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Will Corbyn introduce capital controls?

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Just now, reddog said:

As per title.  If Corbyn wins the next election, will he introduce capital controls?

 

This article (behind a paywall) suggests it is possible:

 

https://www.google.co.uk/amp/www.telegraph.co.uk/business/2017/11/14/protect-money-corbyns-threatened-capital-controls-promised-tax/amp/

 

In the current interconnected world, would this be possible?

Hey it worked for the Chinese! Only because they were fully prepared to point guns at people who did it. Bitcoin to infinity...

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If he (or rather John McDonnel) are planning on it, you wont hear until the first day.

Standard process.

There'll be an emergency meetign with treasury.

A declaration that tempaorary capital controls are in place whilst the government reviews urgent issues.

Id expect democracy t be suspended too.

Oh dear. All down ot that idiot Brown and the BoE followed by Gidiot trying to bail out his mistakes rather than taking the hit then + there.

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2 minutes ago, reddog said:

As per title.  If Corbyn wins the next election, will he introduce capital controls?

 

This article (behind a paywall) suggests it is possible:

 

https://www.google.co.uk/amp/www.telegraph.co.uk/business/2017/11/14/protect-money-corbyns-threatened-capital-controls-promised-tax/amp/

 

In the current interconnected world, would this be possible?

It's actually easier than ever to institute capital controls. They just need to tell the banks to suspend all physical and electronic transactions over a certain amount. It happened overnight in Iceland during the Icesave crisis and in Cyprus too when their banks were tottering. I see no reason why it couldn't happen here.

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8 minutes ago, NuBrit said:

It's actually easier than ever to institute capital controls. They just need to tell the banks to suspend all physical and electronic transactions over a certain amount. It happened overnight in Iceland during the Icesave crisis and in Cyprus too when their banks were tottering. I see no reason why it couldn't happen here.

Buy bitcoin with your "controlled" pounds. Sell them again in the place to which you are not allowed anymore to send your money. Is it more complex than this? Surely that's why bitcoin is so popular and price gone through the roof.

Disclaimer: I missed the boat completely on bitcoin. I noticed them the day they became news in (2010?) and rolled my eyes omg yet another scam fake currency like Beanz and Flooz. Still kicking myself now a bitcoin is 7000 dollars, or maybe 8000 since I made a cup of tea just now.

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I expect it to be the case, were the population daft enought to vote him in. Maybe fear is the medicine we deserve to understand what these clowns are about. 

The moment they're within a mile of No. 10 one should do whatever they can to protect themselves financially. IE move any cash somewhere the ****** else, and in another currency. 

Forex movements and net capital movements should be a good bellweather for this. 

 

 

 

 

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He was still a long way off a majority even against a Tory party that didn't want to win and have to deal with the Brexit. Post March 2019 against a better prepared party I don't think his chances are much better. The anti-Brexit establishment love him because he's their only hope, in 18 months that hope is gone. 

But, if by some miracle people did hand a workable majority to him, it wouldn't last very long. The banks would give him just long enough to bring in another couple of million immigrants, maybe throw the od bone to his union backers and then as soon as he threatens to harm their interests they use their media army to turn the public against him, probably using the immigrants they wanted, riots, strikes, government falls.

Just ride it out is my opinion. Maybe hide all your money and claim disability for a bit, they'll be giving that away as quick as they can print it.

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1 hour ago, Funn3r said:

Buy bitcoin with your "controlled" pounds. Sell them again in the place to which you are not allowed anymore to send your money. Is it more complex than this? Surely that's why bitcoin is so popular and price gone through the roof.

Disclaimer: I missed the boat completely on bitcoin. I noticed them the day they became news in (2010?) and rolled my eyes omg yet another scam fake currency like Beanz and Flooz. Still kicking myself now a bitcoin is 7000 dollars, or maybe 8000 since I made a cup of tea just now.

If you truly believe that capital controls are an existential threat to your personal wealth, what's stopping you buying Bitcoin at 7000?

Edited by zugzwang

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1 hour ago, Funn3r said:

Buy bitcoin with your "controlled" pounds. Sell them again in the place to which you are not allowed anymore to send your money. Is it more complex than this? Surely that's why bitcoin is so popular and price gone through the roof.

Disclaimer: I missed the boat completely on bitcoin. I noticed them the day they became news in (2010?) and rolled my eyes omg yet another scam fake currency like Beanz and Flooz. Still kicking myself now a bitcoin is 7000 dollars, or maybe 8000 since I made a cup of tea just now.

Such is life eh would love to be a zillionaire now and inordinately filthy rich.  I have lurked here on and off since maybe 2008 or something, read about them back then on here and the idea stuck me that they were inherently deflationary.  I did try to buy them. But it seemed quite complex apparently buying from the UK and basically didn't go any further and probably forgot about.   

Honestly have been thinking of stepping my toes in the water now, with a lot less money and again a small punt - but with surely a lot less potential upside ( unless it becomes adopted by the yet unknown wider galactic community living light years away?)

