Nanny Bans Black Market

 

UK Finance, a lobby group which represents the interests of Britain’s banks and those in financial services, wants to ban the phrase "black market" on the grounds that they believe it is racist. They suggest that people should use "illegal market".

This is of course nonsense, as the the term 'black market' is a descriptive term,. It is not a derogatory term. It is simply a way of describing a market that operates outside of the law.

I assume words such as blackberry, blackout, black board etc will also be banned?

Maybe we should just pretend that the word "black" doesn't exist at all?

Failing that, how about using common sense and judging words and phrases based on the context in which they are used?

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Nanny Hates Cash

Nanny and her chums around the world (eg in the EU and India) have been doing their collective best to outlaw cash.

Nanny's official line is that cash is used by criminals and terrorists, and that they would be thwarted if they could only pay for things electronically.

That is of course utter bollocks!

Criminals and terrorists happily use electronic payments, as Nanny well knows.

Therefore why does Nanny want to ban cash?

Nanny wants control of your assets, if she forces everyone to use electronic payments she will be able to conduct forced bail ins of failing banks, levy one off wealth taxes on bank accounts and apply negative interest rates to prop up the banking system!

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Nanny HSBC Blocks Large Cash Withdrawals

Sadly the Nanny state extends far beyond government and local authority rules and regulations, it is also highly prevalent within the private sector.

Nanny's chums in HSBC have taken it upon themselves to prevent customers from making large sum cash withdrawals, unless the hapless customers can provide evidence of what they intend to use the money for.

Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000.

HSBC admitted it has not informed customers of the change in policy, which was implemented in November.

Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.

A year before, he had withdrawn a larger sum in cash from HSBC without a problem.

But this time it was different, as he told Money Box:

"When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved."

Mr Cotton says the staff refused to tell him how much he could have: "So I wrote out a few slips. I said, 'Can I have £5,000?' They said no. I said, 'Can I have £4,000?' They said no. And then I wrote one out for £3,000 and they said, 'OK, we'll give you that.' "

He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.

Hardly "instant access" is it?

 

He wrote to complain to HSBC about the new rules and also that he had not been informed of any change. 

The bank said it did not have to tell him. "As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change."

Such arrogance!

Now that this has become public, HSBC has buckled (as Nanny always does when she is exposed to ridicule and contempt) and is changing the policy:

"We ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for.

The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We are writing to apologise to any customer who has been given incorrect information and inconvenienced."

So long as the customer can prove his/her identity and so long as Nanny does not have reason to believe that the withdrawal is being made under duress, then it is not Nanny's business what the money will be used for.

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The Euro Crisis

Re the current Euro crisis, and rumours spread by Eurocrats and a certain leading London based financial newspaper (which relies on advertising revenue from banks) about plans to save the Euro and European banks:

Learn this,
Repeat this, and
Retweet this:

THERE IS NO PLAN!! 

Read more on www.loanbuster.net 

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Barclays

From my Finance site today a wee post about bankers:

"Congratulations to Barclays for hitting a new reputational low.

They have chosen (based on a "commercial decision") to close my accounts, and end a banking relationship that I have had with them that is over 30 years old.

A remarkably inept policy!"

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State Sponsored Theft

I see that David Cameron is going to launch "The Big Society", this was mooted by the Tories during the election campaign. However, the concept was never actually tested on focus groups etc to see if anyone actually understood it or indeed wanted it.

Anyhoo, disregarding what it may or may not have meant during the election, the PM will tell us today that it actually means taking money from dormant bank accounts idle for 15 years or more, and transferring that money into the "Big Society Bank" (which is being specially set up for the purpose). The Big Society Bank will in turn will allocate a portion of that money to local communities for local projects.

The PM is to claim that this is the "biggest redistribution of power from elites in Whitehall to the man and woman on the street".

Except that it isn't:

- The cash being used to fund the "Big Society" is not the "elite's", the raid on dormant accounts is in fact a form of taxation.

- The Big Society Bank will of course be controlled by the politicians, or their chosen appointees.

I wonder if the government will be able to keep their sticky little fingers off the millions that will be hoovered up by the Big Society Bank?

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The "Light" Touch

Nanny, in the shape of Gordon "Smiler" Brown and his chum Darling, has been loudly harrumphing recently about the banking crisis and how the banks have behaved disgracefully. Nanny has been particularly vocal recently about bonuses (ie rewarding failure), and Sir Fred "The Shred" Goodwin's pension of £650K per annum.

Needless to say Nanny is so cross that she has demanded that Sir Fred stop drawing on it (or face "legal" action), that the banks restrain their bonuses and is threatening a tougher regulatory regime.

Now, in the midst of all of this political spin (so willingly regurgitated by the ever so compliant and malleable media) designed to tap into people's latent disgust over the size of some bankers' pay packets, and the destruction of value by some of Britain's "leading" banks, lies a little problem for Nanny.

Can you guess what that is children?

Yes, that's right, she was in charge of the system during the years of boom:

1 Brown set up the tripartite regulatory system, which has proven to be such a failure.

2 Mervyn King (Governor of the Bank of England) and Hector Sants (CEO of the FSA) have both stated that Nanny insisted on a "light regulatory touch" during the boom years.

3 Sir Fred has stated that his pension was approved by the government, in the shape of Lord Myners.

4 Were Nanny to completely nationalise the "naughty" banks, as her media dogs and political midgets who support her are urging her to do, shares in every other bank in the UK would fall to zero, as people realised that their bank would be next. The result being the complete collapse of the capitalist banking system in this country.

5 Nanny allowed 100% mortgages in the boom years, now she wants them banned. Ironically, Northern Rock (now owned by us) has now been given Treasury approval for 90% mortgages. Isn't 90% almost as bad as 100% in a falling market?

Bottom line, the banking system needs to be saved (the people who destroyed value can be shot after it is saved) and Nanny knows this full well.

Why is she so vocal in her harrumphing then?

Why doesn't she speak more honestly about why the system needs to be saved?

The answer is simple, she is every bit as culpable as the bankers for this crisis; as it happened on her watch, as a result of her "light" touch and her tripartite system.

By the way, isn't it strange that at the very moment Mervyn King and Hector Sants publicly start having a go at Brown and his tripartite system, the details of Sir Fred's pension pot (agreed by Myners in October 2008) are leaked to the press via Peston?

Isn't it odd that Sir Fred's pension is making the lead in the media, such an easy story because it involves a hated banker, instead of the failure of Brown's tripartite system?

It seems to me that Nanny is trying to divert our attention again.

FYI, if you want to read my daily thoughts on finance and issues relating to this crisis pop over to www.loanbuster.net.

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RBS

Off topic...but if only the NEDs of RBS had read my advice in 2003...how different things might have been!

Visit The Orifice of Government Commerce and buy a collector's item.

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