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@RagingShrimp67
Жыл бұрын
@Patrick Boyle What is your opinion about the HSBC drug cartel laundering case?
@jetnavigator
Жыл бұрын
Good old Patrick. Rich Russians are "oligarchs", the rest from the west are plain old honest "billionaires".
@RagingShrimp67
Жыл бұрын
@@jetnavigator That's because in the west the president doesn't put you in jail until you sell your bank and oil companies to his friends for pennies.
@doncorleonegodpadre8587
Жыл бұрын
This is 24 minutes of avoiding saying the UK is the most corrupt country in the world. And even using foreign accents as one excuse, that came out of the ukip racist playbook.
@liquiditywso9808
Жыл бұрын
Hey where did your hair go?
@MrZoomZone
Жыл бұрын
As a british peasant I get scruitinised for money laundering when I open accounts. Meanwhile the rich foreign money buys all the priviledge it desires.
@maxwellderpin8477
Жыл бұрын
You should have thought about that before becoming a peasant.
@AustinSydney-s4v
11 ай бұрын
And, that's why one should stay in their LANE! smh
@rykehuss3435
11 ай бұрын
bri'ish
@layersoftheonion8168
4 ай бұрын
As usual it’s always us little people who get fucked.
@AC-id5ow
Жыл бұрын
The sad thing is the UK isn’t a decentralised country. London is often the only place for many careers. The affect money laundering has on ordinary workers is detrimental, even to those on very high salaries.
@Adam-tp8py
Жыл бұрын
Absolutely true. I'm 24, I earn 6 figures, this seems impressive on the surface. My grandfather was a labourer for Ford and was able to feed 8 kids, a wife, and buy a new house before his passing in just four years in the mid 70s. If I wanted to buy this house, I'd have to save nearly every penny I earn for 10+ years.
@vanhuvanhuvese2738
Жыл бұрын
so if laws are made to stop these criminals UK will go down?
@forsdykemontague1017
Жыл бұрын
@@Adam-tp8py True, the cost of accommodation in London is now ridiculous. I’m guessing you’re from Essex?? I sold my 2 bed flat on the Isle of Dogs and bought a 4 bed house in Billericay, but even prices there have skyrocketed because people are moving out of London. My neighbours in Billericay, who bought decades before me, have modest jobs with modest incomes but their children are screwed.
@brad5426
Жыл бұрын
In the midst of a housing crisis this tolerance of empty houses is absolutely criminal. Thank you for covering this major issue Patrick.
@ZeteticPhilosopher
Жыл бұрын
A dozen quarter billion dollar homes are not going to solve the housing crisis lol. The actual crime here is, uh, the very real crime of money laundering.
@DavidSLesperance
Жыл бұрын
Few people looking for housing in London would be buying on Bishops Ave or 1 Hyde Park. The housing crisis is the result of a) lack of financial incentives for developers to develop affordable housing; b) restrictive development rules; and c) "Not in my Backyard" complaints by existing homeowners to affordable housing in their neighbourhoods.
@brad5426
Жыл бұрын
@@DavidSLesperance I was not talking about the houses on Bishops Avenue only, but the vast thousands of empty houses in this city. "Not in my backyard" is hardly a anti-build hurdle as London and bordering counties are being showered with high rise residential vacants that do not respect low rise neighbourhoods when this country demands affordable housing and less high rises, so it amazes me someone would protest non-affordable housing.
@thyowen
Жыл бұрын
its maddening how many people have to travel in for work, just to be surrounded by so many empty buildings. so wasteful!
@abatesnz
11 ай бұрын
Housing is private property, not social housing, communist.
@AutomotiveEvangelist
Жыл бұрын
As an American living in the UK, I can tell you that this has been extraordinarily damaging to UK citizens. The primary result of all these foreigners buying property in London (and elsewhere) is that even mediocre properties are inflated beyond the reach of all but the wealthiest Brits. I live in Henley-on-Thames, a wealthy town about 35 miles west of London. Not a day goes by when literally 10% of the conversations that I hear walking down the street, are in Russian. And 1,500 sq foot homes sell for £1 Million or more in most parts of town.
@jemiez9383
Жыл бұрын
Thats what happen when the governments around the world created the so-called Golden Visa or Investors Visa for ultra and high net worth individuals/family. Just thrown some millions for the investment and youre good to stay or even get citizenship. I believed in UK it was called as Tier 1 visa and Green Card for The US. And we all knows from which 2 countries that dominated the application for this kind of visa. Its the Russian and the Chinese😂
@inbuckswetrust7357
11 ай бұрын
@@jemiez9383 behind these names lies the purchase of stolen goods and the shelter of thieves, murderers and rapists. This is a centuries-old practice in Britain.
