(LifeSiteNews) — Nigel Farage has warned about a looming “cashless society” and social credit system as major U.K. and Australian banks limit cash withdrawals.
Farage, a former English politician recently “de-banked” by the British private bank Coutts, said in a video message that we are rapidly moving “towards a cashless society” that may usher in “a social credit system where only if you obey the prevailing orthodoxy of the day can you take part in life.”
From September 11th @NatWestGroup will be limiting the amount of cash that you can deposit and withdraw.
They also have the right to refuse cash and even cheques on any basis in their new terms & conditions policy.
The banks are trying to force a cashless society upon us! pic.twitter.com/CTFDNPunBO
— Nigel Farage (@Nigel_Farage) August 6, 2023
“The cashless society is coming. The big banks want it, and with that there will be control on how you can spend your money,” Farage said. “We already have legally binding targets for carbon emission for countries, companies, carbon trading schemes. It’s not going to be very long before you have your own personal carbon limit.”
“From September 11th, it could be impossible to pay cash into your NatWest account to get cash out of your NatWest account. And you can bet your bottom dollar that all the other banks will follow in short order.”
“We need the government to stand up and make it clear that cash is legal tender.”
If government does not protect people’s freedom to use cash, we are ultimately headed for an oppressive social credit system like China’s, Farage maintains.
“… [I]f everything you do is controlled by the banks, frankly, it won’t be very long before, as they monitor your social media, we head towards Communist China and a social credit system where only if you obey the prevailing orthodoxy of the day can you take part in life. We must not allow cash to disappear. We need the government to act and very, very quickly.”
Farage lamented that “one million bank accounts have been closed in the UK in the last four years,” according to data obtained by a Freedom of Information request. Following the Farage de-banking scandal, the government announced its plan to introduce new rules for banks, requiring them to give customers a notice period of up to 90 days before closing their accounts. Banks will also be required to explain why an account is being closed.
While Farage was pleased that the government is reacting to the de-banking trend, he also stressed that the proposed rules do not go far enough.
According to the former UKIP (United Kingdom Independence Party) leader, one of the issues with new rules for British banks is that they apply only to individual accounts and not small businesses or charities. “And frankly, that, in terms of the U.K. economy, is where things really, really matter,” Farage stated.
He furthermore pointed out that the “cashless society is rapidly happening in Australia,” as major Australian banks are severely limiting cash withdrawals in most branches.
Farage said that NatWest, the bank responsible for the cancellation of his accounts, announced that it will limit the amount of “cash that you can deposit and cash that you can take out.”
“And they keep the absolute right to refuse cash; they even keep the right to refuse cheques. Basically, they want everything to be electronic,” he added.
The former UKIP leader also noted that the 2.75% that NatWest charges for withdrawal at ATMs abroad is a “huge disincentive” to taking cash out.
The Farage ‘de-banking’ scandal is making waves in British politics
In June, it was made public that Farage’s bank accounts at Coutts had been shut down without proper explanation. The former UKIP leader claimed that his accounts were shut down for “political” reasons, and he warned about “the ultimate form of tyranny” that could form in a cashless society, where banks would have the ability to control people’s access to money.
The BBC tried to rebut Farage’s claim that the closure of his bank accounts was politically motivated. The network published a story in which they claimed that a “source familiar with Coutts’ move” had told them that Farage’s accounts were closed because he fell below the threshold required to bank at Coutts. The prestigious bank requires customers to hold at least £3m in savings or invest or borrow at least £1m with Coutts.
Farage was set to debunk the BBC report and submitted a Subject Access Request to Coutts to find out why they had really de-banked him. The bank sent Farage a 40-page dossier, which was published by the Daily Mail and showed that the former UKIP leader was indeed canceled for his political views.
Following the bombshell revelation, the CEOs of Coutts and NatWest, the group that owns Coutts, had to resign their positions. The BBC issued a public apology for their inaccurate report about Farage.
The former UKIP leader has launched an initiative to fight the de-banking trend in the U.K. by connecting people whose accounts have been shut down for political reasons.