The Weaponization of the Banking System

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 29 August 2021

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this edition of Long Reads Sunday, NLW reads Nic Carter’s latest for CoinDesk “OnlyFans Shows How the Banking System Is Politicized.” The piece provides the history of Operation Choke Point and how the legacy of financial weaponization persists to today. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW. Today’s episode was edited by Michele Musso and Rob Mitchell. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Peter Dazeley/The Image Bank/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.0	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:16.2	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Sunday, August 29th, and that means it's time for Long
0:27.5	Reads Sunday. And look, I'm a simple guy. I've got simple tastes. When Nick Carter writes
0:33.6	a new opinion piece, especially one that's about the history of the weaponization of the
0:38.1	financial system, you better believe that's what we're reading for Longread Sunday.
0:43.1	I don't need a big intro on this one. You know all you need to know. This is OnlyFans shows how
0:47.7	the banking system is politicized by Nick Carter, published by CoinDesk.
0:53.6	Recently, the noted content subscription service OnlyFans announced a move away from sexual content.
0:59.6	Specifically, the platform announced a ban on explicit and sexual content while still
1:03.6	permitting some more innocuous nude content.
1:06.4	The move raised eyebrows, only fan banning sexual content is like a lion, announcing its
1:10.8	intent to become a vegan, or soccer star Lionel Messi banning sexual content is like a lion, announcing its intent to become
1:11.3	a vegan, or soccer star Lionel Messi banning his left foot. Sexual content is quite simply
1:16.5	only fans raise on debt room. According to the platform's founder Tim Stokely, blame lies with
1:21.8	major banks, such as Bank of New York Mellon. Quote, the change in policy, we had no choice,
1:26.9	Stokely revealed to the Financial Times.
1:29.1	The short answer is banks. The platform later reversed itself, stating that it had, quote,
1:34.4	secured assurances necessary to support our diverse creator community, suspending the plan
1:39.0	policy change. But the complete pivot, though subsequently walked back, was startling.
1:45.7	How could payment processors or banks cause a platform largely used for sexually explicit purposes to renounce its entire
	...

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