@m1llie_
Жыл бұрын
In an age where content consumption is increasingly geared toward the idea that people don't have an attention span any more, with apps like Instagram and TikTok making fortunes out of short-form content, and KZitem copying them with "shorts", it says a lot about the quality of your content that you can consistently keep people interested and engaged through 20+ minutes of little more than you sitting in front of a camera talking calmly about finance and economics. I hope you overtake and outlast every single prank channel and lifestyle vlogger on this entire platform.
@RightSideNews
Жыл бұрын
Well said
@niedas3426
Жыл бұрын
i have adhd which makes it even more difficult to concentrate on long form videos (when I'm not on meds at least), but there are some youtubers that manage to make videos that just hook me with their storytelling and editing. This channel definitely is one of them.
@RagingShrimp67
Жыл бұрын
I bet channel demographics are biased towards 30 or older.
@Jinsun202
Жыл бұрын
The fact that you think 20 minutes is long shows how bad the situation is.
@m1llie_
Жыл бұрын
@@Jinsun202 I never said it was long, but if the point of comparison is the average KZitem video then it is definitely long compared to that, and certainly a long time to hold on what is essentially one shot of a person talking to the camera with a few image inserts here and there. Even news broadcasts cut between studio, location, and other relevant footage. It's also worth noting that once you cut out time for ad breaks, most traditional broadcast television shows (for 30min time slots) are about 20mins. Excluding feature films, 20 minutes + ads has probably been the "standard" for video content length for the better half of a century.
@maestrovso
Жыл бұрын
This is pure gold on a subject that has been seeing very little reporting, let alone in such great depth and breadth. Thank you Patrick with such great presentation as always. I never miss an episode of your videos. You put shames to most financial media for how pitiful jobs they do. Financial Times did one recently on this subject.
@ThePoliticalLambaster1
Жыл бұрын
There is a documetary on netflix called The Spiders Web: Britains Second Empire. That goes further to expose the elitist behavoir and how they're rinsing the treasury, along with tax avoidance and corrupted financial practise
@entropyachieved750
Жыл бұрын
Rapidly becoming one of my favourite channel. When you use a little humour in the analysis the channel becomes priceless
@pavlovoronych7404
Жыл бұрын
He’s the best. I’m hooked on Patrick’s vids for a good year
@chancerobinson5112
Жыл бұрын
How paradoxical that Russian Oligarchs wanted a “fair place” to store their money! “Behind every great fortune, there is a great crime.” - Honore’ de Balzac (1799 - 1850)
@hannesproductions4302
Жыл бұрын
“Behind every great fortune, there is a great crime.” - Honore’ de Balzac - Mario Puzo
@chancerobinson5112
Жыл бұрын
@@hannesproductions4302 Didn’t Mr Puzo (1920 - 1999) place that quote on the frontispiece to his novel, “The Godfather” about a century later?
@hannesproductions4302
Жыл бұрын
@@chancerobinson5112 yeah. Mario Puzo starts the godfather with that but he's paraphrasing Balzac. The original Balzac quote is longer and with more context. „The secret of great fortunes without apparent cause is a crime forgotten, for it was properly done.“
@farknfreakn9316
Жыл бұрын
@@hannesproductions4302 great answer
@theondono
Жыл бұрын
Clearly Balzac was better at economics than Puzo 😂
@domtweed7323
Жыл бұрын
London money laundering isn't "a big problem", it's the main sector of London's economy and (probably) Britain's main export.
@ArcaneAnouki
Жыл бұрын
Secrecy jurisdictions. I wonder too, whether part of the motivation behind Operation Fish was to have a large store of capital within reach of the NYSX...
@richteffekt
Жыл бұрын
And likely a key driver of demand for the British Pound.
@domtweed7323
Жыл бұрын
@@richteffekt Exactly. That's how we fund the trade deficit
@richteffekt
Жыл бұрын
@@domtweed7323 see! To think that some people argue Britain doesn't have a plan when clearly they know exactly just what they are doing.
@domtweed7323
Жыл бұрын
@@richteffekt I never said the British political elite understood their economy 😂
@Mojo-IRE
Жыл бұрын
Take this anecdote as you will - One of my trading mentors who spent years working in the heart of the square mile described it as "the biggest fuckin money laundering racket on the planet".
@imt3206
Жыл бұрын
Yeah, is he British?
