American Express

Wednesday

Rory Sutherland

What I learned from being debanked

From our UK edition

My own debanking story concerns a card rather than a bank account. Not the same degree of inconvenience as Nigel Farage, but a similarly telling insight into modern administrative culture. I feel awkward writing this, because in the 30 years I have used American Express, including an enjoyable decade when I also worked for the brand as a copywriter, few companies have impressed me more. They are unfailingly courteous and responsive. On many occasions, such as when arriving at an airport to discover I had to pay £4,000 for an unratified airline ticket, my card has been invaluable; I willingly follow their advice not to leave home without it. But one evening last year Amex didn’t do nicely. There’s a special feeling to having a Platinum card declined.

Wednesday

Jonathan Bydlak

Sanctions on Russia will shake the world economy for years

The war in Ukraine will dominate the news for the foreseeable future. But while the bombings will eventually cease, the economic consequences for the world have just begun. That’s because in an era of increasing interconnectedness, economic impacts don’t stop at borders. Most attention has been focused on the immediate impacts of sanctions on Russia, and they are significant. In the past, sanctions have proven largely ineffective at punishing foreign enemies. President Barack Obama, for example, failed to use them effectively in 2014 during the last Ukrainian-Russian dispute. But this time, the actions taken against Russia were largely unprecedented, with even traditionally neutral countries like Switzerland and Sweden calling for restrictions that are “as big as they can be.

economy