Why oligarchs choose London for their dirty money

[@VokeVideo]

An oligarch in London saying "Oligarchs in London will have nowhere to hide"...

[@axelmanuel18]

Because they don't need to hide

[@monsoonrains8480]

More money from my country (Pakistan) is invested in london alone in the past 10 years than Pakistan itself.

[@mefisto05s.20]

Lol, why would anyone invest in pakistan? It lives on imf, saudi, us and Chinese money

[@brigingthemap]

The same for India

[@eben3357]

The Invisible Hand...

[@GULAGUKRAINE]

The British government is very discriminatory in its own favour. For over 20 years now Russian oligarchs he e been embraced with their laundered money 💴 and the British government was quite happy with that. British government used those big coffers of launders money together with Russian oligarchs and everybody were ok with that.

[@nenaradicevic8079]

Imran khan is guilty for your oligarchs

[@roylangston4305]

It's pretty simple: the privileged know the UK is devoted to preserving the privileges of the privileged.

[@vkrgfan]

Nicely put, if UK really cared or had some decency they wouldn’t allow money laundering in the first place.

[@OceanFrontVilla3]

Canada is the same, it's called snow washing.

[@extremeresponsibility]

Then pretend to be noble 😆

[@sanataj]

...and weapons sales...

[@davidb8373]

Hasn’t that always been the situation? Hasn’t the British class system always protected the wealthy?

[@mariuszmusiaka9692]

In my opinion The City of London supported Brexit to protect their clients' secrecy & profits and avoid EU regulation including AML (current and future regulations). Money laundering is just part of the British business model.

[@reallybigjohnson]

This has been going on long before, decades before Brexit so this has nothing to do with Brexit at all.

[@fnordinvitation]

Two words for you: Deutsche Bank

[@mariuszmusiaka9692]

@@reallybigjohnson Maybe you’re right but EU regulations becoming more and more advanced + the City came to conclusions that independence will make them biggest and more effective financial centre. In simplification, this is how I see it.

[@fnordinvitation]

@Charles White if you think that's because British are "skilled", think again... Obviously money is redirected to London because is very easy to start a shell business there. It's an incentive by the British Government to oligarchs all over the place. I am sorry, but Britain is as corrupt as Russia. It takes two to tango and Britain is dancing as we speak.

[@mariuszmusiaka9692]

@Charles White It looks like you are nor familiar with AML regulations. Obviously financial institutions are obligated to investigate the source of funds and sours of wealth  this is AML ABC

[@alir.6441]

The same holds for Azerbaijani bureaucrats too. Massive amounts of stolen (especially oil) money is invested in London every year.

[@dimmacommunication]

Everybody and their momma knows London is the Laundromat of the world , nobody cared until today cause of the war.

[@shapurzamani6127]

also for these horrendous oligarchs from SAUDI ARABIA, UAE, QATAR etc...

[@ikennahenry4003]

Plus Nigeria

[@dimmacommunication]

@@ikennahenry4003 Every corrupt uses big cites to launder , not Only London is involved.

[@95Tayyab]

and Pakistan. We all know how Nawaz Sharif owns one of the most expensive properties in London, and is currently hiding there.

[@GULAGUKRAINE]

The British government is very discriminatory in its own favour. For over 20 years now Russian oligarchs he e been embraced with their laundered money 💴 and the British government was quite happy with that. British government used those big coffers of launders money together with Russian oligarchs and everybody were ok with that.

[@davidty2006]

it's been happening since the soviet union...

[@marshallj1077]

You really don’t understand central banking

[@ronjoshuaramos4480]

Hi, I wanna ask, shell company stands for means? Tysm

[@avarmauk]

It doesn’t surprise me so much. I’ve come to expect this now. I try to remember two facts. Governments always act in their own interest and governments are willing to do anything provided they think they can get away with it.

[@ssuwandi3240]

Do you have alternative solutions mate? You should be grateful the foreigners are willing to take hustle since your Government got great talent of printing money!! Try to demand more from your lazy Corrupt Parrygate Gov!!

[@kathieloueldridge2974]

Having recently finished AMERICAN KLEPTOCRACY by Casey Michel, thank you for this. As he pointeedd out kleptocracy threatens to impose a world wide feudalism . The increasing divides in the Western World over the enormous wealth discrepancies that seem to broaden exponentially ahould alarm us all.

[@pcon8]

That is a fantastic book....

[@itseamuscallan7004]

Johnson's reputation as "The Liar" is only outdone by his staggering Duplicity. Boris the Bagman between Oligarchs and Tory Bigwigs

[@michaelchiesa6142]

Johnson, yes a nauseating creature... We here in Australia have been doing our best to stomach a corrupt coalition corporate federal government for nearly a decade... Hopefully after May 21, the present incumbents will be evicted from government and will be held accountable for their attempting to turn Australia into a "banana" republican/Trump wannabe Morrison cesspool...

[@nadm.191]

And you forgot the white and non-white refugees?

[@jec6464]

1) UK needs to introduce property taxes on properties that do not pay council tax, so that these empty houses come at a cost to the oligarchs. 2) There should be a limit on the properties purchased by entities rather than people.