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13 minutes ago, zugzwang said:

If you truly believe that capital controls are an existential threat to your personal wealth, what's stopping you buying Bitcoin at 7000?

Bitcoin would be suitable for a transfer within a capital-controls state.

If he was preparing for that eventuality he'd be best off moving money offshore in a more conventional manner, while the transfer potential is completely free and unfettered.

Unless he wanted to speculate in bitcoin, of course -- but that would be an entirely different matter.

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Im really not sure with the current UK economy you could implement capital controls, globalization means companys supply chains are worldwide.  Even for a small company, we buy things from suppliers in Taiwan, Italy, Germany and France.  UK Companies could replace most things, but things like spare parts for machines would be "expensive".  Thats before you get to the really messy bits like the Eurodollar market in the city of London or China making most of the things UK consumers buy...

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3 hours ago, reddog said:

If Corbyn wins the next election, will he introduce capital controls?

If money were fleeing the country in advance of the next election - Would the Tories introduce capital controls?

Spun as a short-term, emergency measure, to be repealed when they're re-elected, of course.

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1 hour ago, Dogtanian said:

Honestly have been thinking of stepping my toes in the water now, with a lot less money and again a small punt - but with surely a lot less potential upside ( unless it becomes adopted by the yet unknown wider galactic community living light years away?)

Probably a question worth asking on the "bubbly bitcoin" thread.

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1 hour ago, Majorpain said:

Im really not sure with the current UK economy you could implement capital controls, globalization means companys supply chains are worldwide.  Even for a small company, we buy things from suppliers in Taiwan, Italy, Germany and France.  UK Companies could replace most things, but things like spare parts for machines would be "expensive".  Thats before you get to the really messy bits like the Eurodollar market in the city of London or China making most of the things UK consumers buy...

Capital controls are just that - a big brake on what leaves the country.

Money is cleared by banks. Can be shutdown at a press of a button.

Plant and the like, easy enough.

Why youd think thats a solution rather than sort your politucs out is another question.

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20 minutes ago, spyguy said:

Capital controls are just that - a big brake on what leaves the country.

Money is cleared by banks. Can be shutdown at a press of a button

Plant and the like, easy enough.

Why youd think thats a solution rather than sort your politucs out is another question.

I dont get what your point is, if you cant pay for goods from abroad in sterling due to capital controls, and you cant easily replace them with UK made goods, then the economy is going to be in trouble when the spare parts for machines run out.  Its not as simple as just bodging a part, if you need a special interface card for your Japanese robot you would be stuffed.

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1 minute ago, Majorpain said:

special interface card for your Japanese robot

They could have an office of bureaucracy somewhere.  You send in a form, requesting license to buy the spare part, answering a few questions about the number of British jobs for British workers the robot replaced... and if it were deemed in the national interest, license granted.  Simples.

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4 minutes ago, Bricks n' mortar said:

They could have an office of bureaucracy somewhere.  You send in a form, requesting license to buy the spare part, answering a few questions about the number of British jobs for British workers the robot replaced... and if it were deemed in the national interest, license granted.  Simples.

UK productivity is in the toilet these days, replacing robots with people when the world is going to the other way will not end well.  UK needs to compete at high skill jobs, not against people who are happy with $10 a day.

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Vote Corbyn and the pound will collapse.  Where have I heard that before?  Oh right, it's project fear part III.

Of course, it's not in any way sinister that the international financial markets - banks and oligarchs - can threaten a country that attempts to elect non-neoliberal governments - socialists, nationalists, protectionists, whatever.

All that nonsense about taking back control, and we're still pandering to the whims of the bankers.

 

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11 hours ago, Funn3r said:

Buy bitcoin with your "controlled" pounds. Sell them again in the place to which you are not allowed anymore to send your money. Is it more complex than this? Surely that's why bitcoin is so popular and price gone through the roof.

Disclaimer: I missed the boat completely on bitcoin. I noticed them the day they became news in (2010?) and rolled my eyes omg yet another scam fake currency like Beanz and Flooz. Still kicking myself now a bitcoin is 7000 dollars, or maybe 8000 since I made a cup of tea just now.

May be bitcoin is scam

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Again, if there's even a remote chance of a Corbyn government, I'd  be looking at protecting myself way earlier than election day. One would do well to think about that anyway

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12 minutes ago, Bruce Banner said:

Next, they could re-introduce the death penalty and make holding money in offshore accounts, foreign currencies or Bitcoin, a capital offence.

Capital?

Nah, an insult to the dear leader, Corbyn.

Still death penalty.

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15 hours ago, Calcutta said:

He was still a long way off a majority even against a Tory party that didn't want to win and have to deal with the Brexit. Post March 2019 against a better prepared party I don't think his chances are much better. The anti-Brexit establishment love him because he's their only hope, in 18 months that hope is gone. 

 

Which is strange as his brother said that he voted leave and I don't think he has denied it.

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