the EU sanctioned over 600 people close to Putin and seized their assets... UK sanctioned about 7 but gave them some days to rescue their money. I mean Boris Johnson even made FSB agents into a lord.... dispite uk Intel warnings.
What gives the right to the west to take property? I have dealt with the government for 30 years and almost everytime.they are wrong. The west is globohomo
@@thatotherguy4245 come on weak guy/girl/ thing I'm waiting for a response? You going to defend the gay culture or do you just take it up the butt like the rest of the weak Americans who bow down to all obstacles in thier way? You think ok to see gay everywhere? Well putin thinks that it is a threat.
The history of how the Oligarchs were able to rise and the auction off the former Soviet Union's assets would make a good video. It's a fascinating story.
So, the West can ROB them with fictitious sanctions when the birth country of the owner won't kneel and give their ASSets to the "dastardly self-appointed delusional unproductive parasite gang members of the white Western slave masters"
You should do a video on the collapse of the nickel metals trading, the freeze on trading by the London metals exchange for the first time in like 150 years and the price rise from 25k a ton to 100k from Chinese short selling and a possible Chinese bail out using state nickel reserves to cover the short
Greatest respect for the broad context explanation, followed by analysis of detailed specifics of emerging legal particulars, then reapplying back to broad context. Doing this and maintaining the dry humour shows a genuine expert on top of their game. Many thanks.
The single best does anybody know is credentials where you went to school what he's done for the last 10 years I mean truly he may be the best right now or not everything changes about every 5 minutes you need to question before you just fawn all over somebody for whatever reason.
There is no more rule of law. The law is whatever the US decides is the law at the moment. Is the rule that you can seize the property of people who's country is at war? What law is this based on? Do these laws apply to other wars or just the wars that the US decides are bad? Having a contract doesn't make sense when the contract can be terminated at a whim. Developing countries are going to move away from the dollar and swift if the US can decide that Columbia, Pakistan or Ecuador can be treated any which way they decide this week. How can a country have its reserves in dollars when those dollars can be sanctioned without any due process? These sanctions are put in place before the process, not after the process.
Civil asset forfeiture in the US does not require a warrant. Cash and property can be (and regularly is) seized for essentially no reason. Police take the assets and the owner must sue the government to get them back. This happens all the time to people that are never even charged with a crime, much less convicted. Do a Google search for “civil assett forfeiture”.
If JP Morgan made a billion on there metals desk due to illegal practices but were only fined 100 million…does that mean they will have the other 900 million seised🤔…no thought not🤷♂️
Mr. Boyle is amazing. He's concise, easy to understand and moves along at a good clip, although I listen at 1.5x. I learn a lot from this fantastic man that I'd have a hard time finding elsewhere.
@@mcspikesky Yemen is an ugly proxy war between Saudi (a few other Arab nations) and Iran. And Yemen has used child soldiers and has hosted AQ over the decades. Not nearly the same thing as Ukraine. Yemen conflict is tragic, horrible to the non-combatants, and seemingly endless. But there is no vaguely good side to support. SAr, Iran, and the Houthis all seem equally bad.
Everyone is cheering that Oligarchs are targeted and their assets seized without any warrant, and laws being "fasttracked" to do such things much easier.... until they'll do the same with you. It's stupefying how easily people are ready to toss out their laws and basic protections of property rights, in pursuit of some emo-based vengeance in targeting people whom are considered guilty by association. "He sold steel that could be used to make tanks." Ermm... and would that have been a problem if Putin didn't invade Ukraine? No. So how would that, on itself, be a criminal act; are people selling steel to make USA tanks criminals too, then? I very much doubt any of these oligarchs actually could look into the head of Putin and know he was going to invade Ukraine even a mere two months ago, let alone years ago. It makes no sense. Even if they DID know about it in front, the "cure" our politicians came up with is much worse than the disease. It's frightening how people just gleefully throw away basic tenets of our jurisdictional protections and right of personal property, just because they are swept away by the contemporary mood and the emotional wave of anti-Russian, or at least anti-Putin, sentiment. They fail to realize we're undermining ourselves in the long run far more than Putin. One just accepted the precedent of any state willy-nilly seizing anything they want, for any reason they want - and people are *cheering* it, because they can't make the distinction between this particular case, and the fact that once you make such a precedent, the principle of the matter is accepted as well. We're actually doing what an autocratic country - like Russia - would do, and slowly acting as Putin would, and we don't even realize it.
I was wondering about the legal basis for such seizures though still feeling little compassion or sympathy for corrupt Russian oligarchs who took advantage of their close relationship with Putin to rake in huge amounts of money they turned into assets around the world. During WW2 the Canadian and American governments seized the assets of people of Japanese origin and although I believe that after the war the American government might have returned the assets or provided compensation the Canadian government did no such thing. And in many cases governments have put citizens from a minority in a position in which they have no choice but to sell their homes, businesses and other property in a very short time at a discounted price (e.g. people of South Asian background forced by Idi Amin to quickly leave Uganda) Though obviously corrupt Russian oligarchs in league with a horrible demagogue like Putin are hardly an oppressed minority. The question that came to my mind was "If governments of western countries were able to so quickly discover what assets Russian oligarchs had and seize them then why is it that they show such complete impotence in their failure to track down and seize or at least tax the massive assets hidden away abroad of wealthy western citizens". It's generally understood that governments and their revenue agencies tend to audit and go after ordinary middle class people but seldom go after wealthy people hiding assets overseas because those wealthy people have expensive lawyers and accountants capable of creating a maze of personal holdings so complicated that tax departments don't want to deal with it. And it is not as if there aren't very concerning relationships between politicians and wealthy people and corporations and their lobby groups. And so we seldom read or hear much about the holdings of western wealthy people and corporations unless something unusual happens like the leaking of the Panama Papers. If western governments have been able to so quickly seize the assets of Russian oligarchs then they need to be asked why they have been so inactive in seizing or taxing the assets of wealthy western citizens which have been earned and/or transferred abroad by questionable means.
