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Nothing to hide, Nothing to fear

Hildy Johnson | 08.07.2009 12:16

Rule for the people: The people must be subjected to scrutiny in their daily lives. We must know all about them and they must carry ID cards.
Rule for hedge funds and private equity: They must be able to avoid scrutiny and maintain their ability to act anonymously and with impunity in the global economy.

As most will be aware representatives of the present government have frequently presented the line that ID cards are necessary and that only those with something to hide have any reason to fear them.

(The ID card roll-out would appear to be a global rather than a national initiative and they are remarkably similar to the livret introduced by the July Monarchy in 1830s France.)
 http://books.google.es/books?id=c6sOAAAAQAAJ&pg=PA135&dq=july+monarchy+workers+livret

In a recent comment piece for the Guardian, Alan Johnson appears to have relinquished this argument somewhat arguing that they are an essential tool in the fight against identity theft related fraud.

 http://www.guardian.co.uk/commentisfree/libertycentral/2009/jul/02/identity-cards-fraud-cost

Either way the Government is demanding that British residents become willing to reveal as much information about themselves as possible. Of course this transparency extends beyond the ID card regime such as the new questions that airline passengers must answer when they go on holiday.

The strange thing is that when it comes to Hedge Funds and Private Equity firms the government is more than happy to agree to their demands for anonymity and the right to be left in peace. As the EU is attempting to introduce more onerous requirements on these businesses, the UK government has taken up their cause.

"The EU directive, a response to public anger at the excessive risk-taking that led to the credit crisis, would require many hedge funds and private equity firms to register with regulators and disclose more about themselves and their investments.
They would also have to meet increased minimum capital requirements and limits on borrowing, which have triggered threats from some big UK hedge funds to move overseas unless the plan is rewritten.
Lord Myners, speaking to the Alternative Investment Management Association, pledged to fight the proposed legislation".
 http://www.ft.com/cms/s/0/d256c7fc-6afe-11de-861d-00144feabdc0.html

 https://www.indymedia.org.uk/en/2009/06/432834.html

So whilst ordinary people are to be subjected to more and more restrictions and control orders to prevent terrorism, London´s financial terrorists are to be given free rein to continue creating mayhem. Since I myself advocate the smashing of hedge funds and private equity, I am not a supporter of regulating them.

Rather, i prefer to draw people´s attention to the divide between the rights of ordinary people to privacy and anonymity and the rights of these entities as proposed by the government.

Hildy Johnson

Comments

Hide the following 4 comments

Technology is not neutral

08.07.2009 14:02

When techies were talking about contactless payment cards and the bizzare world of internet shopping back in the 1990's there was widespread disinterest. Nobody really wanted to know about technology it was just too geeky. The problem being that Banks and Financial Institutions have been seeking ID cards since then. Otherwise their future business models fall apart.

Technology is not neutral. Either become technologically literate or suffer the stupidities of having technological solutions forced upon you.

Charles Bloody Babbage


Technology is not neutral

08.07.2009 14:02

When techies were talking about contactless payment cards and the bizzare world of internet shopping back in the 1990's there was widespread disinterest. Nobody really wanted to know about technology it was just too geeky. The problem being that Banks and Financial Institutions have been seeking ID cards since then. Otherwise their future business models fall apart.

Technology is not neutral. Either become technologically literate or suffer the stupidities of having technological solutions forced upon you.

Charles Bloody Babbage


Eh?

08.07.2009 15:57

"Otherwise their future business models fall apart. "

I can see it becoming a compliance and risk issue, and could see a push for it becoming a industry standard since it may very well cut down on fraud and thus increase profits/shareholder payouts.

But I fail to see how the future of digital banking hinges on ID cards. The current situation could work indefinitely so long as you are willing to accept a certain level of fraud (as the banks currently do).

Or am I missing something?

Charles Red Cabbage


hmmmm

08.07.2009 18:19

I think what your lacking is the right level of paranoia.

anon