@Mojo-IRE
Жыл бұрын
@@Black00200 Irish. Spent years trading in the City. Also traded on the NYMEX floor too for a while.
@Confucius_Says...
Жыл бұрын
"The Heart of Darkness", so to speak...
@brettharter143
Жыл бұрын
Square mile itself is also a private corporation LOL
@kmdsummon
Жыл бұрын
I am pretty sure that UK government did this not because government didn’t expect dirty money to arrive in the country, but because they actually wanted dirty money to arrive into the country. Owners of those money spend them in UK, donate to charity, pay for education etc. This is a nice boost to economy by actually taking other countries wealth that was stolen and parking that wealth in the country. I think that was a great plan. Unfortunately, they are destroying that reputation..
@0MoTheG
10 ай бұрын
They used to have to go and get the money, now it comes on it's own. Sounds like an improvement over colonialism.
@Papawcanner
Жыл бұрын
Being raised in Chicago I can spot a money laundry operation from a block away . The small western Tennessee city I live had an obvious scheme in failed real estate and restaurants going on a few years back . When I explained this to locals they thought I was crazy and dismissed the assertion . Oh well
@supertuscans9512
Жыл бұрын
How does a failed development that loses money, launder money? I’m really curious to know how you concluded this.
@D3xterJettster
Жыл бұрын
Losses can be written off in taxes
@tenyriakteny3803
3 ай бұрын
@@supertuscans9512it’s not about the losses, but the total amount of money that makes into the system. If you manage to buy property for 10m and it loses 1m, you’ve still managed to get 9m into the system and can take it out as you see fit. It is now seen as legitimate capital.
@benjamindover4337
Жыл бұрын
Kleptocracy, or as we call in the states, the banking industry.
@gladlawson61
Жыл бұрын
I call russia that .....
@ruthradford2187
Жыл бұрын
Thanks! So glad I found your channel, I've learned a lot, had a few good laughs, and continue to decrypt the hidden meaning of your 'office' decor.
@PBoyle
Жыл бұрын
Thanks Ruth!
@cecilia00960
Жыл бұрын
I didn't know that, poor Rushdie! Forced to live in hiding in such a place. What a horrible experience.
@rhetoric5173
Жыл бұрын
Ah yes puts his suffering while hiding into an entirely new perspective
@Rizhiy13
Жыл бұрын
I think kicking out Russian money is more of a reputational damage problem. While the Russian share of total foreign money might be small, now every other shady person will think twice about storing money in the UK.
@joefox9875
Жыл бұрын
It's good to be blind to nationality.
@misium
Жыл бұрын
the shadiness of London finance will eventually backfire
@tomaszklick1419
Жыл бұрын
@@misium How? That's just how capitalism works.
@Jensth
Жыл бұрын
@@misium it already has. It rots the morale of the elite in the country. The political theatre going on presently is a downstream effect of corruption and dirty money.
@j3i2i2yl7
Жыл бұрын
I guess there's a niche where an honerable reputation is a liability but a dishonerable reputation has to be spread one conversation at a time. There has to be a communication network for kleptocrats from all over the planet to know about the availability of a supervillian lair apartment complex in London.
@lindsayk.7803
Жыл бұрын
Love your new set up! Also just wanted to thank you for your videos. I love how clearly you explain complex subjects.
@PBoyle
Жыл бұрын
Thank you! It is a lot of fun making them, and hopefully I will continue to improve.
@Tom_Bee_
Жыл бұрын
@@PBoyle you've certainly improved over time, in my estimation.
@gswdeclan
Жыл бұрын
And the whole time the UK government was talking about its commitment to human rights, democracy, etc. Just shameful.
@stevemanjowski6055
Жыл бұрын
Fantastic video for the most part, however I'd argue the Heritage Foundation is a less than stellar source to cite. The foundation has repeatedly lobbied for the dismantlement or mismanagement of US financial regulators and then points to that mismanagement/dismantling to be a reason for further de-regulation. In short it's an engineered self fulfilling prophecy.
