PLEASE SUBSCRIBE TO CONTINUE READING.
Your subscription is important and supports our editorial integrity. Advertisers are sometimes afraid of being associated with controversial news topics, and your subscription is vital to ensuring we can continue to publish the courageous news we are known and respected for.
Get Insider Access and Expert Analysis Today
or Log In
Join our community. To comment on this article please join/login. Here's a sample of the comments on this post.
Very interesting. Typical of states like the former GDR (DDR) and I'm not suprised by the PRCs versions of Credit beureau/societal engineering scemes. As for our implication, I wonder if our attention span wouldn't cause implementation problems vs. Assisting in its success. I had family in the East German Peoples Paradise and the infiltration of the States security organs was stunning. Everybody informed on everyone else. Bad stuff even within my own extended family and that still leads to distrust and pain even today. Nice glimpse into the present future. Ich bin froh das Du kein HSV Anbeter bist.
If I think about it long enough though, I could see lots of people on the far left desiring something like this to silence critics of their economic policies or anthropogenic global warming skeptics. Shaming on social media happens on a daily basis. (Has anybody seen what happened to firearms groups on Facebook lately?) I see social credit as formalizing this under rule of law. Is the next logical step "some animals that don't pay their bills are more equal than other animals that don't pay their bills"? I didn't pay for my car but I'm a loyal party affiliate. Interesting article as always Coriolanus.
Thank you for the compliments. The key is to keep the tech free (open source..not money free). I don't think the US is in too much danger of following suit behind the PRC. "Eternal vigilance is the price of liberty; power is ever stealing from the many to the few. The manna of popular liberty must be gathered each day or it is rotten. The living sap of today outgrows the dead rind of yesterday. The hand entrusted with power becomes, either form human depravity or esprit de corps, the necessary enemy of the people. Only by continued oversight can the democrat in office be prevented from hardening into a despot; only by unintermitted agitation can a people be sufficiently awake to principle not to let liberty be smothered in material prosperity.” -Wendell Phillips
Thank you, my friend, for the compliment. Just because my curiosity gets the best of me and due to my background, I couldn't put the banking question down. Here's a few updates on that end and some areas where the banks are getting involved. The article is entitled, "Alibaba Firm Riles Government with Promotions for Credit Score Service". It was published on 9/28/15 by Zhang Yuzhe and Wang Ling in "Finance and Economics Caixin". I'm on Kindle today and unable to attach it as the only copy coming up is in Mandarin on in-browser. If anyone wants it, an English version is on Silk. In summary, Alibaba began a campaign utilizing Seasme Credit scores. For those individuals that score above 750, the person was allowed VIP access to the Beijing Capital International Airport from 9/15/15-10/14/15. According to a Senior Financial Expert at the World Bank, "...this is unimaginable and unheard of...credit scores are private and should not be used for marketing purposes." Once the World Bank got involved, the service was cancelled, except for those that had already begun using it. All promotional ads were removed. John Wang, Sr. Vice-president at Wells Fargo, discussed various US regulations and international laws in that article at a high level. Although, he did not touch on audit or SEC regulations. I did find it refreshing that the World Bank was able to stop one of the practices. Credit Reporting Status 2020 World Status (for those interested in a viewpoint on international status on credit reporting and thoughts on where things may be going...note that this is only one opinion.) www.fi2020progressreport.org/credit-reporting-data This is what's scary. Here's a new article on someone that believes this (Sesame Credit) is a very "innovative" system. Why, it even has online dating! This frightens me. https://sleekbanking.wordpress.com More and more, it seems that the ease of technology may be blinding the masses to the harm it can cause. And yes, I do agree with both of you. I truly hope that more articles are forthcoming. This was quite thought provoking and still has me reading. Which I enjoy. I just, as you know, am geared towards the financial and regulatory questions. Off for now. T3
Coriolanus...It is so wonderful to have an article written by you again!!! Although I have to be completely honest...you are so incredibly brilliant and what you write lives high above my ability to comprehend what you have said. But, it is so enjoyable to step up to the challenge to see if I can decipher the meaning, to make heads or tales of the words, and I find that, if I am patient, I get further along into the meaning of your writing, each time I read your work. So, Coriolanus, if you don't mind, I'd like to stake a stab at offering my take on what I think of your article, on what it says to me. I've read the comments, too, and I really like how you engage the SOFREP member in a dialogue. That's really nice of you to do that. I read, with interest especially, the dialogue between yourself and TexJ3, regarding China and global banking. Let me tell you, TexJ3 is one smart cookie when it comes to finance, she isn't just blowing smoke. So, I think her questions were legit. But, I don't see this as a global banking thing. I can liken it to my own thoughts and feelings over the advent of the technological revolution. I'm nearly 60 years old. I hate how fast the world has sped up. I miss the moseying days of slow and easy, simple and quiet. That saying, "Life comes at you fast." Well, fuck!!! I thought that I could drag my feet into the 21st Century by not buying a computer, or a cell phone, or not getting connected technologically. But the world changed and I had to change with it, or I could not participate in some things that are vital. I see China doing the same thing now, only they are taking it a step further into the Social Realm. It's how the control begins. Social credit, influencing behaviour, and pretty soon they put a ring in your nose and the government is leading us around like cattle. And my prognostication is this...No One Is Fucking Happy!!! Just my opinion, Coriolanus!!! I'm probably further out in left field than Brett Gardner for the Yankees, but I hope you got a chuckle!!! Come back and see us soon!!!