@@geofflepper3207 Well... it's even more weird. You can try to seize assets or whatever from your OWN citizens... but what right does a country have to seize assets and money of ANOTHER citizen of ANOTHER sovereign country? One can argue: well, you can do it with assets in one's own country but 1)this isn't always the case here, and 2)one still has given no explanation on what basis. Being "corrupt" is not generally considered a reason with FOREIGN citizens whom were corrupt in FOREIGN countries based on our own local/national laws. If one deem that is possible, than Russia and china have all the right to seize everything they can from corrupt USA millionaires and politicians.... which would be about 80% of them. Yet, we wouldn't accept THAT in the West. And yet, we think it normal when we do it to others. This kind of hypocrisy is what is really rubbing me the wrong way. If one wants to argue something, at least do it CONSISTENTLY, and apply the same arguments and reasonings on yourself. Yet, we, the West NEVER do that. We ALWAYS apply rules and reasonings on OTHERS and never on ourselves. That's mighty f- biased and hypocritical, and you lose any moral or other standing lecturing others, while not doing it yourself. Would ANY of those oligarchs being treated the way they are now, if Putin didn't invade Ukraine? Let's be honest now. The answer is: no. Because they've been around for decades, as corrupt as they are today and as they ever have been. So what changed? It's not the CORRUPTION of a foreign citizen within a foreign sovereign state that was the problem. It's not that which is criminal. It has nothing to do with justice. It's just petty revenge. It's trying to set an example and hurting people BECAUSE they know Putin, and BECAUSE Putin now has invaded Russia. It introduces some really dangerous concepts: 1)that you can put away basic freedoms and property rights, if the state fancies it, 2)that a state can seize property of a foreign citizen that was gathered - illegally or not - on foreign soil (aka, the case of corruption never fell in the jurisdiction of the country that is seizing it, so there's no legal basis for a charge based on criminal behavior), 3)acceptance of guilt by association - aka; alleged knowing or presumed befriending someone whom might have done an illegal act, is enough to be considered guilty and seize one's property. We didn't look if they continued to actively support Putin AFTER he invaded Ukraine, no, their property was seized because they presumably HAD connections with Putin. So it's basically guilt by association. It's an unbelievable assault on our own freedoms, done from within, AND PEOPLE ARE CHEERING IT. They mistakenly think doing away with our rights and freedoms is a good thing, because it's targeting - at least for now - oligarchs. And we do hate so much all those dirty corrupt oligarchs that might or might not have met Putin and thus, because the latter decided to invade a country last month, they all are guilty by association. They... I don't know... should have been omniscient and knew what Putin was thinking in his head. Would we allow and approve Russia and China to do the same with all the allegedly corrupt politicians and businessmen in the USA? One doesn't think our billionaires and politicians are corrupt? How many of them have met Trump or Biden? Dozens upon dozens. Or under Bush. Did the West sanction the USA, seize property of USA billionaires, and throwed the USA out of the swift-system after they illegally invaded Iraq? No. Why not? If it's a matter of principles, as they claim, they should have and should still. But they didn't and won't. That shows how hypocrite this all is. It has nothing to do about basing oneself on objective arguments and reasons, of having higher morals, of seeking justice... that's all irrelevant. It's just a matter of us-know-us, the old boys' school on an international level. The EU wouldn't dare to do anything to the USA, even if they did EXACTLY the same. Reasons are invented, used and disregarded or ignored as pleased, as a matter of convenience, not justice. It's completely biased and arbitrarily, yet we -and the Western media with it - act as if there's nothing to it and we're just showing the epitome of justice. Frankly, it's disgustingly cringe-worthy. Yes, Putin should not have invade Ukraine. But we're the LAST ones to talk and lecture others, in this regard. The USA has invaded half a dozen foreign countries in the last 5 decades, without UN approval - thus, illegally. No-one demanded sanctions against the USA then. Vilifying Russia for things we did and do the same, yet it's no problem if we do it, but drastic measures "must" be taken if someone else does it... I just can't stomach this kind of hypocrisy.
This the real worry in these sanctions! Now the precedent has been set! Any country or group of countries can now legally seize any items they deem illegal!
@lgnoranceBeater. I totally concur. One day the chickens will come back home to roost and the cheerleader will be in the streets of London lamenting. My advice - Never give politicians or a government something you can't take back from them.
Patrick where do live? The US Civil Asset Forfeiture does not require any evidence, warrant, or even require a person to be arrested, charged with a crime, or convicted because the person is not alleged to have committed a crime. Only a suspicion the asset is a result of a crime is required. The cops can take your stuff right on the street or in your car. It is up to the citizen to sue to get back their property and legal bills run around $20k to start so if less than $20k is taken you are screwed. It is robbery by police and the police get to keep the property for their use. More assets were taken than all burglaries and larcenies committed in a year and more than all court-ordered asset seizures upon criminal convictions. Guess who usually gets caught up in the theft. Well the US and Mexico claim they still can't find El Chapo's billions and he has been convicted.
lol do you think 20k would be a problem for these guys or 200k ? Its the US tax payer that would pay the defence bill together with the possibility of damages as a crime has to be alleged. In the absence of ANY evidence, thats defamation and could remove qualified immunity. Leave it to the lawyers. Mad that the forfeiture law exists.
What is the different to the owner between confiscation and seized if seized asset cannot be used/sold/transfer/do business normally? Especially it is the rules that suddenly changed. How foreigner/ foreign business can make sure assets/ investment can be secured? This is the core concern for most of the riches that have assets in UK. Also, it is the basic pillar of a financial center. UK and Swiss have done a very bad move this time. Probably most riches will move out their asset quietly.
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I vaguely recall stories - from the U.S - of police seizing cash from ordinary citizens and not having to prove any wrongdoing or criminal activity. Most recently a citizen who had his life savings in cash with him in his car was pulled over and they took everything without proving any criminality. Based on that example it seems there is one rule for the rich and one for the not so rich.
Having your life savings in cash on you is a different situation, there is a maximum you are allowed to own in cash in order to prevent tax avoidance and illegal transactions. Traveling around with a large sum of cash can be a valid reason to take this until the individual is able to prove it's not from ill gains.
@@stephans1990 it was about $50k that he was taking with him to his daughter who he was moving in with. While that is a lot of money, its not so much that it would be considered unusual to carry around with you, especially with a plausible explanation backed up with the fact his car was full of personal items that backed up his story
Just like Patrick said, seizing or freezing doesn't mean transfer of ownership. I highly doubt that the seized cash was transferred to the police or government account. Most likely it is being held at the police station and will be returned to the individual in question if he proves that it's not ill-gotten.
@LemonCake How come your cash has no paper trail? I have paper trail for all money I have received for at least the last 8 years and I could probably gat trail for before that if I wanted to.
I feel like you haven't heard about the civil forfeiture issues in the USA. Basically if the government can't determine that cash or property comes from the proceeds of criminal activity, they can file a civil lawsuit against the property itself. As a result it ends up seized for the benefit of whatever law enforcement agency happened to come across it. Yes it is totally wrong and isn't justified for use in general, but it gets used so often against poor people that I won't lose sleep if it gets used against oligarchs.
Australia is even worse in a way. A police officer could suspect of something in your possession not being yours, and it is valued over $200, and you don't have proof it is yours i.e. receipt, you can be arrested and jailed on that suspicion, no actual proof needed.
Okay cool. When these same legal actions are put to practice against the war criminals in U.S and UK? - Never? And the difference between stealing and "freezing" is..?
If these powerful individuals can have their property taken without their day in court and without any legal recourse what about me a no body? Far be it from me to appear to defend these likely seedy individuals. But If I may ask, what happened to the cherished concept of being innocent until proven guilty in a court of law, private property rights and the ability to avoid unconstitutional asset seizures by governments? The kind of actions taken by totalitarian governments whether its the USSR or China. All the government needs is to make some claims against me based on an alleged connection with the public enemy of the day and my fate is sealed. Very Orwellian times we live in.
Property rights, realistically speaking, only exist as long as they are recognised by an incumbent authority so, the moment no authority recognise them anymore, do they really exist?
"The kind of actions taken by totalitarian govs whether it's the USSR or China" Well, that's just it, slick.. you got manipulated (always) in believing that your country ain't Totalitarian. And the sheeps known as populace, believe it blindly
Is it not our system, to place oligarchs before our judicial system and then both we and the accused can have their day in court? This is what makes us different, we have rule of law, we place the facts before the law and ask for a ruling. we do not just ignore Property Rights and confiscate.