@mandelbro777
Жыл бұрын
The biggest dirty secret of London and it's network of attached secrecy jurisdictions? The Royal Family own 2 of the 100 shares of the Bank of England through BoEN (Bank of England Nominees), and this allows the legal Right (only pertaining to an ownership stake in the central bank) to shield owners of assets passing into/through the British financial system. The only other entity to which this Right pertains, is the British Govt itself who retain the other 98 shares and who might shield owners for national security reasons. The justification for BoEN when the BoE was nationalized post-WWII, was so the British Sovereign could provide a shield for assets and transactions flowing through the British financial system to OTHER Sovereign entities (like the various Sheiks, etc...), but there's no way to know exactly what the Rights attached to BoEN, which allow for total secrecy, are actually used for, and to whom the privilege is actually extended; by definition, a shield is a shield. Add to this the fact that Westminster has no real jurisdiction over many British Crown dependencies (micro-nations acting as tax havens/secrecy jurisdictions, even though they have the full defense cover of the UK military and share a Sovereign), and you have the worlds largest super-dark money network which can shield and wash illicit assets of world kleptocrats and criminal underworld figures, and the Royal Family actually sit at the center of it. But this is all a 'conspiracy theory' ofc, because once per year, some hand picked puppet stands up in the House of Commons, asks a question of the Chancellor of the Exchequer regarding 'activity' within the BoEN account, and receives the exact same answer 'no activity has occurred in the account' - ie, no funds have passed through the account, and that's because the LEGAL RIGHT pertaining to an owner of a share/s in the central bank can be exercised at any time, to shield assets being questioned/investigated, anywhere in the British financial system, without a single penny actually flowing through the BoEN account itself. Thus, 'no activity', just an unprecedented privilege that can be exercised and never truly scrutinized. Everything in British financial regulation is a pantomime taking place in a veritable Potemkin village, but it's the best act on Earth if you want to witness the most rotten ladies of the night in town act like virtuous lamp wielding Virgins who 'set the ethical standards' for the rest of the world. It's quite something to understand London's true nature and to watch it continue to cast its spell on the world.
@fredericperrin3279
Жыл бұрын
Great reporting. None of this will stop the Brits to lecture other countries with a tone of moral superiority.
@qwerty69600
Жыл бұрын
The noone is home basically describes the entirety of London's ultra exlusive areas. Walk around the residential streets of Mayfair of a weekend and it's like a ghost town. You can hardly spot any building that appears to have living souls in it.
@Gaz12360
Жыл бұрын
This was a wonderful, reasoned and informative video. I knew little chunks of this already from other reading and experience, so this helped me to feel pretty sure that the content of it was accurate. Very enjoyable.
@anngran3858
Жыл бұрын
Agreed. People need to know how the international super rich secretly manipulate the law makers for their own ends. The video touches on how this costs ordinary folk at the banks. Add also escalating housing costs. It's a disgrace!
@iversiafanatic
11 ай бұрын
This guys an actual professor of finance so he’s legit. It’s so hard to find credible people on KZitem now lol.
@vlnow
Жыл бұрын
Apartment complex at the start sounds like a luxury safe house resort for when rich people need to leave their own country in a hurry. Kinda like that hotel in John Wick
@MK-we9sw
Жыл бұрын
Spending millions at Harods with stolen money is insane.
@datingandlifeadvicechannel7534
Жыл бұрын
😂😂
@moncorp1
Жыл бұрын
NYC has tons of high rises that sit mostly empty for just the same reason.
@AudioLemon
Жыл бұрын
Thank you very much for doing this. I wanted somebody to explain this to me for quite a while.
@PiccadillyHangover
Жыл бұрын
The final sentence seems way off in terms of numbers: "According to the Economist, in 2020 foreigners held roughly 13 billion pounds of British assets. Russia's share of that was just 0.16%" That would make total Russian foreigners share of British assets to be 21 million pounds. So all Russian foreigners together hold only the equivalent of a single fancy penthouse in London?? Impossible.
@m1ndfckd
Жыл бұрын
The book to read is *Treasure Islands*, which talks in depth about this situation.
@p2p104
Жыл бұрын
Thx for the tip
@jobeblogs4539
Жыл бұрын
The biggest stock wins I've made in UK markets have been from companies who have strong connections to Parliament or other governments and the City of London. I look for it in my research now!!
@shaunoconnell9506
Жыл бұрын
Tried that in Austrália. Most gov linked companies are private with ties back to London.
@duellingscarguevara
Жыл бұрын
England swings like a pendulum do. Bobbies on bicycles 2x2.
@fabscams4136
Жыл бұрын
One of my favourite channels on KZitem - you are brilliant
@j.obrien4990
Жыл бұрын
wasn't money laundering a motivation for Brexit?
@carlgarrett5142
Жыл бұрын
Great piece, as always, except for the whining about "excessive" money laundering regulation. I have been in banking and mortgage lending for over 25 years. Watching out for thr red flags of criminal activity is one of the costs of doing business. It's asinine to assign a cost per conviction because it does not take into consideration the potential number of crimes that are simply prevented.