[@corvus1238]

He said that there needs to be political will for anything to change. That will not happen as long as politicians get personal rake offs from the system as it is.

[@davidbryden7904]

Or "the city of London" financial system?

[@nadm.191]

completely wrong. It is about the political-economy of the system. Politicians act within it. It is inherent in the system that is driven by maximisation of profit, competition and capital accumulation. Like students, especially graduates from elite universities, they strive to fit in the system and manage it. Thus perpetuating plunder, corruption and even excuses of crimes and wars. And when you vote every 4 years you think you exercise power over them.

[@1m2rich]

Time to kick the elite sucker oners out of political power. Get our banking laws back with Progressives. Off shore has to end. It is destroying the world.

[@thebigpicture2032]

It’s also one of the drivers of Britain’s economy so whoever crashes the cart will get voted out.

[@souvikrc4499]

@@thebigpicture2032 especially with the decline of British industry from the late 20th century onwards

[@stevenhaas9622]

This is a problem in nearly every major world city. New York, LA, San Francisco, Paris, Miami are absolutely lousy with shadow money sitting in empty real estate.

[@julianbenjamin1552]

This is true. Notably, the Chinese and Middle Eastern ultranationalists deploy capital to the latest real estate developments in the world’s most regarded regions (e.g. S.F. NY and MIA)

[@paulcasey5204]

Ranking below Italy on anti corruption measures........something to be proud of.......not! Exactly what Private Eye has been banging on about for decades

[@goldengifts1193]

It is hypocritical that all these year UK did not notice what money were coming from Russia and only after political tensions have risen they have noticed that something is wrong with that money. After many times Russia have asked to extradite some of corrupted officials who fled to UK - UK is making a face as did not know how all that money came from and who was behind them.

[@extremeresponsibility]

They knew but preferred to reap the benefits

[@nadm.191]

It is not different from the hypocrisy and the blatant racism we have seen in the treatment of white vs. non-white refugees.

[@extremeresponsibility]

@@nadm.191 One thing that would be helpful with immigration policy is clearly discriminating between the skilled labor that we want versus keeping out the unskilled labor that we don’t want. Without regard to race, gender, etc.

[@tedzehnder961]

Your most famous football team was and still is I think, owned by an oligarch.People that support that team have been paying money to a Russian oligarch. Some of them who fled were guilty and some were not. You have to do a case by case.

[@nadm.191]

@Ted I think you are missing the bigger picture. Professional football is an industry and business. Owned by an oligarchs or not does not change its nature. Remember how suddenly during pandemic nurses and other frontline workers were ‘discovered’? Do you know that, according to the BBC calculator, what a nurse earns in a week, Ronaldo warns in 16 minutes? What has made a footballer more socially valuable than a nurse or a similar occupation? Yet most people accept it, cheers the footballers and once in a century they are asked to clap for the nurses! Then one needs to contextualise the time oligarchs or Middle Eastern tycoons were allowed to buy clubs, estates, etc. It was the collapse of the Soviet Union and the role the Western regimes and the International Financial Institutions played in changing the social property relations in Russia and other countries of the former USSR. The oligarchs were born through a process of plunder of public goods and public assets. That was an era hailed as the end of history and the triumph of the ‘free market’. The former head of the World Bank and now a Keynesian, Jospeh Stieglitz, stated in his Globalisation and Its Discontent that the devastation cause by Yeltsin’s regime and international, especially Western, players to Russian amounted to the scale of devastation during the Nazis invasion. That context also spawned Putin and the reinvigoration of Russian nationalism. That is how things are so interconnected.

[@shaun5344]

This was a really great piece. If we didn't know already it certainly demonstrates how the uber rich play the world game getting around avoiding tax and money laundering laws. The system has, and always will be, there for the super rich to exploit while the rest of us are to be made poor by our mere existence. Take Rishi Sunak for example. How can the UKs chancellor understand what the average working class person is going through when they have a personal fortune of around £300 million and whose wife is a billionaire?

[@royfearn4345]

Essentially, these oligarchs are illegal immigrants. Therefore, why can they not be deported to some central African republic on a one-way ticket? Of course, oligarchs have talking money, but surely that won't influence tories will it? What's sauce for the goose is sauce for the gander. Russian and other foreign oligarchs are far more obnoxious than asylum-seekers, so what about it, Boris? Grow a pair and take a stance!

[@nadm.191]

But one hast to dig in the Economist archive and look at how often the magazine condemned the City of London harbouring of not only Russian oligarchs but also mafia syndicates since mid 1990s.

[@roylangston4305]

That's why the rich will never permit a land value tax: they know they would not be able to avoid it.

[@nadm.191]

“The system has, and will be, there for the super rich…” That implies nihilism and the futility of the human agency to change things. Defeatism, I would say. It also ignores instances in human history, ancient and modern, where the gap between rich and poor was/has been significantly narrowed, which indicates that change is possible.

[@roylangston4305]

@@nadm.191 Yes, well, history also shows that the privileged prefer to perish in blood and flame, and watch their children slaughtered before their eyes, rather than relinquish even the smallest fraction of their unjust advantages.

