From Naomi Brockwell
Video DescriptionVideo Description
Financial privacy has practically vanished over the last 50 years. Most people are in denial about it, and still believe that their relationship with their bank or their credit union is confidential -- the reality couldn’t be further from that.
In this video we walk you through the history of how financial privacy slowly disappeared, and how we built a gargantuan financial surveillance system that no one really understands the extent of.
00:00
Financial Privacy is an Illusion
02:14
Pre-1970
03:23
Bank Secrecy Act
08:02
Annunzio-Wylie AML Act
10:38
Patriot Act
12:51
$600 Rule
16:17
The Future Ahead
18:24
Is This the World We Want?
We have slowly built a gargantuan system of unchecked financial surveillance, and it’s time to question whether this is the world we want to live in. The first step is just making people aware of how far financial surveillance norms have shifted in just a few decades.
I wish there was a thing that did this but for all the key aspects of life -- e.g., your privacy from a telecom / ISP pov, from a corporate profile pov, etc. Put the pieces together.
There are still a lot of people who don't realize that privacy is pretty much an illusion (and who would be upset by that). The first step is admitting you have a problem, right?
If you go to places like HackerNews, the "tech class" has now flipped. In 80s-90s the tech industry was dominated cypher-punk ethos....gpg....encryption...freedom, etc.
As younger workers came into those industries the attitudes have flipped 180. They now say "its no big deal" and even welcome the surveillance state.
Its hard to imagine a more blatant violation of the 4th amendment than the Banking Secrecy Act (and all that followed), however no one dares mention it.
I have a friend who's several years younger than me and he had an interesting perspective about lost privacy. His view was that privacy is an unnatural and possibly unhealthy human condition, that didn't exist in small tribes.
10 years ago an acquaintance said the right to privacy violates the nonaggression principle.
Really ? Seriously?
I still don’t see it
I could imagine an argument along the lines "If you put your information where I can see it, then I have no obligation not to look."
But invasions of privacy are … invasive lol
The point would be that you can't require other people to avoid seeing your information, because you don't own them or their eyeballs.
If you keep your information hidden on your property, then no one would have a right to violate your privacy.
It just seems like an example of "All rights are property rights."
That's an interesting point. It's certainly true that the modern notion of privacy would have been nonsensical for most of human history, especially pre-agricultural history when humans evolved.
Not sure what to do with that knowledge, though.
Yeah, me neither. It's not like there was some analogue of the modern panopticon back then, either.
Crazy but logical
The keyword is tribe vs individual
I actually think it’s the opposite
What does your friend think of amendment 4?
I imagine he's in favor, but it hasn't come up.
Definitely an eye opener, the sad part is that there are some services one wants/need to use that require a bank account (e.g. GCP or AWS) they don't take cash or even visa cash give cards. Does your local power company take cash? Car lease payments? Mortgage?
It's the opposite they want you to set everything on "auto pay" for "your convenience" of course. Personally I'm trying to reduce my dependence on banks but its hard... We are in deep $&@^# on this one...
I hear you. I'm working on the same thing. Becoming your own banker is a long process.
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That's a little surprising, but perhaps another reminder that we're still super early.
Be your own bank! Privately…
high profile data breaches has become a major concern, the people has doubt about bank ability to protect client information
It's kind of amazing how little people care when news breaks of these major corporate data breeches.
If they have pirated our privacy, we have to stick to the plan B.