Farage claimed that he tried to open new accounts with seven other banks, all of which turned him down. Overregulation can incapacitate the financial system as much as rampant corruption can. As a PEP myself, three of my bank accounts were shut down without any explanation. Without this bilateral contract, the modern banking system would be unsustainable, leaving people better off keeping their liquid assets in cash. While this has made the banking system more efficient, the growing number of people placed on PEP blacklists by unaccountable algorithms underscores the urgent need to reverse this creeping Orwellian trend.

Source: The Times July 24, 2023 07:37 UTC