[@patlecat]

Not only London was sold out to Oligarchs but also Zurich.

[@dimmacommunication]

Lugano too

[@davidradtke160]

New York, Seattle, Toronto lots of major cities.

[@asch5089]

or monte carlo, liechtenstein, luxembourg even the netherlands…

[@souvikrc4499]

@Turtle Spirit 142 even South Dakota

[@asidorov43]

@@souvikrc4499nobody comes to South Dakota 😂

[@crowshik]

who is selling those houses? who is earning the commission on these sales? whos is getting the stamp duty /council taxes? there's a bigger support system benefitting from all this..driven by greed.

[@LeeLee-ct2vv]

Famous British greed...

[@dimmacommunication]

Well, if you are a real estate agent you just sell the house ,that's it.

[@virtualatall]

Well it's upto city planners... Whether they want to accommodate rich taxpayers or working class people... This problem is in every major world cities.. Just London is epitome of all

[@henrybn14ar]

Not greed. Driven not by opportunity.

[@insopanasiancuisine8098]

@Vintage Bollinger no. That’s called cronie capitalism that only serves the interests of a tiny minority.

[@judiththann3279]

The buccaneers of City of London are welcoming everybody with enough wealth, nothing really nothing will be a problem.

[@zehrajafri9252]

When inspite of the large amounts spent on stopping corruption ,corruption continues, it mean's those responsible for stopping it are corrupt themselves.

[@didifischervideo]

it also could be: not enough highly trained people, not enough international data flow, not enough whistle blower - half of the money of the financial markets is "hidden in the dark". The volume of the financial markets is ten times the volume of the "Real Economy" in the world. IMHO

[@danbee415]

its just disgusting how many unoccupied homes there are with even no occupants in london.

[@julietcrowson3503]

If the properties are lived in by real people, they become lived in, damaged and 'lise value' Ask the Lawyers...

[@dimmacommunication]

@@julietcrowson3503 Yeah , renters create only problems

[@rajarshisarkar999]

It's Legal. It is not Disgusting.

[@julietcrowson3503]

@@rajarshisarkar999 it is only legal because the lawyers are corrupt and unethical, uncaring immature money grabbers Peace 🙏☯️☮️🫂✝️

[@hoponasu5870]

jelous or what ?

[@adriantb4624]

why when a billionaire is Russian, he is called an " oligarch " , but when he is from any Western country, it is just a " billionaire " ?

[@stuartburns8657]

Because the vast, vast majority of them originally grabbed or where given loads of USSR state assets after or during the collapse of the Soviet Union.

[@dumdumbrown4225]

@@stuartburns8657 it’s the same with most ‘old money’ billionaires in Australia, the USA, the UK, NZ or Ireland

[@stuartburns8657]

@@bsimulator No that's true, but often our elected representatives will find ways to enrich themselves either or. Just not as blatantly

[@eben3357]

@@bsimulator But the point stands, why rate the Western equivalents by numbers? Perhaps we can apply the same Greek (oligarchs, kelptocrats) because the Western thalassocracies have merely opened up opportunities by investing in and exporting violence more efficiently than our opponents.

[@eben3357]

@@bsimulator It's degrees of freedom. Gina Rinehart had no conniption requesting tax payer money for roads to be built to her privately held mines. Likewise, Bill Gates flew to Canberra and asked the Australian Government to match his commitment to promoting vaccines in Africa. You can take this how you want, but billionaires in the West are involved in and restrained by their respective and allied governments by all sorts of ways and means.

[@lordgarion514]

"The financial services sector contributed GBP 132 billion to the UK economy, 6.9% of total economic output. The sector was largest in London, where half of the sector's output was generated. "

[@kenosabi]

Places that don't have to follow laws of the land they exist in: The Vatican City of London Washington, DC Ask yourself why that is and then ask yourself if it has anything to do with the rampant corruption in all these places.

[@davidbryden7904]

Correct. 👍 Corporate corruption is running a "shell game" with the international financial system(s). 🙄

[@andrewwilliams7390]

Isn't Washington, DC subjected to Federal Laws. I remember this being a issue that was brought up in talks about DC becoming a state, if I am not mistaken the same thing applies to Puerto Rico. The Vatican is also a country so it is only subject to Vatican law not Italian Law despite being smacked dab in the middle of Rome.

[@no-oneinparticular7264]

Corruption is in every Country

[@whereammy]

love how this comment manages to say absolutely nothing useful at all

[@mikestray76]

@@andrewwilliams7390 The Vatican isn't a country as such it is an independent sovereign city state which is kind of a country it has it's own laws, etc.! Washington DC is a district on it's own (Columbia) and does not belong to any state, it also has it's own legal framework, police force, etc. The City of London is in reality a corporation and follows the legal framework for corporations. it has it's own laws, police force, etc and technically it is supposed to be governed by Westminster, but in reality it's the other way around.

[@yadhurajar5590]

there are lot of Indian billionaires who have large debt to banks dump their money on london

[@aryanyadav3690]

Vijay Malaya doing scam & looting Indian money, Meanwhile UK - You are so like us welcome to London 💸

[@petercolledge2236]

There's a piece in today's Guardian about the housing crisis in the UK. No mention whatever about the influence of oligarch money. Oligarch money in London is bigger than all the housing stock of Liverpool! Imagine.