@lolilollolilol7773
Жыл бұрын
I always knew that the City was a place for extensive money laundering, but I didn't know to which extent. Thank you for clearing that up.
@dansheppard2965
Жыл бұрын
I'm reminded of a recent story here recently where a local charity came close to having to throw 21 people out onto the street because HSBC froze their accounts, after confusion over a money-laundering form. Contrasted to One Hyde Park, that's the other end of AML becoming a box-ticking exercise, isn't it?
@carsyoungtimerfreak1149
Жыл бұрын
No matter what kind of rules and regulations are put in place, money will always buy you freedom...
@williamhoffer9277
Жыл бұрын
Great presentation!
@camperkit
Жыл бұрын
The transparency imposed by the EU laws - the real origin of the Brexit idea.
@7177YT
Жыл бұрын
Solid overview. The City has been addicted to shady money forever and brexit made it worse. Cheers!
@robertwave612
Жыл бұрын
Thank you for the video Patrick!
@HelgiWaag
Жыл бұрын
13:00 "Obviously the majority of people who got visas to live in the UK under programs like will have made their money honestly..." That's the kind of humor that keeps me coming back to the channel.
@DJ-Daz
Жыл бұрын
It was so dry I almost took it as real. I really did a double take.
@magnetospin
Жыл бұрын
I don't think he was joking. That's likely true. Plenty of legitimately wealthy people from developing countries want UK citizenships in case things become unstable at home.
@SunShinepkg
Жыл бұрын
What does England really own, what natural resources? So they have to come up with a way to get Money ( Money Laundry Capital of the world and Education center of the world) , and take hold of other nations that have resources, that is it and make the best of it.
@jedg4746
Жыл бұрын
Practically the whole of England is a coal field. Then we have natural gas and oil sea fields. Plus unlimited land fracking. But yet the gov want to close all these down to stop a trace gas in the atmosphere which responds to natural temperature variations. Norway is in the same situation as UK but these resources are the peoples resources not private companies.
@jb_makesgames2264
Жыл бұрын
Very interesting Video - new subscriber - I knew about the foreign money in London but not in the detail or scope you describe. We have a similar problem in Vancouver with Asian money buying large condo properties, some of which are sold only to non-Canadian residents!
@scotttyson607
Жыл бұрын
The answer is simple. TAX THE HELL OUT OF THEM!
@Vyker
Жыл бұрын
The reason they convinced the working class to vote Brexit. EU clampdown on this wasn't in line with London's elites.
@zanychelly
Жыл бұрын
I haven’t participated on the bank heist, I just lent the robbers my house as safe Heaven while taking action to prevent any investigation or make it more difficult… I’m a crime facilitator? Yes if you are a regular Joe. No if you are the British govt
@themanwiththeplan1401
Жыл бұрын
The economist quoted statistics about russian assets in the UK, is surely wrong, because 0.16% of £13 billion is only £20.8 million which is less than some of the properties quoted at the start.
@curtisalex456
Жыл бұрын
oh boy, i might move back to London. So much deprivation and corruption.
@colmcoakley3916
Жыл бұрын
this video serves as one of the best explanations as to why British business and wealthy people of power / influence in the UK wanted BREXIT. The money practices engaged in London puts the "tax havens" of Ireland and Luxembourg in the haypenny place
@denydeni144
Жыл бұрын
I think that was easy and did not require much effort. Majority of those who voted rem. have changed their mind because "it is fair". Yes, it might be, but rules are different, and easy to "adjust"...
@ennio5763
Жыл бұрын
While the video explains the nature and development of the problem, it doesn't give me confidence that the UK government and London Banks and Law agencies do whatever they can to get rid of the problem. Rather, the presumption is that they don't see that as a problem at all, but as a juicy opportunity, and essentially gaslight international agencies, pretending to follow the spirit of the law, while actively coordinating money laundering of wealthy foreign individuals (and actually not just foreign ones ... Anonymity is sooo convenient...)
@bravosierra2447
Жыл бұрын
You have raised a good point, the book ‘Treasure Isands’ by Nicholas Shaxson explains how this came to be.
@pfeilspitze
Жыл бұрын
I mean, it's not really a surprise. All laws are enforced to harass the little guy and people with connections get away with it.
@ciril2643
Жыл бұрын
Why would they do anything about it if they earn money from it in one way or another? If there isn’t enough public pressure(and there def. isn’t), nothing will happen. Or something might happen de jure, but will be ignored in practice.
