prejudices instead of doing an honest job is not survivable. Maybe, just maybe, this may be the beginning of the end of the idiocy sweeping through the commercial world. As interest rates go up, and the zombification of corporate life ends after over a decade of QE, the harsh realities of making a profit return to the fore. As Allister Heath argues in the Daily Telegraph today, Milton Friedman’s attacks on the foolishness of corporate “social responsibility” become more relevant by the day.
It wasn’t farmers and factory workers who came up with the idiotic COVID responses — nor was it they who originated the more or less criminal idea of conducting “gain of function” research on making dangerous viruses more dangerous.
It wasn’t shopkeepers and bus drivers who thought the way to deal with burgeoning urban crime was to get rid of police and release criminals without bail.
It hasn’t been landscapers and auto mechanics championing the notion that a child in the single-digit age range can make a lifetime choice about his or her genitalia or maintaining that even criticizing that idea is itself a species of “violence.”
Two unanticipated events in 2016 completely shocked our ruling class: the election of Trump in the U.S. and the Brexit vote in the U.K. Our elites did not respond by examining the disconnect between their core assumptions and the will of the people. Instead they decided that, sure, democracy is all fine and well, but naturally, democracy must be protected from these unruly people.
After all, the people often don’t know what’s good for them. So those who know better must acquire the capacity to monitor and control the will of the people if we are to ‘defend democracy’. The means for doing this in the digital age, our ruling class divined, is by monitoring populations’ behaviors and shaping their thinking by controlling the flow of information online. The idea of censorship once again became chic.
“Today’s DEI and ESG grievance industries are blowin’ in the wind. Three steps to redemption: Forget merit and striving for the highest level. Push equity over excellence. Feel virtuous. There are uproars because we don’t have enough female crash-test dummies—or paper straws, trigger warnings, unisex bathrooms, wind farms, disarmed police, censored songs or sidewalk tents for the `unhoused.’ These are vacuous 21st-century versions of protest songs. Feels good. Does nothing. Greta Thunberg’s “How Dare You?” topped the charts.”
What I like about this article is that it shows how uncreative, indeed often vacuous, many of those who are making so much noise in the public square of opinion are. I mean, what the hell have any of them created that, you might think, will be marvelled over in 50 years’ time? Name one business process, invention, life-changing discovery, major work of art, great novel, work of sculpture, great piece of architecture, new sporting contest, anything. Take all the time you need. (I am not sure that entities such as Bitcoin, blockchain, 3-D printing, reusable rockets or AI count as these are from hated science, which comes from evil Western civilisation.) And that’s a problem, because the disconnect between the “culture wars” racket and the actual, positive stuff going on is becoming more and more chasmic.
The Lancet published the chart on left with a different X-Axis to downplay fact that cold causes ten times more deaths than heat in Europe. Björn Lomborg corrected that with the chart on right.
We do not know what AI will be useful for. We do not know what it can actually do, what we want done, better than other ways of doing that thing (OK, other than writing C grade essays at GCSE level). We also do not know what might be a problem with what AI can do. We don’t know the benefits, we don’t know the risks.
We face, that is, radical uncertainty. So it’s impossible for us to plan anything. For planning assumes that we have an idea of the cost/benefit analysis so that we can say do that, don’t do t’other. And if we are radically uncertain then we can’t do that, can we?
I haven’t trusted a word the BBC says about much for several decades, but I do remember a time when at least weather reports could be taken at face value.
Now I don’t even know if they are lying about that. Turns out many of the breathless inferno weather reports from southern Europe were being drastically overstated, sometimes by as much as 10 degrees!
Make no mistake, the “nudge unit” is at work, spreading its statist bullshit far and wide.
An acquaintance of mine on Facebook, a hardline capitalist (so he says) made a comment that no-one has a “right” to a bank account, as they don’t have “rights” (those inverted commas are doing a lot of work here) to healthcare, education, paid-for holidays, etc. He was, of course, writing about the Nigel Farage/Coutts saga that has seen the CEO of NatWest, Coutts’ parent firm (39% owned by the taxpayer) issue a sort-of apology to the former UKIP leader.
I wrote in reply to this issue about “rights” to banking, because I think it is too easy to just throw down the ideologist purist card on the table and assume that ends the matter. No so fast, Batman:
In a world of laissez faire capitalism, absent the distortions of bailouts, the central bank drug of easy credit, endless compliance regulations and so on, barriers to entry to create banks are far lower and there would be hundreds more banks. They’d be relatively small in some cases, and be fiercely competitive. With some operating not with full statutory limited liability protection (but only under the Common Law), people running these banks would be a lot less careless and more focused on building value. There’d also be fewer hiding places for a culture war phenomena to flourish in. Instead, banks would be about capitalism, period.