[@petercolledge2236]

@Charles White ALL oligarch money has been taken out of the country since the USSR folded. That money kept industries afloat and people in work.

[@petercolledge2236]

@Vintage Bollinger Perhaps as a measure of GDP.

[@Jon-mv2ck]

Guardian hypocrites in Islington have benefited the most. Liverpool a crime ridden dump that no one wants to live in. London getting they way under Kahn so no worries in a few years all the foreign money will leave anyway.

[@wawbagel]

@@petercolledge2236 no. It was LITERALLY bankrupt. It production always resulted in growing debt. It was inefficient. And it wasn’t THAT money that kept the USSR running. THAT money didn’t exist back then. When the communist union collapsed all of its major industries were split into something like stocks and handed to its workers. And it was the workers that sold those stocks for close to nothing to the few that did know what the real value was.

[@petercolledge2236]

@@wawbagel so fraud and state connection and the difference in value between Russian manufactures and the West made them rich. No country is ever bankrupt if it has currency.

[@ma-tanica]

Hi, British people. If you're watching this, please help to return Nazarbayev family's money back to Kazakhstan where it all belongs. Your politicians must do something about it

[@simmo.261]

They also chose every major city in western civilisation. The only reason London is being picked out is because it's the easiest to link because Oligarchs use it as their choice of residence but New York has far greater amounts of dirtier money.

[@robertskolimowski7049]

Absolutely brilliant video, Economist, super insightful, very well made and thorough👏✌

[@johngordon1175]

Why is America rarely ever criticised for doing the same if not a worse thing where they banned anyone from owning significant amounts of Gold whilst printing as much as they deemed convenient and then encouraged the UK and other countries to do the same under the banner o easing!

[@oracle8589]

Because the British are held to higher standards than anyone else. They are seen as “gentlemen” and whenever they act like everyone else people are shocked and outraged. It’s extremely exhausting and I’ve given up trying to defend it

[@Jon-mv2ck]

Because UK has more self righteous virtue signalers than most countries. Ironically most come from families that have benefited from what they complain about. Example leftwing journalists owning London rental property getting their initial money from parents who sold out to Russians etc.

[@fer23bsas]

because they play to be the gendarme of the world... and they fill their mouths with the words democracy freedom and they invade countries to crush corrupt dictators. psychopaths.

[@wawbagel]

Actually the fact that it’s so easy to start a company in UK helps normal people the most. It’s fast, cheap and easy. And that’s what normal business owners need. It makes life of any local grocery store owner so much better. Business and tax laws should be easy and accessible. And btw if you check countries with worst life quality, poorest people etc they almost always have very complicated and expensive processes to start a business. Thats why only a few from the elite can afford it. That's how those local regimes keep its people poor.

[@FolaOrekoya]

That was exactly what I thought but the majority just want a paid job, living paycheck to paycheck. People should learn to start a business (don’t be scared even if you make a loss).

[@wawbagel]

@@FolaOrekoya I agree

[@samsonbouillon5107]

All the opposite of France where you need to conform with a lot of bureaucratic measures ! Well, the self-employed statute allowed to make easy business creation but it's not enough !

[@Random17Game]

As someone from South Europe I can confirm

[@wawbagel]

@Tk kirkland first of all - that’s not true. While most stores are chain stores it’s not true that local grocery stores don’t exist. Another thing is that you’ve interpreted it literally and what I meant there was just an example. That “local grocery store” is just a synonym for all local (tiny/small/medium) businesses and there’s a lot of those in the UK.

[@absar66]

Well, it’s all a game by design....the common people may write and report volumes about it....but this will never change....in the end..”if you can’t change them, join them”.. and the cycle continues..c’est la vie...

[@davidbryden7904]

Beatniks out to make it rich!

[@Telencephelon]

It's actually not that hard. Hardly any private citizen has their real estate bought through shell companies. So 1. Change the law and make anyone with a shell company provide new information to conform with the new laws (1 year grace period) 2. If within a grace period of another year the owners haven't come forward the real estate is claimed by the state and auctioned off to fill the coffers of the state to counteract the losses by the citizenship for an unfairly heated housing market

[@Telencephelon]

The law should state that people should be able to provide records and proof that at least 40% of the money come from legal sources

[@thebigpicture2032]

British economy would fall hard if they stop the cash flow. Illegal money will flow elsewhere.

[@jantelopez5626]

make buying properties from an offshore bank impossible .. why is it such a big deal.

[@superpuppy7854]

Every tax office in the uk is owned by an anonymous shell company in Bermuda. Does our new found morality mean we will now discover which MPs we are leasing them from? Will they now start paying tax on the profits?

[@davidjma7226]

Do you know how many FTSE 100 companies - household names - are registered offshore in Jersey? I do, I worked for the company that managed their Registers. Even the London Stock Exchange is registered offshore. About 70%.