@leonfa259
Жыл бұрын
@ennio What other economy the UK has left, they hardly produce any goods (except of ones targeted to wealth) and their services are mostly targeted to wealth, too. And if one is honest, there is hardly any legitimate wealth.
@winsomebrooks6863
Жыл бұрын
@@ciril2643 ok
@nickm2400
Жыл бұрын
Always interesting, relevant information. Cheers from Australia 🇦🇺
@Johnconno
Жыл бұрын
'Last one on drugs is a Puff!' Yells Sunak.
@p.scottl3447
Жыл бұрын
I think you're making an assumption when you quote the Heritage Foundation on the number of criminals caught and cost per conviction. You're assuming that these measures don't have any preventative benefit that might be worth the "cost". Even though crypto currencies and other havens now exist, it is still a barrier to entry that you're making assumptions doesn't have benefit.
@wol_ves
Жыл бұрын
Yes I agree! Also I don't think it's a good idea to rely entirely on numbers from any politically biased organization as there's no accountability there, they can say whatever they want.
@RightSideNews
Жыл бұрын
Agreed
@perfectallycromulent
Жыл бұрын
yeah, and the problem is that the heritage foundation wants you to come to the conclusion that money laundering isn't really a problem so we should stop looking for it, when to the average person, it's more like money laundering is being baked into the financial and real estate laws to prevent anything meaningful from being done about it.
@theproblemmustbeinyourpant5910
Жыл бұрын
Leaving this video on loop overnight to boost it on the algorithm. Good job mate.
@Sailaboat
Жыл бұрын
Many thanks Patrick, appreciate your work.
@eamonndawson5329
Жыл бұрын
Brilliant, 👏 surprised you didn’t mention the impact of the pending EU legislation on Money Laundering that led to Brexit !! Or maybe that deserves a special edition 👍😉
@PolarGreenBear
Жыл бұрын
Maybe Hollywood was getting it right when they had the villain have vague British accent.🤑
@datingandlifeadvicechannel7534
Жыл бұрын
Most are dodgy and criminals this is true
@divinewind88
Жыл бұрын
Could you do a video on Singapore in the future please. Thanks.
@dieyoung8259
Жыл бұрын
Great topic....I watched a video of African nations where a speaker discussed how money laundering regulations are used as a tool that makes it impossible for any legal foreign transactions to take place.
@dinsel9691
Жыл бұрын
NONSENSE
@chopsandarchie7015
Жыл бұрын
that is simply not the case; there is now more international trade than ever.
@beckyzwhite
Жыл бұрын
One correction to make: it was the Berlin Wall that collapsed in 1989 and, as a result, Soviet influence in Eastern Europe went into a sharp decline. The Soviet Union itself collapsed in 1991.
@TheMrFishnDucks
Жыл бұрын
Great video. Very informative. Keep up the good work.
@lethagramlich417
Жыл бұрын
Seems like there is more than a needle in a haystack currently.
@dinsel9691
Жыл бұрын
No home should be owned by a "corporation" and especially a "foreign anonymous corporation from a tax haven"
@monkeyrater
Жыл бұрын
Outstanding explanation of the eurodollar system, much appreciated. Thanks for being to-the-point and not wasting time with frivolous chitter chatter.
@zzbeasley
Жыл бұрын
Patrick's dive into London and dirty money is brilliantly suggestive in parts and there's so much to be excited about in a good way. But also as he would do Patrick skips over consideration of the solution he throws out in the guise of 'let it be', let the police handle it. The first portion shows how easily the super wealthy hire their own 'police' or can overwhelm public law or prosecutors with their money. So if Patrick is going to raise this important subject he must consider more than off hand solutions based on his free market beliefs. Kudos to Patrick for too quickly mentioning Mark Hollingsworth's 2010 "Londongrad'; it never seems to have crossed the pond and been ''published' in the US.
@rhetoric5173
Жыл бұрын
Why would he be offering the solution? It isn’t his job.
@zzbeasley
Жыл бұрын
@@rhetoric5173 Good question. I was reacting to what I thought was his offered solution: let the police handle the dirty money problem.
@GorgeDawes
Жыл бұрын
There’s also the factor of UK police and financial authorities being massively under-resourced when it comes to dealing with financial crimes. Companies House, for example, has nowhere near the number of staff it would require to check more than a tiny fraction of the companies that they register are actually genuine. What good is tightening rules and regulations if there is no way of effectively enforcing them?
