In the past couple of weeks, I have encountered several individuals who yearn for the Cashless Society we’re supposed to be getting along with our flying cars and such. To every action, of course, there are the forces of reaction:
The most terrifying thing about the basically cashless society in China is (contra Bloomberg) not that the banks are being cut out of their lucrative middle-man fees. It’s that every transaction shows up in your social credit score and if Tencent is told by the government that you don’t need your money, well, then you starve.
Yea, verily. Ostensible progressives operate under the assumption that the banks, like every other operation that desires favors from the government, will do their bidding when called upon. And the Chinese enjoy least-unfavored nation status as a result, while everyone complains about the Russians, who aren’t even Communists anymore fercrissake; you just know Bernie Sanders cried himself to sleep the night they dissolved the Supreme Soviet.