[@Santasimplicita]

@Vintage Bollinger for tax evasion and avoidance

[@Britishpakistani2023]

Billionaires from around the world have brought properties which has pushed the prices so high that honest hard working British people can not afford to buy a house

[@Littletime839]

Yup, the feudal system is alive and kicking

[@fearless6219]

The queen can seized all the land by using Royal prerogative and sell it to the poor people for low prices

[@Littletime839]

@Vintage Bollinger Billionaires do profit from property in places likes Wolverhampton and Rotherham as they'll have a stake in the property development firms. They won't so any of this, they have wealth management companies doing it for them.

[@lv3609]

This is only a small part of the whole picture. Russia exports metals palladium, titanium, nickel, platinum, aluminum, iron and steel, and get revenues from that even from the west countries. More: “LONDON, March 22 ( redacted ) - The London Metal Exchange has no current plans to ban from its system metal from Russian producers, such as nickel and copper from Norilsk Nickel or aluminium from Rusal, it said on Tuesday, despite calls from some members to do so.” Russian exports of gold and platinum deserve a right now ban, particularly Russian gold because it undermines sanctions on Russia using dollars and euros.

[@GULAGUKRAINE]

The British government is very discriminatory in its own favour. For over 20 years now Russian oligarchs he e been embraced with their laundered money 💴 and the British government was quite happy with that. British government used those big coffers of launders money together with Russian oligarchs and everybody were ok with that.

[@rka-truthalwayswins5127]

Sanctions not based on International laws & democratic will of ALL nations is economic terrorism!!

[@lv3609]

@@rka-truthalwayswins5127 “Sanctions not based on International laws & democratic will of ALL nations is economic terrorism!!” Because you say so? Putin had plenty of warnings before he invaded Ukraine.

[@Cr4y7-AegisInquisitor]

If the currency was better at storing wealth, the monetary premium wouldn't have to flow into housing, outpricing everyone else.

[@princevesperal]

Storing wealth in currency is a terrible idea: it only leads to thesaurisation, which in turn creates economic crises when the supply of circulating cash contracts then booms.

[@nwshull]

If currency accumulated wealth on their own there'd be horrific downstream effects. Farmers couldn't get loans to plant crops, start up businesses couldn't get loans to create jobs and innovate, regular families couldn't get mortgages etc. Money would just accumulate value with no risk. The entire economic system of private enterprise is based on the idea of matching investors/lenders with borrowers. The problem is when you allow lenders/investors who get money outside the legal means to wash their money clean into legal investments, i.e. money laundering. Essentially that's what a lot of the major western city real estate markets have become for shady interests from authoritarian regimes.

[@himoffthequakeroatbox4320]

Word salad. You don't have a clue what you're talking about.

[@tirzhaprinsloo2774]

This is the reason why other countries that had ties with South Africa after the government change a lot of money had been stolen by the new government and sent to other countries. Our infrastructures are falling apart, we are still sitting with roads that are 70 years old. The whole of Africa are streaming over the boarders demanding work free houses free medicine and free money. The few tax payers must try to upheld the economy.

[@iddrisuganiwu4670]

Stop the lies can SA house the whole of Africans? The number of Africans living in SA is few compared to the white who took control of your country until apartheid ended.

[@eddielung31]

Hh

[@JavenarchX]

Empty houses should be illegal. If it's empty for a year it should be taxed or penalized

[@wolfiestreet6899]

Which is it? Taxed or illegal?

[@ttatiana]

For half a year max

[@wolfiestreet6899]

People should be free to do what they want with their property.

[@goldenturdZeniru]

That would be a way to change things a bit.

[@KatariaGujjar]

Don't expect the UK law enforcement to investigate money laundering when the government itself is involved in the act.

[@PhilipMurray251]

your ability to break down economics for the average Joe and Jane to understand is top notch. You really need to create a course on trading stocks for the retail investors. Thanks for all this great content and information. Lastly get those likes up folks and share this video

[@Robertgriffinne]

thast reminds me of Nicole Ann Sabin, i had an increased exposure on how to navigate the market while copying her trades. it rare to see a Financial advisor who is so transparent to the point of sharing her strategies. Unfortunately for her and fortunately for me. i can now trade independently. i don't pay any percentage to her anymore

[@Natalieneptune469]

@@Robertgriffinne wow, who's this advisor, how can i find her?

[@Robertgriffinne]

@@Natalieneptune469 I can't give much details to it, Profit comes for proper trade execution. I racked up in profits $558,405 from $185k capital in august last year to be exact on my portfolio using her trade signals. I watched a news interview on where she featured during an IPO and spoke proficiently, caught only her name and did a search later online. she's quite a genius in trading and portfolio diversification.

[@marianparker7502]

@@Robertgriffinne I usually don't take advises online but i curiously looked Ms NIcole up and scheduled a phone call with her. she seems proficient and well grounded

[@ciaranbate6039]

No because most retail investors lose money and the economist magazine couldn’t risk damaging their reputation by making the majority of people lose money.

[@Emperor-Inker]

Funny how the UK is acting like they've not done the same to Africa, Asia, Oceana, the Americas & the Middle East over the past Quincentenary (500 years). 🤷🏿‍♂️

[@phoebe287]

Once again this just shows what a waste of time Brexit was. It is the billionaires and big business which is negatively impacting Britons, not immigrants fleeing corruptions and war.