@zzbeasley
Жыл бұрын
@@GorgeDawes Great point. That factor would be easily overseen and 'arranged' by technocratic bugeteers it seems to me.. The 'balanced' constitution that Britain was historically famous for long ago became lost to history. Money, money, money makes the world go round. So they say Sunak the ultimate Technocrat had to emerge from the shadows and actually be 'responsible' for governance, whatever form that may take in an oligarchic media environment. "Oversight' has the wonderfully British double meaning.
@somewhere6
Жыл бұрын
Everything said here could also be said about Toronto except for the where the dirty money is coming from and the outward flamboyance of some of the people engaging in the activities. It is done more quietly in Toronto but it is on such a scale that it is an essential part of the economy.
@sudhamuralidharan6574
Жыл бұрын
This money from Toronto is used to create unrest in India...
@user-kb1hw2yq2f
Жыл бұрын
NY is just as bad. During covid thousand of real estate offices NOT only when unoccupied but NONE of them dropped the price.
@donlawson9214
Жыл бұрын
Luv your stuff SIR.
@treyquattro
Жыл бұрын
fascinating video with some nice visual jokes (did Bernard Black ever sell a book?) As an overseas observer, it appears to me that Britain is irreparably corrupt, with everything for sale. It starts at the top - Boris Johnson was the standard bearer for British corruption, partying with Russian oligarchs in the South of France for example, and giving Lebdev(?) a peerage. What are the chances of a British billionaire being given a position in the Duma? It looks like everything in Britain is for sale to the highest and perhaps most corrupt bidder. I really don't know how British nationals put up with it, except that it keeps their property values elevated in lieu of any actual economic activity.
@imt3206
Жыл бұрын
Yeah. What a sadness Johnson went out. He should have remained in his position
@vinniechan
Жыл бұрын
Well the golden visa was scrapped under the Johnson government To be honest the house of Lords is not fit for purpose and long over due for a reform It's simple to blame everything on one person thinking all will be well once that person goes away But if u listen to the clip the golden visa was upgraded to the tier one visa under the brown government Basically thatcher started a trend of liberalisation and Blair followed it through and carried it further than many ppl expected from the outset
@leonfa259
Жыл бұрын
What else have they left? The only high paying jobs are in the financial industry, and most of the rest (service and luxury manufacturing) is also living of the proceeds indirectly. And with Brexit there is nothing else left. The entire country is dysfunktional, just go into a pharmacy or supermarket in the richest parts of London and one in the poorest parts of Germany and compare. If they stop laundering, they'll lose even more of their living standard.
@rolandnelson6722
Жыл бұрын
They lost an empire and found a new role. Had they not found a new role what would they be now? What is the alternative?
@phpn99
Жыл бұрын
So it's a luxury brothel
@bluedunn374
Жыл бұрын
Australia…..”Hold my beer”
@duellingscarguevara
Жыл бұрын
While I grab my ankles?.😂
@masenko4519
Жыл бұрын
Yeah doesn't get much more corrupt than Aus
@jdrancho1864
Жыл бұрын
Thruout this video I was waiting for the subtle, even subversive humor Patrick B.'s presentations are known for. It arrived at 18:03.
@Juttutin
Жыл бұрын
I do wish that people understood why unimproved-land-value-tax improves so many many issues, not least that the annual tax on land in Billionaires Row is gonna get paid by someone, regardless of whatever bizarre ownership structures might exist.
@supertuscans9512
Жыл бұрын
This is a bit of a non-sequitur? If the ownership and means of obtaining fall outside the UK, and let us us assume nefariously, what has this got to do with it.
@samhunter1205
Жыл бұрын
@@supertuscans9512I think the OP is just trying to suggest that evading a tax on an asset that is impossible to hide is much harder to do. In theory, without being able to avoid tax you make somewhere like London unattractive to oligarchs. I suppose if there was a high tax attached to London property it may work that way, although I expect a number would avoid it by switching their assets from property to something else. At least if the dodgy money were in something less useful than housing it wouldn't saddle everyone else with quite so manu of the downsides of a massive asset price bubble in something so essential though.
@postmanwithsnow
Жыл бұрын
amazing as always! i learned a lot with you mate
@Kitiwake
Жыл бұрын
Well said, Patrick.
@FLAC2023
Жыл бұрын
Why did it take so many decades for this which was obvious to anyone to be made known to the public???
@murftastic007
Жыл бұрын
"While it makes sense to fight money laundering, let's not try that hard."