Thank you Patrick for, amongst other things, giving context to the rise of the Oligarchs and the intricacies of Sanctions. I found myself totally absorbed by your video
The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy
As much as this sounds like a good idea these sanctions can and will lead down a rabbit hole. This would open the door for any government to seize assets of anyone they dislike or who don't agree with a particular government. This will actually hurt everyday people when governments decide to seize assets of people who don't agree with the government or who speaks out about the current government. The governments should just declare war as opposed to doing dirty back door deals. Governments use something like this as an excuse to empower themselves with taking away civil liberties.
Once you are fully awake you will find this is the government's plan. Like China, they want digital currency so they can control you completely. The government is laughing at us all that a few men are controlling the mass. Boris Johnson said "build back better" Johnson also said "if no one owned anything we're all feel better" What they mean is if WE own nothing and they own everything they'd feel better.
Patrick, I gave your channel a mention over at "eSysman SuperYachts" in the comments. The community on the channel have been very proactive in tracking all the Oligarchs superyacht's. Real amazing work, what a community...!
Thank you Patrick for the insightful video! I was wondering, suppose that the Russian state defaults on their debts, then what are the economic impacts of that?
So they let one single soccer team continue to operate because it's important for "culture" when it's supposed to be a sanction to stop a war? So inconvenience is more important than stopping a war in another country?
You described how civil asset forfeiture works in the United States - that is how the law is presented to the public, but assets can be seized on little to no pretext, especially if they're cash or fungible commodities/securities in excess of some arbitrary amount, and the owner of the assets must then sue to reclaim their assets. Effectively, any asset may be seized from anyone for any reason, which is proven every day as it's being done to vulnerable people all over the country. Surely US law enforcement can turn their ridiculously broad interpretation of their capacity for civil asset forfeiture towards something productive like enforcing sanctions against foreign oligarchs
"effectively , any asset may be seized from anyone for any reason " sure buddy if you never study law or you think this is china then yea . stop watching too many scary youtube videos . Government cant even seize assets from certain criminals if they cant prove its bought trough illegal' actions . unless you think that everyone who gets out of jail has no property at all
@@konstantingr5928 He does have something of a point. True, the government must show that the asset is the product of criminal actions - but under civil forfeiture, that only needs to be shown in a civil case, so no need for 'beyond reasonable doubt.' There are plenty of accounts of police forces abusing this power to seize money, often because the value seized is less than the legal costs of challenging the seizure.
Thank you Mr. Boyle! This was very very interesting! Every video you make is a little gem of information that helps to see clear through all the noise of the media.
16:54 "If Russia fails to pay, it's unclear how the country could be taken to court." There's a whole book by K. Rogoff, called "This time is different", devoted in parts exactly to this question: How sovereign countries can be coerced to payed their debts. And the answers are quite subtle in some cases, but the margin of this comment is too narrow to contain them.
This was the most informative I’ve found and I’ve been looking. I have a fair amount of knowledge establishing captives in most of the usual places and while most were set up to make ownership discovery difficult none were set up for fraudulent purposes. It’s not ok to establish a captive to minimize taxes as long as that’s not the stated reason. KPMG used to have a competent Captive Group but knowing what I know this could take years to unravel and then only when the oligarchs get what they want. In the interim the various governments will be holding depreciating assets, even the real estate, if untold millions isn’t spent beginning now to maintain them. Imagine a $500 mm yacht a year from now without $30-$50 mm spent on her for maintenance. The accounting firms, attorneys and consultants will end up with 30% - 50% before this is over. This is going to be a windfall for PWC, Deloitte, KPMG and E&Y.
In the United States seizure laws have run amuck and the government siezes money from any given traffic stop just to fund the local police department. Given how easy it is for the US to do this to its own citizens why can't the world simply take any Russian assets they find connected to Putin and fund Ukraine in its own self defense???
Great video, Patrick. I completely missed the fact that Russian bonds are now non-transferable, thereby possibly preventing the CDS owners from collecting and closing their position. I wonder if the CDS sellers will use this as a loophole to not deliver, as you implied in your video.
I watch a lot of videos on civil asset forfeiture in Murica and there's only a trial if you sue the government where you have to prove the money innocent. And that's for citizens so a foreigner won't have it any easier.
And that’s the problem. There is no way to prove innocence. That’s why in American criminal charges have to be proven guilty by the prosecution and the defendant is assumed innocent UNLESS convicted. There is no way to prove you didn’t do something.
@@goatface6602 France and Italy have also seized property of Russian oligarchs, while Germany has stopped a Russian oligarch's yacht from moving, held in port.
I can't see why they are taking assets without due process of law. British banking funds all the social services the Brits enjoy. Nobody is going to invest money in a system that can just take you're money.
Correction: Under US Civil Asset Forfeiture law an agent or officer only has to _suspect_ an asset has been, or will be, used or result from criminal activity, with frequently insurmountable barriers for the innocent to get their stolen property back. There are many stories of this being abused at the federal, state, and local level.
Perhaps if they had a separate agency it might help. There's a special criminal assets bureau in Ireland. It's great. They just stand there with a big smile on their faces with the police as fancy cars get towed away
That's just showing how desperate these governments are . I don't know why people trust us dollars. Going forward people going to slowly off load thier us currency
Imagine the impact these sanctions would have on Israel if that ever would happen... Palestine was suffering for decades now and still is, it really makes you ponder who rules who and helps you connect many dots that everyone likes to forget about. Great video by the way.
10:27 "The British can't be expected to put up with not being allowed to buy a beer at a football game" - maybe you mean "the English", since there's been no alcohol allowed at football matches in Scotland since 1980. Even in England and Wales you have to drink it at the bar, and not take it into the stands. This law in England and Wales has also been in place since the 1980s. Most people I know who regularly attend football matches anywhere in the UK would not strongly associate football stadia and beer. That's not to say that they don't drink heavily before and after matches.
7:40 I'm not convinced. Civil asset forfeiture doesn't apply? I've seen enough horror stories about that to expect it to work in any scenario. But to simply take the property doesn't make sense. The point of sanctions is to force an action. If you've just taken their stuff and there's no promise of giving it back then why would they change their behavior?
Its only a thing in the USA. Keep your assets elsewhere and you are fine. Look where the assets are right now, none of it is in the USA, so there will be no shenanigans with civil asset forfeiture theft.
@@Matt-yg8ub Do you know that? Would you prefer dropping nukes on Russia? Because besodes doing nothing at all and World War 3, economic sanctions are pretty much the only option.
@@kurtilein3 I’m saying that economic sanctions like this are what is going to cause World War III. We are literally attempting to destroy that country by every possible economic means at our disposal, we are grinding on them with everything we have and we’re leaving them no options but to fully decouple their economy or go to war. We are turning Russia into a much larger much more dangerous North Korea, because they invaded their neighbor to keep us out of their backyard. Russia is still in the wrong for invading Ukraine, but we are turning what should have been a regional conflict where both sides could come to terms rather quickly, into a global incident because we attacked Russia economically With the heaviest sanctions in history while simultaneously providing billions of dollars in military hardware to Ukraine. We backed Putin into a corner where now he hast to win in Ukraine in order to maintain any legitimacy in his own country, this war would already be over if it wasn’t for Western involvement.