It is notable, however, that many of these desirable features don’t exist in the Western banking system today, although a few “challenger” banks and digital offerings are quite good, and may win business as a result of a backlash against some of the things going on. But in general, banking in the UK, and US, is intertwined with the State. Many firms have been rescued with billions of pounds, dollars and euros of taxpayers’ money. To open an account, you have to go through an increasingly severe KYC [know your client] and anti-money laundering regime, and banks that fail to comply can be fined and in extremis, lose their licences. Fines worth tens of billions have been imposed on banks over the past 20 years, for example.
Ideally, any commercial entity ought to be able to refuse to do business with people, however rational or irrational that decision should be, and we should let the brute force of free enterprise weed out bigots. Bigotry and stupidity are costs. That’s actually what tends to happen over time. A problem is that in a mixed economy, some of those competitive forces are attenuated.
When a person is “debanked” today, they can have a problem opening an account anywhere else if the bank asks them why they left a bank in the past. As a result, we have almost a sort of “cartel” system operating.
In time, hopefully, competition will swing back, and some of the nonsense going on will disappear. In the meantime, while I agree with you that the idea of having a “right” to a bank account is as bogus as many of the other “rights” that people talk about today, the fact that banking is such an embedded form of life in a modern economy means this issue hits hard in a way that, say, isn’t the case if you are banned from a pizza restaurant or candy store for holding the “wrong” views. Of course, it may be that the Farage case might encourage a firm to go out of its way to court business from those who have been targeted. Let’s hope so. For example, a bank could, without incurring wrath from the “woke” or regulators, say something like “Banking is all we do. No politics. No agendas. Just finance.”
And as I have said before, the outrageous Nigel Farage case, and that of others, surely demonstrates that a central bank digital currency idea must be resisted. This would be the end of any financial autonomy at all.
I have a dilemma. I want to write a post about how creepy it is to take a photo of a stranger and put it on social media with a deniably mocking comment. The easiest way to illustrate this would be to post the tweet that caused me to write the post. But if I do that, I am guilty of the same behaviour. Then again, to have any hope of turning public opinion against this trend, people like me who object to it have to demonstrate that it actually happens.
I will compromise by linking to this tweet but not in a way that makes a picture of it show up on the page. The tweet’s already viral; any extra clicks I send its way will make little difference. The tweet says,
SHABS
@JoeShabadu
this guy reading the wetherspoons menu for 15mins on the train yesterday
The accompanying photo taken from a few feet away shows a unremarkable-looking old man. Like it says, he is sitting on a train, minding his own business and reading a Wetherspoons menu.
The picture itself doesn’t make him look stupid or anything. The thing that makes me begin to dislike Joe Shabadu, whoever they are, is that caption about the old guy reading the menu for fifteen minutes.
It being a Wetherspoons menu is relevant. For the benefit of readers overseas, Wetherspoons is a chain of pubs operating in the UK and Ireland. As Wikipedia says, “Wetherspoon targets a mass-market offering of low-price food and drink.” Though I have always found them to be pretty good for the price, your local “Spoons” is not where the cognoscenti go. Some people boycott Wetherspoons because the chain’s founder, Tim Martin, was loud in his support for Brexit.
So we have it pointed out to the world that this old chap was reading a pub menu for fifteen minutes, and the pub concerned was one associated with the proletariat. I think the tweet was meant to make us laugh at the old man for being a bad reader, or for going to Wetherspoons, or both. The person who wrote the tweet tries to claim otherwise, but I was not convinced.
The general tone of the replies was heartening. A typical one was, “Let the man be. Why take a photo and post it? Doing no harm.” Another said, “Maybe he struggles to read and doesn’t want to be embarrassed when he gets there? Shame on you.” Other replies were more light-hearted. Someone speculated that he could be one of those “mystery shoppers” paid to sample the pub’s fare anonymously before reporting back to the management. I related to this one: “You’re acting like you don’t read shampoo instructions when you run out of battery on the toilet.” When I used to commute on the Victoria Line I always had a book or a newspaper with me. Mostly this was because I find it hard to go an hour without reading. Partly it was so that I could escape in spirit when a stranger’s gaze rested on me for too long.
The Samizdata people are a bunch of sinister and heavily armed globalist illuminati who seek to infect the entire world with the values of personal liberty and several property. Amongst our many crimes is a sense of humour and the intermittent use of British spelling.
We are also a varied group made up of social individualists, classical liberals, whigs, libertarians, extropians, futurists, ‘Porcupines’, Karl Popper fetishists, recovering neo-conservatives, crazed Ayn Rand worshipers, over-caffeinated Virginia Postrel devotees, witty Frédéric Bastiat wannabes, cypherpunks, minarchists, kritarchists and wild-eyed anarcho-capitalists from Britain, North America, Australia and Europe.
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