IMF Promotes CCP-style Credit Scores: Who are the Fascists?

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A December 17, 2020, report entitled “What is new in Fintech” on the International Monetary Fund (IMF) website “IMFBlog” raises the specter of CCP-styled Credit Scores being used in Western countries. Are we about to lose another individual freedom? Free Speech in the US ended on January 8th. Are the privacy and use of our personal communications and browsing histories now going to be used to determine what we are allowed to enjoy in life?

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Credit scores determine bank account opening, credit cards, loans, mortgages, investments – your entire financial life. In CCP-controlled China they have gone full Orwell by designing the Credit Score to control much more – jobs, where you live, schools you can attend, transportation and travel, the degree of monitoring you are subjected to. These scores can be influenced by spreading “fake” news, not being “truly sorry for an infraction”, what you spend your money on, whether you engage in behavior the state does not approve of, losing a court case, jaywalking, posting ideas or even searching ideas on Social Media which are not “approved”, playing music too loudly on the subway.

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Chinese government authorities hope to create a reality in which bureaucratic pettiness could significantly limit people’s rights,” explains Human Rights Watch [2]. Of course, the CCP regime framed the development of the new intrusive Credit System in 2014 as something that would help ensure a model society in which sincerity and trustworthiness become conscious norms of action among all the people.[2] Joseph Goebbels, Karl Marx, Vladimir Lenin, Mao Zedong, Joseph Stalin and Fredrich Engels would have been proud of this, blatant yet clever, framing of a Totalitarian instrument as something socially good. “As President Xi Jinping’s power grows, and as the system approaches full implementation, more abuses will come. [2]

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The debate about more intrusive Credit Scores hinges on the question of individualism versus collectivism. In other words, Freedom versus Slavery. Self-determination versus Communism. “Under the system, the elite will gain access to better social privileges and those who rank closer to the bottom will effectively be second-class citizens [2]. It is mind and behavioral control by another name.

Such a system is about government power. “If solving problems was the real goal, the CCP would not need social credit to do it. China’s social credit system is a state-driven program designed to do one thing, to uphold and expand the Chinese Communist Party’s power. [3]Social credit is a tech-enabled way to tie political power to social and economic development that’s been discussed in the country since the 1980s, an automation of Chairman Mao’s “Mass Line” — a term to describe how the party’s leadership shaped and managed society [3].

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In the IMF blog post IMF researchers Arnoud Boot, Peter Hoffmann, Luc Laeven, and Lev Ratnovski call for internet search history to be tied to credit score. The pretext used this time is that “by using non-financial data, specifically the history of online searches and purchases, we can solve the problem of certain kinds of people not having enough hard data (income, employment time, assets and debts) available. [5]” 

Are these recommendations just well-meaning musings intended to help broaden the availability of credit to those who struggle to obtain access to capital? The IMF, including some of the writers of the blog post, have ties to both the World Economic Forum’s “Great Reset” Initiative and Joe Biden Transition Team. Two of the researchers advocating for the IMF tracing our search history – Luc Laeven and Lev Ratnovski – have pages on the World Economic Forum’s WEF’s website.

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The WEF is best known as a hotbed of Globalist/Communist thought and activism led by Klaus Schwab. Lev Ratnovski, in particular, has defended bank bailouts so the economy can stay afloat. The head of the IMF, Kristalina Georgieva, has publicly advocated for the “Great Reset” Initiative. The Great Reset Initiative is a plan by the World Economic Forum to, in their words, “build a new social contract that honors the dignity of every human being.”

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One slogan employed by the WEF and proponents of the Great Reset is “Build Back Better.[5]” The WEF has used that slogan as shorthand for reinventing capitalism. The slogan has also been used by Joe Biden, who Gorgieva’s associates say will help advance the IMF’s goals as President. But in the examples offered as a model for “Build back Better” (“Here is how life could change in my city by the year 2030” [6]) the WEF describes a World where all possessions (including where you live, how you travel, and what you use) are communal assets – presumably State-owned. We can see that, for all the talk of improving on Capitalism, the model being advanced is really warmed-over Communism.

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Joe Biden has also promised he will establish a task force to combat online extremism – read that as ‘Conservative Extremism’. Given Biden’s ties to groups such as the IMF and WEF, this is cause for concern. A Democrat President and Anti-conservative Banking Institutions using big tech to monitor people’s search history isn’t the most comforting idea, given how quickly they have already moved to censor President (still) Donald Trump and a multitude of Conservative voices on Social Media. Joe Biden even called Senators Ted Cruz and Josh Hawley Nazis. Not a comforting beginning to a new US Administration.

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If it were not so serious and sad, it might appear comical, that those who profess to be our intellectual betters always seem to gravitate towards some form of Communism. They think they can perform a ‘do-over’ on Communism that, this time, will not end up in Totalitarian Dystopia. Clearly these armchair philosophers have not learned their history, or perhaps they are young enough that they have only read “approved” revised history.

[1] IMFBlog, “What is really New in Fintech”, Arnoud Boot, December 17, 2020

[2] Vox, “Spend frivolously and be penalized under China’s new Social Credit system”, Nadra Nittle, November 2, 2018

[3] Wired, “The complicated truth about China’s social credit system”, Nicole Kobie, June 7, 2019

[4] Wikipedia, “Social Credit System”

[5] Reality Circuit, “IMF calls for Credit Score to be tied to Internet search history”, Justin Fitzgerald, December 23, 2020

[6] World Economic Forum, “Here’s how life could change in my city by the year 2030”, Ida Auken, November 11, 2016

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