Your cell phone will be grading you

Described in the short video above, in some countries, for example China, people are already graded in a social credit system based on the government’s opinion of what is and what is not acceptable behavior. This has always been the end goal of political correctness. This is not science fiction or conspiracy theory. It already exists and soon it will be worldwide.

Here for example is a short article about how it is being implemented. This entire blog post is a global situation which is not and will not be unique to the United States. And this invasion of privacy and blocking of liberties like free speech will not be limited to cell phones. As Edward Snowden warned, it is all electronic communications, and soon all of our transactions will be electronic because non-electronic currencies are being eliminated. Whom we choose to do business with will also be graded and our ability to continue that business will be blocked if it does not suite big brother. In effect, this has been tested and implemented for years as your credit score, which controls our ability to borrow money. Although the history of our ability to pay back money we have borrowed is presumably objective and fair, this objectivity is missing in social credit systems which are subjective by definition.

Will Your Credit Score Be Based on Your Web History?

CHRIS HOFFMAN

@chrisbhoffman

SEP 23, 2021, 7:00 AM EDT | 4 MIN READ

Wouldn’t it be great if your internet browsing history was part of your credit score? That’s what a team of researchers at the International Monetary Fund have proposed. In the future, reading How-To Geek might help (or perhaps hurt) your credit score!

What’s Actually Being Proposed?

Typical credit score systems in the USA rely on hard data like the amount of credit you have, your usage of the credit, your number of accounts, and how many times you’ve been late on payments.

Researchers for the IMF are talking about going beyond that. After all, typical credit scoring methods make it hard for people with no credit history to get credit, and more people may become credit risks in a worse economy even if their histories look good.

The researchers describe their proposed solution on the IMF blog:

Fintech resolves the dilemma by tapping various nonfinancial data: the type of browser and hardware used to access the internet, the history of online searches and purchases. Recent research documents that, once powered by artificial intelligence and machine learning, these alternative data sources are often superior than traditional credit assessment methods, and can advance financial inclusion, by, for example, enabling more credit to informal workers and households and firms in rural areas.

So, in the future, your online searches, purchase history, and even the browser and device you use to access the internet may be fed to a machine-learning algorithm (what we call “AI”) and used to determine your credit score.

Yes, if you’re using an inexpensive Android phone rather than an iPhone, or if you use Firefox rather than Google Chrome, that might negatively impact your credit score under this proposal.

By the way, this isn’t the first time there were serious proposals to use online activity to determine credit scores. Remember back in 2013 when companies proposed using your Facebook friends to determine your credit score?

It’s worth noting that, as of 2021, this is just a proposal. You can still go view your credit report and you won’t see any browsing history in there. However…

Credit Decisions Are More Than a Single Score

Credit scoring systems are more complicated than many people understand. In the USA, you have three big credit report companies: Experian, Equifax, and Transunion. These reports contain hard data on your credit usage.

There are different ways of “scoring” that data, including different generations of FICO scores. Depending on the type of credit you’re applying for, these models will give different credit score numbers based on the same data. For example, there are different models for mortgages and car loans. Someone might be considered more at risk of defaulting on a car loan than a mortgage, for example.

A bank or company extending credit may run its own credit-scoring model on the data and take into account various factors. Other factors may also be included. For example, LexisNexis offers “Alternative Data” to companies who might want to use that for credit decisions. This includes information like a person’s professional licenses, assets (like owning a home), and “public source data.” It’s pitched as a way for companies to identify credit-worthy people who have thin traditional credit files.

In the USA, the Equal Credit Opportunity Act defines a number of factors that cannot be used for credit decisions:

The [ECOA]… prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection Act.

Credit Scores Used to Include Personal Details, Too

It’s worth noting that credit scores historically included other types of personal information—not just the current “hard” financial details they’re supposed to include—until the system was reformed with laws like 1970’s Fair Credit Reporting Act and 1974’s Equal Credit Opportunity Act.

Time Magazine article from 1936 describes how the credit reporting system of the day worked. The bolding is ours:

Every bank, every company that extends credit is constantly prying into the private affairs of its customers. They study balance sheets, earnings statements, profit & loss accounts, weigh character, reputation, personal habits.

It describes what might happen to a woman who moves across the country:

Thus if Mrs. John Jones moved from Chicago to Los Angeles, any good Los Angeles store could quickly learn how promptly she paid her bills in Chicago. It might learn that she was a widow of 40 with no children, enjoyed no visible means of support, lived in swank apartments, entertained unsavory characters, was late with her rent, lived in Chicago for only two years and left with $500 of unpaid bills. In that case, Mrs. Jones would have a hard time opening a charge account in Los Angeles.

As you can see, the system included various details about people’s personal lives, which were used in credit decisions.

Of course, the IMF researchers aren’t proposing anything quite like that! They’re just proposing taking into account your online search history and the web browser you use to access the internet. And it will be machine learning algorithms (“AI”) making the decisions.

