First, some background to catch up on. In January, in this Newsweek column, Todd Zywicki pointed out how cancel culture has infected even the buttoned-down world of banking.
This past November, Missouri’s conservative Defense of Liberty PAC scheduled a high-profile event featuring a speech by Donald Trump, Jr. On November 9, however, WePay—a JPMorgan Chase subsidiary that provided the payment services for the event—announced the termination of those services. WePay accused the organization of violating its policy against promotion of “hate, violence, racial intolerance, terrorism, the financial exploitation of a crime, or items or activities that encourage, promote facilitate or instruct others regarding the same.” Although WePay eventually reversed its decision, the organization had to cancel the speech.
WePay’s actions followed a series of similar incidents in recent years that includes the cancellation of former president Trump’s personal bank account, Michael Flynn’s credit cards and at least one Christian nonprofit organization. The fossil fuel and firearms industries have been targeted too. Businesses selling controversial materials have had their payments services terminated and consequently shuttered. The decisions to cancel these high-profile individuals or groups are often reversed after public outcry and dismissed as a “mistake” by the providers. But what about individual people who lack the public standing to fight back?
In February then, the Minnesota Bank and Trust threw Mike Lindell (of MyPillow fame) out the frosted glass doors and onto the street.
MyPillow CEO Mike Lindell has been terminated as a client by the Minnesota Bank & Trust a month after the financial institution described him as a “reputation risk.”
Insider viewed two letters sent to Lindell by the bank dated February 11. In one letter, the bank said Lindell’s accounts with the bank would be closed by the end of business on February 18.
Here is some audio of a call a bank rep had with a MyPillow exec on the matter.
In March, Biden issued (er, that should probably be “Biden” “issued”…) an executive order calling for studies on the feasibility and ramifications of implementing central bank digital currencies. The EO calls for several reports due by September 5.
One such report was issued last week by the Treasure Department on a “Framework for International Engagement on Digital Assets”.
China is already taking steps towards a digital renminbi. Here, the central banks have several reasons for being interested in a digital currency. One is the threat that cryptocurrencies pose to their hegemony.
There’s the danger in a cbdc, though. The implementation will probably not involve something like a blockchain or some similar form of distributed ledger for tracking and verifying transactions. Rather, the state, or a state body, will track things in some kind of database.
And that’s why the Left is interested. Imagine the power the Left would have over you if the state can see all your digital transactions, and worse, has the power to stop them.
Hey, Joe Citizen, I don’t want you buying that firearm. Transaction denied. Hey, Joe Citizen, you’ve bought too much gas this month already and you’re killing the planet. Transaction denied.
If Elizabeth Warren is for it, that alone should be a red flag. The Left means to control you, by any means at their disposal. We’re a long ways from the innocent days when your neighborhood bank was part of your community and there to serve you.
I once represented a small-town state-chartered bank. All the stock was owned by a single family. I wonder if it would be possible for a group of conservatives to buy a small bank and offer payment processing services to conservatives? Gun shows. Political events. Rodeos, tractor pulls, stock car races, county fairs – there must be lots of groups who need payment processing services but who don’t meet the lofty moral standards of elite coastal institutions. Why not do it ourselves?
JD, most people think that gab is just a “conservative” version of Twitter, but Torba and the gang are actually in the process of creating an entire alternate universe to the one described in this post. It includes financial. More info here.
https://news.gab.com/2022/05/24/go-and-build-digital-and-physical-sovereignty/
The first amendment doesn’t suspend reality or human nature.
Jordan Peterson’s podcast this week is a discussion between Peterson and Dutch primatologist Frans de Waal. Mostly they talked about the similarities and differences between human social behavior and the social behavior of various primates, but for a few moments they discussed the characteristics of male and female aggression and competition. Peterson claimed that social media — and social media — favors female aggression and competition (verbal, reputation destroying) over male aggression and competition (physical dominance). Peterson believes that this is what makes social media so poisonous, because in female competition there is no clear cut resolution of a dispute. The fight goes on forever.
We already had a sample of government cancelling and shutting down the bank accounts of their citizens, when Little Fidel tried it in Canada against the truckers. There was a huge run on the Royal Bank of Canada and Little Fidel is still getting backlash from it. I know a few people the work for the RBC in Minneapolis. They tell me that they are still bleeding cash, as people pull their money out and close their accounts. They also say that department heads have been told to organize for restructuring, which they interpret as layoffs. That said, I pulled all of my money from the big banks and moved it to credit unions and a small community bank that promised me they wouldn’t play that game. Apparently, the Fed is worried about the same thing if they push a move to digital currency.
social media — favors female aggression and competition (verbal, reputation destroying) over male aggression and competition (physical dominance). Peterson believes that this is what makes social media so poisonous, because in female competition there is no clear cut resolution of a dispute. The fight goes on forever.
That’s an incredibly insightful observation UMMP. Leftist women, especially anon women will say stuff they’d never say irl. Of course, there’s plenty of noodle armed, leftist manlets that do the same thing, but the thots never let it go.
The leftist trash that frequents the SITD comments don’t do that. If you think about it, their mental dysfunctions have all manifested in pathological lying, which is yet another very common pathology among the left, but particularly the manlets.
” social media — and social media ”
Should be: “social media — and cancel culture”
The three “ladies” who trashed the Lower East Side fry shop last week over the unconscionable outrage of being asked to pay $1.79 for extra dipping sauce seem to have embraced the “stick and stones” form of female aggression over mere words.
Night Writer, the ladies in the Lower East Side altercation weren’t part of the same social group, so I think that Peterson’s observation stands.
It strikes me that it was a good thing back in the day when banking was seen, due to Biblical usury prohibitions, as a somewhat disreputable business. Back in those days, they didn’t sweat as much who they worked with.