@@Matt-yg8ub This is Europes version of September 11, 2001. Europe stood with the USA when the USA had their September 11. Now we have ours and its ongoing. It really is that big of a deal. Red lines have been crossed to a level that is nothing less than historic, with thousands of casualties. Sounds familiar? Kinda does sound similar to September 11 if you put it like that. Now we want these economic sanctions to work, because doing nothing is not an option, and nuclear war is to be avoided. When you had your September 11, the idiots doing it had no nukes, that complicates things. If the idiots doing it have nukes, doing nothing is still not an option. So yes, Putin will die, and we will crush the russian economy to archieve that outcome or to make that outcome more likely. Context is everything, this is a TRAUMATIC world event.
What if you have bought a put option on a Russian security and try to exercise it (or similarly for a call option though you'd likely not want to exercise those)? The seller of the option might not be able to deliver even if they could easily afford it. Is there some kind of compensation for failure to deliver? Or does the seller of the put option pay the strike price without getting the security?
Just a note about the sale of Chelsea, "All victims of the Ukraine War" can also mean Russians harmed by the war. And if you want to stretch the definition, the oligarchs were also "victimized" as a result of the war. I wouldn't be surprised if the proceeds somehow finds its way back to him.
You you think he might have a loop hole to keep some of his property….so you’re gonna just take it all and give it to whoever you think is best just to be sure?
It's very disturbing to know someone so close to Putin can and is allowed to buy a UK football club and to get his feet under the UK's table. It begs the question whose palms were greased in order to pave the way.
Patric that is a great review! I wonder what will happen with the Russian gold reserves that have been frozen and how would that affect the price of bullion. Any thoughts? ....
Sold steel that might have been used in making tanks??? That could apply to all steel companies. Reminds me of the UK logic for blaming Russia for the Skirpal poisoning...we can't think of anyone else who would do it!
Think about cheering asset confiscation because it can easily happen to you with the slightest of excuses. A Canadian single mom has her bank account frozen for giving $20 to the truckers Freedom Convoy. These confiscation have now been reversed but the 'LAW' is still in effect. Lesson is that the government can take everything from you if you support something they don't like. Thought experiment: if you support Russia in the UK, can your bank account be frozen?
hi Mr Boyle President Putin was a KGB lawyer, so I have been told. Mr Boyle, with a name like yours ( it is a fine name) , I am surprsed that you put so much trust in the English. Mr Boyle, the really grim part of this NATO/EU/USA is the food shortages that will be comming, this year due to fertilizer not arriving. China is the largest provider of fertilizer, Russia is 2nd. No fertilizer will lead to a drop in food by 30%. ask your farmer how much less they will get without fertilizer.. We are old but we can still eat. May all living creatures be happy and free from suffering regards Michael
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Morning Brew is actually almost as informative as Patrick, and free, so a heck of a deal
the EU sanctioned over 600 people close to Putin and seized their assets...
UK sanctioned about 7 but gave them some days to rescue their money.
I mean Boris Johnson even made FSB agents into a lord.... dispite uk Intel warnings.
What gives the right to the west to take property? I have dealt with the government for 30 years and almost everytime.they are wrong. The west is globohomo
@@Alin_ho you're special boy, ain't ya?
@@thatotherguy4245 come on weak guy/girl/ thing I'm waiting for a response? You going to defend the gay culture or do you just take it up the butt like the rest of the weak Americans who bow down to all obstacles in thier way? You think ok to see gay everywhere? Well putin thinks that it is a threat.
The history of how the Oligarchs were able to rise and the auction off the former Soviet Union's assets would make a good video. It's a fascinating story.
ITS THE OLAGARCHS
Would make a VERY compelling feature length film; the world needs to delve into the hidden lives of the oligarchs.
Its the PutinGarchs
@@AndreAndFriends Unfortunately, we have our own.
facts.
This channel is a complete hidden gem. Intelligent objective content presented concisely. Hope it grows!
Seriously! Patrick puts out such detailed information while also delivering come comedy from time to time.
The man is a legend! He's a professor at Kings college of London!
100%
I agree
Paddy Power
If soccer clubs are cultural assets why are they all available to the highest overseas bidder ?
Our Premier League is called "Jupiler League", and six clubs are sponsored by (online) gambling companies. Cultural assets ?
So, the West can ROB them with fictitious sanctions when the birth country of the owner won't kneel and give their ASSets to the "dastardly self-appointed delusional unproductive parasite gang members of the white Western slave masters"
@LemonCake Pay to win sums it up nicely.
Cultural Assets When Convenient
hmmm it's almost like globalism is evil and we shouldn't fraternize with other cultures as it will always hurt us in the end
You should do a video on the collapse of the nickel metals trading, the freeze on trading by the London metals exchange for the first time in like 150 years and the price rise from 25k a ton to 100k from Chinese short selling and a possible Chinese bail out using state nickel reserves to cover the short
Yes please!
Last time they halted trading was in 1985 for tin lol what are you in about 150 years?
Please please please
It's out now, for anyone unaware, titled "Cancelled Nickel Trades on the LME"
Greatest respect for the broad context explanation, followed by analysis of detailed specifics of emerging legal particulars, then reapplying back to broad context. Doing this and maintaining the dry humour shows a genuine expert on top of their game. Many thanks.
Yes, very dry indeed.
270,000 subscribers !
I've been a fan since you were teaching college classes online.
You deserve this success Patrick , thanks for your great work.
your content is the single best, most informative out there. thank you
He is just the best huh.
I see this same comment on literally every channel that is following this conflict/invasion/economic sanctioning.
All of them.
@@PedanticNo1 ok well you just worry about which one you like best ok
yes, there is nobody better. he will get a gold medal in the next olympics
The single best does anybody know is credentials where you went to school what he's done for the last 10 years I mean truly he may be the best right now or not everything changes about every 5 minutes you need to question before you just fawn all over somebody for whatever reason.
He has to be one of the all time great finance and economics journalist.
There is no more rule of law. The law is whatever the US decides is the law at the moment. Is the rule that you can seize the property of people who's country is at war? What law is this based on? Do these laws apply to other wars or just the wars that the US decides are bad? Having a contract doesn't make sense when the contract can be terminated at a whim.
Developing countries are going to move away from the dollar and swift if the US can decide that Columbia, Pakistan or Ecuador can be treated any which way they decide this week. How can a country have its reserves in dollars when those dollars can be sanctioned without any due process? These sanctions are put in place before the process, not after the process.
Civil asset forfeiture in the US does not require a warrant. Cash and property can be (and regularly is) seized for essentially no reason. Police take the assets and the owner must sue the government to get them back. This happens all the time to people that are never even charged with a crime, much less convicted. Do a Google search for “civil assett forfeiture”.
It happened to a close friend. He was not convicted of any wrongdoing and was not returned of any money to him. Just horrible.
@LemonCake Not when it comes to govmt taking your money. He had filed appeals and no success.