However, while the system may not have a human banker judging your “personal habits,” AI can still be biased—and is it really right to reject someone’s credit application because they’re using the wrong web browser? (Hey, the researchers are the people who brought up using web browser choice as a metric, not us!)

Bring on the VPNs

In the future, using a VPN might one day be important for maintaining your credit score! Online privacy is incredibly important, but bear in mind that a VPN alone isn’t a silver bullet for protecting your privacy.

The above article is one example, happening before our eyes. Here is another.

Did you notice that Joe Biden’s nominee to head the U.S. federal government bureaucracy known as Comptroller of the Currency advocated elimination of the currency? She is also a Marxist educated in Moscow, Russia during the Soviet Union, and today is a U.S. college professor. Biden Supports U.S. Central Bank Digital Currency, that is, elimination of the U.S. dollar as the world’s reserve currency.

EDITOR’S NOTE: Imagine the convenience of rapidly purchasing goods and services with no bank fees. Imagine having all the benefits of a bank while not having to deal with the inconvenience of opening a bank account, let alone the nickel-and-dime charges that tend to go with it. The compromise, however, is the privacy of your funds. Your funds can technically be monitored or tracked at any time. If the government wants you to spend, they can apply negative interest rates to your deposit. When the government needs more money, they can print at will (a hidden tax on your money). Money will no longer be a tangible object but a virtual asset; one that’s also vulnerable to electronic glitches, downed servers, and cyberattacks. President Biden’s latest executive order aims to accelerate this state of financial and monetary condition. He is looking to usher in the first U.S. Central Bank Digital Currency (aka CBDC). The cost of financial convenience will not only weigh heavily as a risk or burden but may end up a potential disaster for depositors. If there is any reason to own physical gold and silver, it’s this. Physical non-CUSIP gold and silver cannot be hacked, monitored, or inflated. They will be the last tangible monetary assets standing once cash is abolished. They will also be the only assets holding value once Americans finally realize the disadvantages that the government has duped them into accepting in exchange for convenience. Last Updated:  March 14, 2022/John Galt

Mainstream media, governments and banks are working overtime to normalize in the worldwide public mindshare the concept that currencies are no longer needed and digital currency will be better.

Remember the Great Resetters promised that you and I will own nothing.

The following was originally published on NBC News, full url link below. NBC News is definitely not a right wing, conspiracy-minded organization.

The Biden administration is throwing its support behind further study and development of what would be known as a U.S. Central Bank Digital Currency.

A U.S. digital currency could be on the horizon.

The Biden administration is putting its support behind the research and development of a “U.S. Central Bank Digital Currency,” or CBDC.

The move is part of a sweeping executive order President Joe Biden signed Wednesday instructing the federal government to explore possible uses of and regulations for digital assets like cryptocurrencies.

“My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC,” the executive order reads.

The order asks for a wide variety of agencies to begin research and submit reports on a variety of issues surrounding digital currencies, from design and security to financial and societal impacts.

“We know the implications of potentially issuing a digital dollar are profound. They’re extraordinarily wide-ranging,” a senior administration official told reporters on a call Tuesday.

Although a U.S. digital currency would not necessarily change much in terms of everyday experiences like buying goods and services, economists say it could transform central and commercial banking, as well as government sanctions, banking accessibility and taxes.

“The potential here is enormous, and it’s very interesting,” said David Yermack, a professor and the chair of the finance department at New York University.

The executive order will call on the government to investigate the technical needs for a digital currency and advocate for the Federal Reserve to continue its research and development, according to a fact sheet released by the White House.

The Fed published a white paper in January about potentially creating a CBDC that would complement existing payment systems. It found that a CBDC could make payments cheaper and easier for consumers but might also pose a risk to the stability of the U.S. financial system.

In its fact sheet, the administration said it also would take steps to “mitigate the illicit finance and national security risks posed by the illicit use of digital assets by directing an unprecedented focus of coordinated action across all relevant U.S. Government agencies to mitigate these risks.”

The U.S. would not be the first country with a digital currency. China has introduced its own CBDC, with more than 140 million people having opened digital “wallets,” and many other countries have either rolled out or are developing digital currencies. The Bahamas’ Sand Dollar is considered among the world’s most successful digital currencies.

Yermack said the move by the Biden administration pointed to what he believes is a certain inevitability of the broader move toward digital currencies.

“It’s not a question of if but when,” he said. “Once the central banks start co-opting the technology, it’s pretty much game over.”

While the administration fact sheet did not provide any details about how a U.S. digital currency might work, Yermack suggested that the functionality could be reasonably simple, with transactions flowing directly to and from the Fed, sidestepping banks and payment systems and creating near-seamless flows of cash.

It is a simple concept with the potential for widespread ramifications. Yermack said a broadly embraced digital currency would pose existential questions for banks and many other financial services focused on facilitating payments.

“Bill Gates famously said there will always be banking but there will not always be banks,” Yermack said.