[@mmlas8683]

Immigration certainly played a big role in Brexit, but the notion of sovereignty also had a factor. People wanted control of their own laws and autonomy. EU law taking precedent turned people off.

[@mmlas8683]

@Phil I lived in Leeds for several years, and the depiction you make of Northern England is a stretch. England has its problems, but the vast majority of immigrants have integrated well, especially when you compare to other European counterparts.

[@XTSu-sl1bb]

Both are bad

[@tomh2121]

@Phil that is massively overdramatised. I’ve worked in many of these areas in the North West. They’re not ‘no-go’ zones by any stretch of the imagination. I’m a white bloke btw

[@rexcolt9742]

@Phil Funny how those are the exact same words used by Farage in his USA ads... You only failed to repeat _"big goverment"_

[@geoffreynhill2833]

When even The Economist notices we know something must be wrong. 🌈🦉

[@VeolaOcon]

Your channel is getting better and better. Continue also!

[@conan670431]

Only in Russian the west calls them Oligarchs ...... in the west itself they are called businessmen :)

[@נוגזרטר-אוגנוב]

In my opinion, there is significant difference between oligarchs and businessmen. The first is in fact a robber, who uses his position in the state, especially in the failed state for personal enrichment, while the second becomes rich step by step and his income invests in industry, art or any other branch of economic or social life. Russia, as well as most of the post soviet states are corrupted and present typical oligarchic state.

[@sunkissism]

Oligarchs gained their wealth from privatisation auctions of state owned enterprises

[@margocarmichael6765]

No

[@julietcrowson3503]

In a word: Lawyers In two: Corrupt lawyers Globalisation of laws, which have been drafted by the above, conspired to protect the above...

[@tonyduncan9852]

Corruption always knows where to look. Usually it just removes its blindfold.

[@JoeyIndolos]

I was most surprised by the bit at the end where they mention that Finnish interests own more British assets than Russian ones. And Russia wants to order Finland around?

[@sinisterai]

But... but... The English TOOK the money! And London has its own oligarchs. Russian oligarchs are not the only oligarchs to be watching...

[@prudentialism_]

3:35 It's so weird that nobody talks about shock therapy of Russia (creating inequality by implementing a market economy) as a origin of the system of Putin but everybody's discussing the NATO expansion. It's called International Political Economy for a reason.

[@mathiasnowts864]

The Tories gave a peerage to the son of an oligarch whose father is former KGB employee, how come Boris never mentions this. Why is this not frontpage news?Why aren't the British media investigating this, the Economist?

[@researchereye]

All kind of pirates and terrorists were always welcomed in London, if they have money... It is history of this country.

[@johannsebastian2681]

Just donate some money to the conservatives party, the Tories, and boom no questions asked

[@valevisa8429]

Oligarchs choose countries where greed and immorality are strongest.

[@ltho5616]

So everywhere basically...

[@kimwahchueng5291]

“CASH IS THE ULTIMATE KING”: quoted by one infamous kleptocrat

[@micahaalders9840]

Just like Vancouver. Average income can't buy any house, but Huawei CFO was allowed to stay in either of her 2 mansions during her house arrest.

[@kirillxsobolev]

I love how she makes “Russian money” equal to “stolen money”.

[@Mariajbh2]

They are "selling" that the corrupted money is from overseas and that Russian money is corrupted. They love Russian money and from overseas, they live from

[@souvikrc4499]

To be honest, it often is.

[@sjsj9106]

I absolutely LOVE how yall act as if Britain and ESPECIALLY States r not full of oligarchs

[@no-oneinparticular7264]

Last time I looked London was in England, Britain. Everyone has been talking about it.

[@svetaevagolub]

I guess he is talking about the local British oligarchs…

[@BobbyMadhu]

Nicely covered. Vijay Malaya from India too had been sheltered by Britain. This may not be exactly as Russians but yet he is criminal in India and as such should be extradited

[@dwaynejohnson8606]

extradition in your dream 🤡

[@jojyjohn7496]

@@dwaynejohnson8606 so u side with criminals

[@aaronsmyth7943]

So much for not knowing the scale of what's happening. The stark ting is that the UK gov can't take the moral high ground.

[@ameerak]

@7:49 It is completely unfair how the citizens of UK had to suffer from a foreign power. It is all fun and games when they were reigning as a colonial power for centuries. It is completely hypocritical on their part how they still refuse to acknowledge the damages perpetrated by their greed in almost every part of the world. The remnants of which still haunts a major chunk of world population.

[@Shinkajo]

Who refuses to acknowledge that?

[@sfooter1692]

No one still refuses. You Indians have been indoctrinated by your government to think everything wrong with your country after independence (why your HDI is so low) is only because of Britain. It’s the truth.

[@woobykal68]

Madness, you can register a company without ID.

[@gerritgerritsen9894]

Oliegarchen are rich people. And you only get very rich if you are callous and without scruples This kind of person has always been and will always be. But the fact is that my life does not change by knowing where these rich unscrupulous people have their money. I cannot change it.

