Someone's social credit score went negative, for no comprehensible reason.
Why banks are suddenly closing down customer accounts
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Re: Why banks are suddenly closing down customer accounts
#12You can be barred from flying (is that still true?) and now banking, without trial or evidence. It's already highly anti-democratic, but imagine what an aggressive, oppressive government will do with this power.
as shown in the article!
Re: Why banks are suddenly closing down customer accounts
#13https://youtu.be/B9IrNcv_OdM
Nigel Farage brought a lot of attention to the Debanking scandal
Re: Why banks are suddenly closing down customer accounts
#14It's remarkable how totalitarianism seeps in.
Re: Why banks are suddenly closing down customer accounts
#15Do they just lose all their money in those accounts?
The law says the bank must give them their money. But banks are above the law. I know when PaPal codes and account, PayPal usually steals the money. Most traditional banks eventually give you your money if you hire a lawyer, that is, they give the money to the lawyer who keeps it.
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Re: Why banks are suddenly closing down customer accounts
#16https://archive.ph/2023.11.05-111811/https://www.nytimes.com...
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Re: Why banks are suddenly closing down customer accounts
#17It's remarkable how totalitarianism seeps in.
It's interesting, it really isn't totalitarianism, actually the opposite, in a way that 20th C writers were simply not able to imagine. There is no centralization/dictatorial dynamic for this in the US, at all. It is all decentralized, at best these outcomes fall into the "unintended consequences of regulation" category, which is rather well studied, but in a much more simplified world model than we face today.
Re: Why banks are suddenly closing down customer accounts
#18Re: Why banks are suddenly closing down customer accounts
#19You can be barred from flying (is that still true?) and now banking, without trial or evidence. It's already highly anti-democratic, but imagine what an aggressive, oppressive government will do with this power.
Yup. Reminds me about how Madison Square Garden was using facial recognition to ban its owners enemies
https://www.nytimes.com/2022/12/22/nyregion/madison-square-g...