If JP Morgan made a billion on there metals desk due to illegal practices but were only fined 100 million…does that mean they will have the other 900 million seised🤔…no thought not🤷♂️
Mr. Boyle is amazing. He's concise, easy to understand and moves along at a good clip, although I listen at 1.5x. I learn a lot from this fantastic man that I'd have a hard time finding elsewhere.
Lol such humble brag:p
I suppose a lot of what he's sharing is from morning brew?
3.5x
These fast tracked governmental laws always end up with terrible unforeseen consequences. Calm heads need to prevail.
What is happening in Ukraine is far from calm.
@@thekerbeyhouse1920 true. A humanitarian disaster unfolding before our eyes. So sad to watch those refugees leave their entire lives behind.
@@annacomnena217 purposeful being the key word.
@@thekerbeyhouse1920 neither is that in Yemen, waddawedoin der?
@@mcspikesky Yemen is an ugly proxy war between Saudi (a few other Arab nations) and Iran. And Yemen has used child soldiers and has hosted AQ over the decades. Not nearly the same thing as Ukraine. Yemen conflict is tragic, horrible to the non-combatants, and seemingly endless. But there is no vaguely good side to support. SAr, Iran, and the Houthis all seem equally bad.
Concise and detailed. He takes time in putting his videos together professionally and unbiased.
What a video. Very concise and comprehensive. I always learn something when I watch your channel!
11:06 "Football clubs are cultural assets and the bedrock of our community"
- cut to picture of cops beating up a fan or hooligan!
Everyone is cheering that Oligarchs are targeted and their assets seized without any warrant, and laws being "fasttracked" to do such things much easier.... until they'll do the same with you. It's stupefying how easily people are ready to toss out their laws and basic protections of property rights, in pursuit of some emo-based vengeance in targeting people whom are considered guilty by association.
"He sold steel that could be used to make tanks." Ermm... and would that have been a problem if Putin didn't invade Ukraine? No. So how would that, on itself, be a criminal act; are people selling steel to make USA tanks criminals too, then? I very much doubt any of these oligarchs actually could look into the head of Putin and know he was going to invade Ukraine even a mere two months ago, let alone years ago. It makes no sense. Even if they DID know about it in front, the "cure" our politicians came up with is much worse than the disease.
It's frightening how people just gleefully throw away basic tenets of our jurisdictional protections and right of personal property, just because they are swept away by the contemporary mood and the emotional wave of anti-Russian, or at least anti-Putin, sentiment. They fail to realize we're undermining ourselves in the long run far more than Putin. One just accepted the precedent of any state willy-nilly seizing anything they want, for any reason they want - and people are *cheering* it, because they can't make the distinction between this particular case, and the fact that once you make such a precedent, the principle of the matter is accepted as well. We're actually doing what an autocratic country - like Russia - would do, and slowly acting as Putin would, and we don't even realize it.
I was wondering about the legal basis for such seizures though still feeling little compassion or sympathy for corrupt Russian oligarchs who took advantage of their close relationship with Putin to rake in huge amounts of money they turned into assets around the world.
During WW2 the Canadian and American governments seized the assets of people of Japanese origin and although I believe that after the war the American government might have returned the assets or provided compensation the Canadian government did no such thing.
And in many cases governments have put citizens from a minority in a position in which they have no choice but to sell their homes, businesses and other property in a very short time at a discounted price (e.g. people of South Asian background forced by Idi Amin to quickly leave Uganda)
Though obviously corrupt Russian oligarchs in league with a horrible demagogue like Putin are hardly an oppressed minority.
The question that came to my mind was
"If governments of western countries were able to so quickly discover what assets Russian oligarchs had and seize them then why is it that they show such complete impotence in their failure to track down and seize or at least tax the massive assets hidden away abroad of wealthy western citizens".
It's generally understood that governments and their revenue agencies tend to audit and go after ordinary middle class people but seldom go after wealthy people hiding assets overseas because those wealthy people have expensive lawyers and accountants capable of creating a maze of personal holdings so complicated that tax departments don't want to deal with it.
And it is not as if there aren't very concerning relationships between politicians and wealthy people and corporations and their lobby groups.
And so we seldom read or hear much about the holdings of western wealthy people and corporations unless something unusual happens like the leaking of the Panama Papers.
If western governments have been able to so quickly seize the assets of Russian oligarchs then they need to be asked why they have been so inactive in seizing or taxing the assets of wealthy western citizens which have been earned and/or transferred abroad by questionable means.
@@geofflepper3207 Well... it's even more weird. You can try to seize assets or whatever from your OWN citizens... but what right does a country have to seize assets and money of ANOTHER citizen of ANOTHER sovereign country?
One can argue: well, you can do it with assets in one's own country but 1)this isn't always the case here, and 2)one still has given no explanation on what basis.
Being "corrupt" is not generally considered a reason with FOREIGN citizens whom were corrupt in FOREIGN countries based on our own local/national laws. If one deem that is possible, than Russia and china have all the right to seize everything they can from corrupt USA millionaires and politicians.... which would be about 80% of them. Yet, we wouldn't accept THAT in the West. And yet, we think it normal when we do it to others. This kind of hypocrisy is what is really rubbing me the wrong way. If one wants to argue something, at least do it CONSISTENTLY, and apply the same arguments and reasonings on yourself. Yet, we, the West NEVER do that. We ALWAYS apply rules and reasonings on OTHERS and never on ourselves. That's mighty f- biased and hypocritical, and you lose any moral or other standing lecturing others, while not doing it yourself.
Would ANY of those oligarchs being treated the way they are now, if Putin didn't invade Ukraine? Let's be honest now. The answer is: no. Because they've been around for decades, as corrupt as they are today and as they ever have been. So what changed? It's not the CORRUPTION of a foreign citizen within a foreign sovereign state that was the problem. It's not that which is criminal. It has nothing to do with justice. It's just petty revenge. It's trying to set an example and hurting people BECAUSE they know Putin, and BECAUSE Putin now has invaded Russia.
It introduces some really dangerous concepts: 1)that you can put away basic freedoms and property rights, if the state fancies it, 2)that a state can seize property of a foreign citizen that was gathered - illegally or not - on foreign soil (aka, the case of corruption never fell in the jurisdiction of the country that is seizing it, so there's no legal basis for a charge based on criminal behavior), 3)acceptance of guilt by association - aka; alleged knowing or presumed befriending someone whom might have done an illegal act, is enough to be considered guilty and seize one's property.
We didn't look if they continued to actively support Putin AFTER he invaded Ukraine, no, their property was seized because they presumably HAD connections with Putin. So it's basically guilt by association.
It's an unbelievable assault on our own freedoms, done from within, AND PEOPLE ARE CHEERING IT. They mistakenly think doing away with our rights and freedoms is a good thing, because it's targeting - at least for now - oligarchs. And we do hate so much all those dirty corrupt oligarchs that might or might not have met Putin and thus, because the latter decided to invade a country last month, they all are guilty by association. They... I don't know... should have been omniscient and knew what Putin was thinking in his head.
Would we allow and approve Russia and China to do the same with all the allegedly corrupt politicians and businessmen in the USA? One doesn't think our billionaires and politicians are corrupt? How many of them have met Trump or Biden? Dozens upon dozens. Or under Bush. Did the West sanction the USA, seize property of USA billionaires, and throwed the USA out of the swift-system after they illegally invaded Iraq?