[@davidbryden7904]

Unfortunately we seem to have a lot more rich, greedy bA$Turds today! I admire your ability to have a"zen" perspective on this!

[@alwaystruth3558]

That’s why rent is high ,, we are poor peoples struggling to pay rent…Landlord increasing rent on their wish… Government don’t have any rule 😭😭😭😭

[@fnordinvitation]

Remember when Brazil had the most corrupt government with "Car wash"? 😂😂 that was a kids play next to London and Moscow

[@ftdecastrolondon]

Brazil has the most corrupt government right now. Brazil even has its own Putin!

[@fnordinvitation]

@@ftdecastrolondon although I dislike Bolsonaro, I am pretty sure that Brazil is far better than Russia. My ex girlfriend who was Russian and lives in Brazil find Brazil to be Swtizerland next to Russia

[@ftdecastrolondon]

@@fnordinvitation It is not. Brazil has much more poverty and violence!

[@fnordinvitation]

@@ftdecastrolondon So, my ex who is Russian and lives in Brazil is wrong and you are right? Yeah, sure... In her words: "it's incredible how Brazilians are fast to fix things that are broken in the street" "20% of the budget goes in kickbacks for the government and you think that this is too much corruption? In Russia 90% of the budget serves to pay kickbacks only and the remaining 10% is to fund the project". I am pretty sure she knows better than both of us what happens in Russia.

[@rka-truthalwayswins5127]

@@fnordinvitation Switzerland is based on loot from the rest of the world!! So it's NOT really a badge of honor!! And one ex girlfriend of yours anyways can't decide what's what!! It maybe her opinion but that's it!! Period!!

[@simonf1786]

I hope the UK government will do as they have said, and not line their greedy pockets with blood money.

[@LeeLee-ct2vv]

But they do, traditionally

[@pedroroque8681]

Impossible.

[@nayaman1023]

I hope someday Karma will revenge to this kind of business of the british

[@chriss2452]

Londongrad for the rich, Londonistan for the common man.

[@nicholasdickens2801]

The British establishment just says, “How much do you want to spend.”

[@Dynasty1818]

Started with John Major and the Tories, but Bliar and Brownstain Labour relaxed the rules and made it far, far, far easier to flood money in.

[@GuyverFrancis-jh6lm]

😂😂😂

[@Ellis4y]

*I'M 50 YEARS AND I RETIRED AT 47. I WAS ABLE TO DO THIS BECAUSE I UNDERSTAND FOUR PRINCIPLES OF FINANCIAL PLANNING SUCCESSE THINK LONG TERM WITH GOALS AND INVESTING. SPEND LESS THAN YOU EARN. MAINTAIN LIQUIDITY(AN EMERGENCY SAVINGS) MINIMIZE THE USE OF DEPT*

[@HelenaBonham-cz8yw]

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[@CarlSkog-fx4qb]

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[@Line34903]

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[@MichaelJordan-dy8xt]

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[@Early393]

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[@faizipop]

setting up companies is easy has a legacy in the East India Company. Corporatization seems to be a secular ritual Britain rigorously adheres to

[@aromaticsnail]

You should just call it for what it is: The UK is one big tax haven and should be treated as one as others are

[@ritemolawbks8012]

That's probably true, but Britain a lot of international influence and wealth. Who's going to label them as a "tax haven?"

[@TheJamesRedwood]

8:55 "Prices are actually rising". She sounds like this isn't what all prices do everywhere almost all the time - heard of inflation?

[@danmoore4933]

You watch and see, British government is going to pick and choose which oligarchs they are going to go after. They'll go after any oligarchs opposing the WEF agenda and cover for those that support them.

[@ariprabowo85]

The video is superb as always, but to get Karen Gillan to narrate is a great cherry on top. Cheers!

[@WIllz2GOTA]

very clear and informative video on the topic

[@bravosierra2447]

FYI: Treasure Islands by Nicholas Shaxson goes into insightful details on how The City of London became the center of it all.

[@jonathanbailey1597]

How late the shallow Economist is to the party. Do yourselves a favour, read Nick Shaxon, Oliver Bullough, the TJN, and Katharina Pistor to really get to the heart of it.

[@Ah-ah7]

Britain is Machiavelli in country-form.

[@YanPutrisuryo]

It 's all about greedy...money...money...money.

[@daniel.lopresti]

Maybe you'd like to go back to a system wherein we acquire our daily necessities by trading goats?

[@YanPutrisuryo]

@@daniel.lopresti just like you'll do, right?

[@leihtory7423]

Why didn't Russian oligarchs invest in India or China or Vietnam. also Macau or Hongkong.??

[@robertmccully2792]

Oligarchs means rich people with political influence. The real questions is why do reach people have political influence, and why was nothing done until now. GREED.

[@joman563]

“Reach people”? Are you Russian?

[@encabsss]

I guess it’s similar to the US but they use so called ‘lobbyists’ to avoid direct contact with the government.

[@steventan2550]

Oligarchs are not criminals as long as their fortune do not come from criminal activities like drug dealing, prostitutions, scam, corruption, kidnapping, etc. Most Russian oligarchs do legitimate business and bought their business legitimately.