Digital currencies also open up new possibilities for how the government exercises policy, said Michael Bordo, a professor of economics and the director of the Center for Monetary and Financial History at Rutgers University in New Jersey.

A digital currency could make the kind of stimulus payments of the coronavirus pandemic nearly instantaneous and far more efficient, he said, possibly even reaching people who have previously been shut out of banking services.

Bordo pointed to the Bahamas’ digital currency as an example of how the unbanked can benefit.

“They found that it really worked, and they came up with ways to make it real simple, because there’s a lot of very low-income people who don’t have bank accounts,” Bordo said.

In addition to the consumer benefits, a U.S. digital currency would offer the Fed a new tool that economists have previously only theorized about: negative interest rates.

Controlling interest rates is the Fed’s primary way to stimulate or cool the economy — but it comes with limits. Banks can drop interest rates on regular money only so low, known as the zero bound, leaving central banks with few options when interest rates are already low and the economy needs a boost.

With a digital currency, the zero bound does not exist, allowing for aggressive action when needed.

“If the cash is electronic, the government can just erase 2 percent of your money every year,” Yermack said. “I think this is going to become a necessity just because of the demographic changes in the world.”

Bordo also pointed to negative rates as an important feature of digital currencies.

“​​I think it’s something that could be a game changer for the Fed,” he said.

For all the theoretical possibilities, a U.S. digital currency faces plenty of real hurdles. Bordo noted that commercial banks have a vested interest in opposing the technology.

“Getting this thing through is going to be a big project,” he said.

Still, broader momentum for government-backed digital currencies is growing. Yermack said that he has advised major governments looking to start their own currencies and that as more countries adopt their own, “the others are probably going to fall into line pretty quickly.”

“​​Two years ago everyone was ridiculing this,” Yermack said. “Now it’s the hot thing to do.”

The above article is from March 9, 2022, 1:01 AM HST / Updated March 10, 2022, 2:40 AM HST. Authored by  Jason Abbruzzese and Kevin Collier. https://www.nbcnews.com/tech/crypto/us-government-digital-currency-rcna19248

“Print, print, print. That was Lenin’s answer. Or at least what John Maynard Keynes thought was Lenin’s answer. In his post-Versailles treatise, The Economic Consequences of the Peace, Keynes famously quoted the Bolshevik leader saying, perhaps apocryphally, that “the best way to destroy the capitalist system is to debauch the currency.” In other words, incompetent central bankers are a communist’s best friend. The idea is hyperinflation breaks down markets and breaks down classes. Business can’t plan beyond today if they don’t know what money will be worth tomorrow. And a collapsing currency turns the bourgeoisie into the proletariat overnight. That sound you hear is the revolution coming.”

“But it’s a bit more complicated than that. Michael White and Kurt Schuler unearthed the original Lenin quote — yes, he really did say it — in a 2009 paper in the Journal of Economic Perspectives. And let’s just say he wasn’t so sanguine about capitalism withering away. See, Lenin thought hyperinflation was the best way to destroy capitalism after the revolution, because the revolution wouldn’t be enough itself. The profit-motive would survive even if the bourgeois state did not — and even if the socialist state tried to outlaw it. The only way to kill the profit-motive was to kill profits. And that meant killing the very concept of money itself.” More here: https://www.theatlantic.com/business/archive/2013/09/unveiled-lenins-brilliant-plot-to-destroy-capitalism/280006/

Vladimir Ilyich Ulyanov[b] (22 April [O.S. 10 April] 1870 – 21 January 1924), better known by his alias Lenin,[c] was a Russian revolutionary, politician, and political theorist. He served as the first and founding head of government of Soviet Russia from 1917 to 1924 and of the Soviet Union from 1922 to 1924. Under his administration, Russia, and later the Soviet Union, became a one-partysocialist state governed by the Communist Party. Ideologically a Marxist, he developed a subset of Marxism called Leninism. https://en.wikipedia.org/wiki/Vladimir_Lenin

The Great Reset is explained in the following video by Douglas Kruger:

In the following video, Catherine Austin Fitts explains “ending currency as we know it.” Catherine Austin Fitts (born December 24, 1950) is an American investment banker and former public official who served as managing director of Dillon, Read & Co. and, during the Presidency of George H.W. Bush, as United States Assistant Secretary of Housing and Urban Development for Housing. Wikipedia

And finally, below is a short video that is my conclusion to the long post above.

Thanks for reading and watching. Please do leave comments and questions.

Aloha,

Bud

About budbromley

Bud is a retired life sciences executive. Bud's entrepreneurial leadership exceeded three decades. He was the senior business development, marketing and sales executive at four public corporations, each company a supplier of analytical and life sciences instrumentation, software, consumables and service. Prior to those positions, his 19 year career in Hewlett-Packard Company's Analytical Products Group included worldwide sales and marketing responsibility for Bioscience Products, Global Accounts and the International Olympic Committee, as well as international management assignments based in Japan and Latin America. Bud has visited and worked in more than 65 countries and lived and worked in 3 countries.
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