No.
Why not?
If it's a matter of principles, as they claim, they should have and should still. But they didn't and won't. That shows how hypocrite this all is. It has nothing to do about basing oneself on objective arguments and reasons, of having higher morals, of seeking justice... that's all irrelevant. It's just a matter of us-know-us, the old boys' school on an international level. The EU wouldn't dare to do anything to the USA, even if they did EXACTLY the same. Reasons are invented, used and disregarded or ignored as pleased, as a matter of convenience, not justice. It's completely biased and arbitrarily, yet we -and the Western media with it - act as if there's nothing to it and we're just showing the epitome of justice. Frankly, it's disgustingly cringe-worthy.
Yes, Putin should not have invade Ukraine. But we're the LAST ones to talk and lecture others, in this regard. The USA has invaded half a dozen foreign countries in the last 5 decades, without UN approval - thus, illegally. No-one demanded sanctions against the USA then. Vilifying Russia for things we did and do the same, yet it's no problem if we do it, but drastic measures "must" be taken if someone else does it... I just can't stomach this kind of hypocrisy.
Stop supporting these crooks, they live well on the backs of the Russian people.
This the real worry in these sanctions!
Now the precedent has been set!
Any country or group of countries can now legally seize any items they deem illegal!
@lgnoranceBeater. I totally concur. One day the chickens will come back home to roost and the cheerleader will be in the streets of London lamenting.
My advice - Never give politicians or a government something you can't take back from them.
This video answers a question I had not seen the answer to elsewhere.
Patrick where do live? The US Civil Asset Forfeiture does not require any evidence, warrant, or even require a person to be arrested, charged with a crime, or convicted because the person is not alleged to have committed a crime. Only a suspicion the asset is a result of a crime is required. The cops can take your stuff right on the street or in your car.
It is up to the citizen to sue to get back their property and legal bills run around $20k to start so if less than $20k is taken you are screwed. It is robbery by police and the police get to keep the property for their use. More assets were taken than all burglaries and larcenies committed in a year and more than all court-ordered asset seizures upon criminal convictions.
Guess who usually gets caught up in the theft. Well the US and Mexico claim they still can't find El Chapo's billions and he has been convicted.
This is EU/US (NATO) wide.
lol do you think 20k would be a problem for these guys or 200k ? Its the US tax payer that would pay the defence bill together with the possibility of damages as a crime has to be alleged. In the absence of ANY evidence, thats defamation and could remove qualified immunity. Leave it to the lawyers. Mad that the forfeiture law exists.
The government is trying to get rid of cash.
What is the different to the owner between confiscation and seized if seized asset cannot be used/sold/transfer/do business normally? Especially it is the rules that suddenly changed. How foreigner/ foreign business can make sure assets/ investment can be secured? This is the core concern for most of the riches that have assets in UK. Also, it is the basic pillar of a financial center.
UK and Swiss have done a very bad move this time. Probably most riches will move out their asset quietly.
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The punishment is the process
I so love Patrick’s way of expanding topics beyond the hype of headlines. The dry and subtly savage humor works so well with his topics.
Your camera and lights setup looks so good! Thank you for this one again, please, keep covering all of this!
Very comprehensive and no fluff about non essential information or sales! Very educational and well done!
You always answer the question that pop up in my head when I hear something new to me on the news.
Thank you.
As usual, extremely interesting, well-informed, and comically on-point.
I vaguely recall stories - from the U.S - of police seizing cash from ordinary citizens and not having to prove any wrongdoing or criminal activity. Most recently a citizen who had his life savings in cash with him in his car was pulled over and they took everything without proving any criminality. Based on that example it seems there is one rule for the rich and one for the not so rich.
Having your life savings in cash on you is a different situation, there is a maximum you are allowed to own in cash in order to prevent tax avoidance and illegal transactions. Traveling around with a large sum of cash can be a valid reason to take this until the individual is able to prove it's not from ill gains.
@@stephans1990 it was about $50k that he was taking with him to his daughter who he was moving in with. While that is a lot of money, its not so much that it would be considered unusual to carry around with you, especially with a plausible explanation backed up with the fact his car was full of personal items that backed up his story
In alot of European countries and especially in Australia, it's illegal to carry around $50k in cash, because of money laundering.
Just like Patrick said, seizing or freezing doesn't mean transfer of ownership. I highly doubt that the seized cash was transferred to the police or government account. Most likely it is being held at the police station and will be returned to the individual in question if he proves that it's not ill-gotten.
@LemonCake How come your cash has no paper trail? I have paper trail for all money I have received for at least the last 8 years and I could probably gat trail for before that if I wanted to.
Come for the concise and deep analysis, stay for the hilarious video editing. Thank you, Patrick.
unbelievably interesting, very very high end content on youtube, thank you so much for posting. really lots of suspense!
I feel like you haven't heard about the civil forfeiture issues in the USA. Basically if the government can't determine that cash or property comes from the proceeds of criminal activity, they can file a civil lawsuit against the property itself. As a result it ends up seized for the benefit of whatever law enforcement agency happened to come across it. Yes it is totally wrong and isn't justified for use in general, but it gets used so often against poor people that I won't lose sleep if it gets used against oligarchs.
Australia is even worse in a way. A police officer could suspect of something in your possession not being yours, and it is valued over $200, and you don't have proof it is yours i.e. receipt, you can be arrested and jailed on that suspicion, no actual proof needed.
@Andrey Korenkov the more I hear about Australia, the more insane it gets. It's scary.
Dude, it's just fines. Intended for assholes that refuse to pay tickets/taxes. Of course the targets are all entitled bitches that cry fowl.
Relevance?
You whine about this as if you think it's different from fines, Greedo.
How is this both one of my favorite serious informative AND comedy channels. Absolutely brilliant
Yeah this dude is awesome
What part did you find comical?
Thanks!
Thank you!
As always, timely and incisive! Thank you, Patrick, for highlighting a complex and oft misunderstood topic!
Okay cool. When these same legal actions are put to practice against the war criminals in U.S and UK?
- Never? And the difference between stealing and "freezing" is..?
5 bucks it’s Patrick … first Chelsea next the moon .
You're doing some good knowledge Patrick, so many questions answered I one fell swoop
Why were there no sanctions on US & UK when they invaded Iraq and Afghanistan. Are US & UK above law?
I love the sarcasm in your picture choices
Surely your most epic broadcast ever. Out of total gratitude I signed up for Morning Brew.
If these powerful individuals can have their property taken without their day in court and without any legal recourse what about me a no body?
Far be it from me to appear to defend these likely seedy individuals. But If I may ask, what happened to the cherished concept of being innocent until proven guilty in a court of law, private property rights and the ability to avoid unconstitutional asset seizures by governments? The kind of actions taken by totalitarian governments whether its the USSR or China. All the government needs is to make some claims against me based on an alleged connection with the public enemy of the day and my fate is sealed. Very Orwellian times we live in.
Thats the question and where it is realy about
Property rights, realistically speaking, only exist as long as they are recognised by an incumbent authority so, the moment no authority recognise them anymore, do they really exist?
@@vg7226 In Canada they block your bank account when you support "the wrong" ones ...