@DF-dd5nf
Жыл бұрын
Thanks for these very interesting information. All of this what you have disribed is truly shocking and appalling, proving how this world is EVIL
@Sralit
Жыл бұрын
Great video. We all live more and more in a kleptocracy!
@georgeaird4637
Жыл бұрын
23:54 How can that be possible? Even in just the Property market wealthy Russians most own a total of more than £10M pounds worth of assets. Unless that was just the total amount of assets they had purchased that year but even that amount sounds rather small. Maybe Dual Citizens aren't included in that statistic? I believe Roman Abramovich is an Israeli Citizen as well as being Russian and he owned a football club worth more than +£1bn until just a few months ago.
@grimgoreironhide9985
Жыл бұрын
Look into the British tradition of “Trusts”. Started in the Medieval ages when Knights needed legal guardians for their assets whilst they went on Crusades.
@AB-hq1ye
Жыл бұрын
Super Video wie immer
@bluesnail5042
Жыл бұрын
Good evening, 47. Your destination today is One Hyde Park: London...
@narendratailor1692
Жыл бұрын
I have been a victim of a scam despite FCA involvement. I am now confronted with ignominy of registering my overseas entity with Companies House and pay more fees and charges to keep chances of recovering a small % of the capital alive. Shocking and myopic that only adds to the pangs of pain to legitimate investments in the UK.
@rosstopher7181
Жыл бұрын
Finally an excellent critique video questioning and probing shady numbers thoroughly. Please apply this approach to China's fake gdp numbers.
@monaliza3334
Жыл бұрын
Yes please, and American oligarchs: Bushes Clinton's Blinken Neland Bidens ect ect... There is billions moved through Ukrain, where too?..
@seu6238
Жыл бұрын
Interesting topic. As a layperson, it's often hard to find analysis which is easy to understand.
@gilbertfranklin1537
Жыл бұрын
Well, now they know where to look for the missing $8 Billion from FTX. What was the name of that street again?
@Ryan.zelenski
Жыл бұрын
Ha nice. I need to figure out how to get in on the laundering
@Ryan.zelenski
Жыл бұрын
@@Black00200 sure I can believe that! There's a lot going on that regular folks like me don't comprehend
@rickhayer8320
Жыл бұрын
Video explains a lot after my visit recently. Puts in perspective on my observations. Thank you.
@edahnndlovu274
Жыл бұрын
I thought you were going to talk about the sheer amount of coke residue on the notes, but I see I was being too literal
@Confucius_Says...
Жыл бұрын
😂😂😂😂😂 Good one‼️‼️
@mt8474
Жыл бұрын
I'm sure if we stopped the average pedestrians on the street and asked them if the explanation for a large deposit makes sense we'd stop at least 80% of the fraud. Kids under 10 could probably spot the lie too.
@Frankabagnale33
Жыл бұрын
Through “City of London” Inc, and the British foreign territories, the UK is absolutely the single greatest infrastructure of financial management and manipulation in the world today.
@supertuscans9512
Жыл бұрын
Well that’s a good thing for a major financial center.
@Frankabagnale33
Жыл бұрын
@@supertuscans9512 the corruption/manipulation piece isn’t so wonderful. As it’s used to launder illicit money from the sale of drugs, prostitution, gun for hire, etc
@artist.sanctuary.studio.d16
Жыл бұрын
Good man. Patrick 👍
@nickyd922
Жыл бұрын
Why is there an assumption that a country that plundered wealth globally is financially ethical?
@transcrobesproject3625
Жыл бұрын
13B GBP in total assets? What? That's peanuts for all foreigners. I don't believe it. And 0.16%? That makes around 20M GBP. That's one big Chelsea home. Not sure the Prof has been reading the right stats...
@boydr7160
Жыл бұрын
Dear Sir, I don't know where you live but on my planet the Police patrol in Rich neighborhoods to protect the rich from the poor and patrol the poor neighborhoods to incarcerate the poor to profit from their incarceration.
@VernaSelander
Жыл бұрын
Ahhhh Patrick…voice of reason in a sea of chaos. 👌
@Jackknifegyp
6 ай бұрын
We have known that for decades. Why do you think BREXIT was despised by London City the most Wealthy people on the planet?
@hammerfist8763
Жыл бұрын
International investment, holding, export, and banking corporations are the players big enough to launder billions.
@timewalker6654
Жыл бұрын
Love that you referred to black books while saying book sellers.
@coldesaintsneille
Жыл бұрын
You mean, I should move my Swiss no-longer-secret bank account to London?
@blackelton7127
Жыл бұрын
Come down to The City, where the money is dirty and the air smells shitty
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