[@anthonyferris8912]

Inconvenient truth, but he golden visas scheme was first introduced in 2008 by the Labour government, led at the time by Gordon Brown……😁

[@iamthenews5624]

Keep up this level of reporting!! Ty

[@FLAC2023]

Love for money, root of all evil...

[@michealcurrie8272]

To investigate into off shore banking would have an insight to where the monies has shifted. The reason for Brexit was not to be investigated.

[@davidbrown5628]

Such a shame, an average British person is penalised for having more than one job or inheriting money etc....

[@patricks8364]

@8:52 What?? London’s average house price is just a bit above £500k?? Btw, I am from Bay Area.

[@cameronvincent]

Great video

[@________4303]

Hi everyone, I just couldn't understand the meaning of the subheading "Lawmat London" in the article "Why is London so attractive to tainted foreign money?" I would be very grateful if anyone can help explain it. Thanks a lot!

[@tonib5899]

A laundromat is a place where you would clean clothes.a kind of shop that had coin operated washers and dryers if you did not own your own. A lot were quickly snapped up by crooks as you could say I’ve had a thousand customers where you may only have had 50. By declaring and paying tax it became legal.

[@________4303]

@@tonib5899 Really thanks a million for your helpful comments!

[@tonib5899]

@@________4303 You’re welcome. We actually called them launderettes, I think the addition of mat instead of the old ending “rette” is a Russification.

[@________4303]

@@tonib5899 I'm not living in UK, not familiar with British culture, so it's really great to meet a friendly British KZbin user to help clear up my confusion!

[@tonib5899]

@@________4303 You are more than welcome, curiosity and politeness is admirable.

[@stewmaker3983]

0.16% of £13 trillion in assets was sweet as pie until Russia got into a quarrel with Ukraine, lol.

[@stephaneconstant7661]

Not only oligarchs. Arab princes, Middle East and African dictators. Indian Moghuls…because of greed and so-called free havens islands…cherished by the gouvernement of her majesty.

[@ktrimbach5771]

Terrible problem. Over £1.5 billion in London Real Estate bought by Russians. With around £41 billion in total oligarch money (

[@igorm4191]

I think the real issue is that the total is not actually 1.5 billion for the Russians and 41 billion is probably way too small. The 850 milllion is just absurd sum for a bunch of politicians doing hardly nothing.

[@OofusTwillip]

That's the great Canadian character actor & singer, Billy Van, at the table on the beach. It's a clip from the commercials he did for Colt 45 malt liquor, from the 1960s-1980s.

[@drmdmd1]

Londance of Arabia, Londongrad and Londanostan, etc…The whole world calls London home!

[@420villain]

Londromat

[@AsfandiarTesla]

The focus of many people in the unlikely event of a nuclear war is the initial blast, which could cause mass casualties and unimaginable devastation. When the U.S. detonated nuclear weapons over the Japanese cities of Hiroshima and Nagasaki 77 years ago, it leveled the cities and killed more than 100,000 to 200,000 people from the blasts or radiation sickness. But according to scientists, the horrors of a nuclear war could affect the whole planet. Clearly, one or two nuclear impacts would not have global effects but the impact of 100 weapons the size of the one that fell on Hiroshima would lower temperatures around the world to below those of the little ice age that occurred from roughly 1,300 to 1,850. That would result in crop failures and famine on a large scale. Here are the large scale impacts 1. Five megatons of soot and ash would fill the sky, bringing about a nuclear winter. 2. After one year, the average temperature of Earth would fall by about 2 degrees. After five years, the earth would be three degrees cooler than before. Twenty years down the road, it would warm up to one degree below where it was before the nuclear event. 3. That might sound beneficial, given all the talk about global warming today, but lower temperatures means less rain. Five years after the detonation, rainfall would be at 91% of current levels. After 26 years, we would still see 4.5% less rain than we did before the war. And the reduced rainfall would bring about global drought conditions. 4. Depending on the region, growing seasons for crops would be 10 to 40 days shorter, resulting in widespread famine. 5. The ozone layer would diminish due to the radiation, ultimately becoming as much as 25% thinner for the first five years after the event. After 10 years, there would be some recovery, but it would still be 8% thinner. This would result in a rise in skin cancer and sunburns. And the increased ultraviolet rays would put plant and animal life that survived the initial blast at risk. It wouldn't necessarily take 100 missiles for those theories to be tested, either. The United States' modern B83 bombs are 80 times more powerful than the weapon it hit Hiroshima. Russia has tested weapons that are even more powerful. Scientists warn that ripple effects of a nuclear war could be devastating for everyone on Earth. The combined cooling and enhanced UV would put significant pressures on global food supplies and could trigger a global nuclear famine.

[@AsfandiarTesla]

@Vintage Bollinger So you are not gonna get out alive. All your family, your brothers and sisters, cousins, all of 'em will be dead. That's what will happen.

[@FitzroySymisterArt]

Because they share something in common

[@21dolphin123]

Owning an empty house isn’t illegal, why.

[@julietcrowson3503]

Who drafts laws, and for whose benefit?