"The kind of actions taken by totalitarian govs whether it's the USSR or China"
Well, that's just it, slick.. you got manipulated (always) in believing that your country ain't Totalitarian. And the sheeps known as populace, believe it blindly
Is it not our system, to place oligarchs before our judicial system and then both we and the accused can have their day in court? This is what makes us different, we have rule of law, we place the facts before the law and ask for a ruling. we do not just ignore Property Rights and confiscate.
Excellent video as usual ! Thanks !
Thank you Patrick for, amongst other things, giving context to the rise of the Oligarchs and the intricacies of Sanctions. I found myself totally absorbed by your video
The wisest thing that should be on every wise individual's list is to invest in different stream of income and don't depend on the government to bring in money especially now the pandemic is hitting the economy
Investments are the stepping Stones to success especially if you been guided by a professional
Investing is good but investing in the right thing is the actual key to success . who is your pro ?
There are so many investment out there but if profits must be considered then not all investments are good to go into.
I have been able to make maximum profits off my trade with $40,000 and I have amassed about $190,000 in net profit In 4 weeks
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As much as this sounds like a good idea these sanctions can and will lead down a rabbit hole. This would open the door for any government to seize assets of anyone they dislike or who don't agree with a particular government. This will actually hurt everyday people when governments decide to seize assets of people who don't agree with the government or who speaks out about the current government. The governments should just declare war as opposed to doing dirty back door deals. Governments use something like this as an excuse to empower themselves with taking away civil liberties.
that is what they are doing
Agreed. Thank you
Once you are fully awake you will find this is the government's plan. Like China, they want digital currency so they can control you completely. The government is laughing at us all that a few men are controlling the mass. Boris Johnson said "build back better" Johnson also said "if no one owned anything we're all feel better" What they mean is if WE own nothing and they own everything they'd feel better.
Wow, what everyone has been asking in their heads, finally answered
Patrick, I gave your channel a mention over at "eSysman SuperYachts" in the comments. The community on the channel have been very proactive in tracking all the Oligarchs superyacht's. Real amazing work, what a community...!
Thank you Patrick for the insightful video! I was wondering, suppose that the Russian state defaults on their debts, then what are the economic impacts of that?
Thanks Patrick. Your the best. So enjoy your channel.
Stunning introspective. Thanks, Patrick!
This is such a rad channel!!! Keep it up man!
always a pleasure to watch your videos
So they let one single soccer team continue to operate because it's important for "culture" when it's supposed to be a sanction to stop a war? So inconvenience is more important than stopping a war in another country?
You described how civil asset forfeiture works in the United States - that is how the law is presented to the public, but assets can be seized on little to no pretext, especially if they're cash or fungible commodities/securities in excess of some arbitrary amount, and the owner of the assets must then sue to reclaim their assets. Effectively, any asset may be seized from anyone for any reason, which is proven every day as it's being done to vulnerable people all over the country. Surely US law enforcement can turn their ridiculously broad interpretation of their capacity for civil asset forfeiture towards something productive like enforcing sanctions against foreign oligarchs
That only works against people who can't afford a good lawyer.
@@vylbird8014 most times the entire legal proćess costs more than the amount or property seized which is plainly unjust.
"effectively , any asset may be seized from anyone for any reason " sure buddy if you never study law or you think this is china then yea . stop watching too many scary youtube videos . Government cant even seize assets from certain criminals if they cant prove its bought trough illegal' actions . unless you think that everyone who gets out of jail has no property at all
@@konstantingr5928 He does have something of a point. True, the government must show that the asset is the product of criminal actions - but under civil forfeiture, that only needs to be shown in a civil case, so no need for 'beyond reasonable doubt.' There are plenty of accounts of police forces abusing this power to seize money, often because the value seized is less than the legal costs of challenging the seizure.
Thank you Mr. Boyle! This was very very interesting! Every video you make is a little gem of information that helps to see clear through all the noise of the media.
I didn't know I wanted to know where seized assets go but now I can't not find out. Awesome content as always.
Actually...given that you're here...do you want the assets?
Insightful and amusing, one of the few occasions where time is well spent on UA-cam
16:54 "If Russia fails to pay, it's unclear how the country could be taken to court."
There's a whole book by K. Rogoff, called "This time is different", devoted in parts exactly to this question: How sovereign countries can be coerced to payed their debts. And the answers are quite subtle in some cases, but the margin of this comment is too narrow to contain them.
This was the most informative I’ve found and I’ve been looking. I have a fair amount of knowledge establishing captives in most of the usual places and while most were set up to make ownership discovery difficult none were set up for fraudulent purposes. It’s not ok to establish a captive to minimize taxes as long as that’s not the stated reason. KPMG used to have a competent Captive Group but knowing what I know this could take years to unravel and then only when the oligarchs get what they want. In the interim the various governments will be holding depreciating assets, even the real estate, if untold millions isn’t spent beginning now to maintain them. Imagine a $500 mm yacht a year from now without $30-$50 mm spent on her for maintenance. The accounting firms, attorneys and consultants will end up with 30% - 50% before this is over. This is going to be a windfall for PWC, Deloitte, KPMG and E&Y.
Excellent content, as usual.
In the United States seizure laws have run amuck and the government siezes money from any given traffic stop just to fund the local police department. Given how easy it is for the US to do this to its own citizens why can't the world simply take any Russian assets they find connected to Putin and fund Ukraine in its own self defense???
Great video, Patrick. I completely missed the fact that Russian bonds are now non-transferable, thereby possibly preventing the CDS owners from collecting and closing their position. I wonder if the CDS sellers will use this as a loophole to not deliver, as you implied in your video.
Hi, Patrick
I asked you about this during your last live stream on youtube. Thanks for doing a video about it! Excellent, as per usual
There is much ruin in a nation. (I'm surprised short sellers have to pay fees while trading is suspended)
If they can afford to hold they'll be rich af.
They're not paying trading fees. They're paying interest to whoever they borrowed the shorted stock from.
@@BlackJesus8463 if they shorted before it was priced in
@@seneca983 interest payments are a borrowing fee. It seems stupid that they have to pay interest on a "loan" they're legally barred from paying back.
@@j03man44 I can understand that though it's also not entirely obvious that whoever loaned the security to them should shoulder all of the losses.
Great point about no criteria for removing sanctions.
I watch a lot of videos on civil asset forfeiture in Murica and there's only a trial if you sue the government where you have to prove the money innocent. And that's for citizens so a foreigner won't have it any easier.
And that’s the problem. There is no way to prove innocence. That’s why in American criminal charges have to be proven guilty by the prosecution and the defendant is assumed innocent UNLESS convicted. There is no way to prove you didn’t do something.
@@goatface6602 France and Italy have also seized property of Russian oligarchs, while Germany has stopped a Russian oligarch's yacht from moving, held in port.
I'm pretty sure those yachts are guilty of something!
I can't see why they are taking assets without due process of law. British banking funds all the social services the Brits enjoy. Nobody is going to invest money in a system that can just take you're money.
Correction: Under US Civil Asset Forfeiture law an agent or officer only has to _suspect_ an asset has been, or will be, used or result from criminal activity, with frequently insurmountable barriers for the innocent to get their stolen property back. There are many stories of this being abused at the federal, state, and local level.
There only insurmountable if your poor mate
Perhaps if they had a separate agency it might help. There's a special criminal assets bureau in Ireland. It's great. They just stand there with a big smile on their faces with the police as fancy cars get towed away
That's just showing how desperate these governments are . I don't know why people trust us dollars. Going forward people going to slowly off load thier us currency
Patrick, I really enjoy your commentary. You are spot on. Keep up the good work. It is appreciated.
2:04
"..the soccer community..." shows image of a riot.
lol
Isn't rioting after games part of British soccer culture?
It’s what always comes to my mind.
Football**
Audio quality sounds SO much better, nicely done!
Imagine the impact these sanctions would have on Israel if that ever would happen... Palestine was suffering for decades now and still is, it really makes you ponder who rules who and helps you connect many dots that everyone likes to forget about. Great video by the way.
Bullshit
Exactly the topic I wanted! Thank you
What happened to the Greek and Egyptian Stock Markets the day they reopened?
10:27 "The British can't be expected to put up with not being allowed to buy a beer at a football game" - maybe you mean "the English", since there's been no alcohol allowed at football matches in Scotland since 1980. Even in England and Wales you have to drink it at the bar, and not take it into the stands. This law in England and Wales has also been in place since the 1980s.
Most people I know who regularly attend football matches anywhere in the UK would not strongly associate football stadia and beer. That's not to say that they don't drink heavily before and after matches.
7:40
I'm not convinced. Civil asset forfeiture doesn't apply? I've seen enough horror stories about that to expect it to work in any scenario.
But to simply take the property doesn't make sense. The point of sanctions is to force an action. If you've just taken their stuff and there's no promise of giving it back then why would they change their behavior?
Its only a thing in the USA. Keep your assets elsewhere and you are fine. Look where the assets are right now, none of it is in the USA, so there will be no shenanigans with civil asset forfeiture theft.
Stealing a Yacht from people Putin cares about so much that he didn’t give them a heads up to park their boats elsewhere…. Isn’t going to sway him.
@@Matt-yg8ub Do you know that? Would you prefer dropping nukes on Russia? Because besodes doing nothing at all and World War 3, economic sanctions are pretty much the only option.
@@kurtilein3 I’m saying that economic sanctions like this are what is going to cause World War III. We are literally attempting to destroy that country by every possible economic means at our disposal, we are grinding on them with everything we have and we’re leaving them no options but to fully decouple their economy or go to war. We are turning Russia into a much larger much more dangerous North Korea, because they invaded their neighbor to keep us out of their backyard. Russia is still in the wrong for invading Ukraine, but we are turning what should have been a regional conflict where both sides could come to terms rather quickly, into a global incident because we attacked Russia economically With the heaviest sanctions in history while simultaneously providing billions of dollars in military hardware to Ukraine. We backed Putin into a corner where now he hast to win in Ukraine in order to maintain any legitimacy in his own country, this war would already be over if it wasn’t for Western involvement.
@@Matt-yg8ub This is Europes version of September 11, 2001. Europe stood with the USA when the USA had their September 11. Now we have ours and its ongoing. It really is that big of a deal. Red lines have been crossed to a level that is nothing less than historic, with thousands of casualties. Sounds familiar? Kinda does sound similar to September 11 if you put it like that.
Now we want these economic sanctions to work, because doing nothing is not an option, and nuclear war is to be avoided. When you had your September 11, the idiots doing it had no nukes, that complicates things. If the idiots doing it have nukes, doing nothing is still not an option. So yes, Putin will die, and we will crush the russian economy to archieve that outcome or to make that outcome more likely. Context is everything, this is a TRAUMATIC world event.
and who gives right to take property? it will be return to people?
What if you have bought a put option on a Russian security and try to exercise it (or similarly for a call option though you'd likely not want to exercise those)? The seller of the option might not be able to deliver even if they could easily afford it. Is there some kind of compensation for failure to deliver? Or does the seller of the put option pay the strike price without getting the security?
Your subtle humor is voluminous.
Just a note about the sale of Chelsea, "All victims of the Ukraine War" can also mean Russians harmed by the war.
And if you want to stretch the definition, the oligarchs were also "victimized" as a result of the war.
I wouldn't be surprised if the proceeds somehow finds its way back to him.
You you think he might have a loop hole to keep some of his property….so you’re gonna just take it all and give it to whoever you think is best just to be sure?
It's very disturbing to know someone so close to Putin can and is allowed to buy a UK football club and to get his feet under the UK's table.
It begs the question whose palms were greased in order to pave the way.
Love the content as always man! Criminally underfollowed channel!
You're just brilliant Patrick. And adorable too.
Great report, best financial insights on UA-cam. If those oligarchs could only convince crazy, obsessed Putin to back out of a self made disaster.
When the losses become too much for Oligarchs..Putin might " stumble" into a balcony.
A lot of knowledge here! Great channel.
As they say ..."Devil is in the Details."
Great analysis as always..👍👍
This channel is awesome, thank you Patrick :)
Patric that is a great review! I wonder what will happen with the Russian gold reserves that have been frozen and how would that affect the price of bullion. Any thoughts? ....
As a Russian oligarch myself. I find this very disturbing
If you are referring to forfeiture laws in the US, then I believe that these often shift the burden to the accused to prove the assets are legitimate.
Even easier for them then.
They have legitimate companies generating millions in USA and EU.
Crooked cops are only able to get away with shady seizures because most seizures are legit and the few that aren’t fall through the cracks.
Sold steel that might have been used in making tanks??? That could apply to all steel companies. Reminds me of the UK logic for blaming Russia for the Skirpal poisoning...we can't think of anyone else who would do it!
Think about cheering asset confiscation because it can easily happen to you with the slightest of excuses. A Canadian single mom has her bank account frozen for giving $20 to the truckers Freedom Convoy. These confiscation have now been reversed but the 'LAW' is still in effect. Lesson is that the government can take everything from you if you support something they don't like. Thought experiment: if you support Russia in the UK, can your bank account be frozen?
hi Mr Boyle
President Putin was a KGB lawyer, so I have been told.
Mr Boyle, with a name like yours ( it is a fine name) , I am surprsed that you put so much trust in the English.
Mr Boyle, the really grim part of this NATO/EU/USA is the food shortages that will be comming, this year due to fertilizer not arriving. China is the largest provider of fertilizer,
Russia is 2nd. No fertilizer will lead to a drop in food by 30%. ask your farmer how much less they will get without fertilizer.. We are old but we can still eat.
May all living creatures be happy and free from suffering
regards
Michael
Learnt something new as usual. Thanks Patrick!
What about targeting the American "Oligarchs" like Bezos, Zuckerberg and the 2 founders of Google
sure lets do it, reason attack on irak…
Patrick you run a great channel with interesting observations which educate. Thank you
11:08 Ah yes, truly the *most* valuable British cultural asset known to roadmen
Nice video! Keep up the good work:)
"former taxi driver Vladimir Putin"...brutal
Yeah, the one thing no one wants to admit is he's just an ordinary Russian. Not god. Not satan.
Thanks for digging up the facts, Patrick. Must have been a lot of work!