Cryptocurrencies

Jack Ma Has Been Kidnapped By The Banking Mafia? – Cryptocurrencies

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The The world’s best-known Chinese billionaire, founder of Alibaba and Ant Group (Alipay) is missing. Jack Ma has not been seen in public since a highly political speech given on October 24 at the 2020 Bund Summit. There he challenged the old world of Finance by hammering that the future belongs to digital currencies created by Big Tech. Since then, more news …

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From Gold Standard to digital currency

The whole speech was one formal attack on the banking system. The founder of Alipay – a digital payment system – spoke for FinTech, in a way calling for Big Tech to be able to create money like banks do …

“After World War II, the world needed to return to economic prosperity. The Bretton Woods agreements were a huge catalyst for the global economy. Later, after the Asian financial crisis, the Basel rules placed emphasis on controlling banking risk. But this world standard has become a straitjacket. The Basel rules have severely limited Europe’s ability to innovate, especially in FinTech. Basel (the bank for international settlements) is a club of old people seeking solutions to the problems of a decrepit financial system. “

Jack Ma, October 24, Bund summit

That last sentence which is probably the Gordian knot of the story … Very clearly, Jack Ma takes on the Bank for International Settlements (BIS). The Bank of Central Banks, based in Basel, Switzerland, is the conclave of governors of major central banks around the world. She is the one who decides how much leverage the banks have. The famous “Basel rules” which are little more than the ratio between the capital of the banks and the loans they have granted to the economy. In other words, these bankers do not meet to decide the color of the check books but the degree of danger of the system!

“Internet Powered Finance”

The billionaire ($ 58 billion) was therefore very acerbic towards the old banking guard who refuses to be swallowed without a shot. This is what emerged from an interview with Augustin Carstens, Chairman of the BIS, at the FinTech Festival in Singapore less than three weeks ago: ” do not try to walk on our flower beds “.

We wrote in a previous article (not to be missed) about this interview:

“The Chairman of the BIS even felt compelled to concede that“ central banks and their currencies benefit from state participation in the process ”. What an admission of weakness for these banks which boast of being “INDEPENDENT”. Crisp.”

Better yet, the banker got carried away by declaring that fiat currency was backed by two pillars of gold and state ‘tax support’. Here again, the banker fearfully takes refuge in the petticoats of the public authorities… ”

Thecointribune

Yes, banks and states are two mixed up and the old loan sharks will do anything to ensure that their political accomplices prevent Big Tech from replacing them. And that apparently goes as far as kidnapping, …

What does Jack Ma want?

The boss of Alibaba is not exactly a savior in the face of the banking mafia. FinTech is falling from charybdis to scylla via the merger of finance with Big data. For Jack, ” the credit system must be based on Big data to make it a common good “. According to him, ” we have to stop with this pawnshop mentality “And create a” Big Data-based credit system ”.

This is in essence what the IMF proposes, which published an article on its blog advocating a system of “credit scoring”. In other words, a system analyzing personal data (big data) judging whether someone is worthy of receiving a loan.

Here are two passages from the IMF Blog that we commented on in a previous article:

“Traditional banks face competition from start-ups / online banks. COVID-19 has accelerated demand for digital services, prompting social networks to engage in payments and credit business. “

“The most transformative innovation in FinTech is the increased use of new types of data coming from the digital footprint of various customer online activities – primarily for credit analysis. “

What is Really New in Fintech, IMF Blog, December 17, 2020

We then wrote that “this “Credit Scoring” is reminiscent of Chinese “Social Credit”… The paper makes a distinction between “hard information” (salary, time spent without a job, assets, debts) – which have always been used by banks to judge our solvency – and other more private data such as our Google search history, our type of internet browser or our online shopping history“.

Amalgamation with Bitcoin

Jack Ma sometimes used in his speech the term ” cryptocurrency “And other times” digital currency “, Trying to confuse Bitcoin (BTC). ” Big data, cloud computing, Blockchain, everything is ready to build a new financial system ” did he declare.

Yet, if there is one thing that is wrong with mass surveillance, this is the Cypherpunk Bitcoin cryptocurrency ! Letting an AI spy on our internet activity to sort out who can or cannot borrow is Orwellian. It’s a pandora’s box that will end in apartheid 2.0. Those who have a philosophy other than that of the party will be prohibited from any social ascension …

See the Macron government which has just created a file in which the following things can appear:

  • Jewish
  • Environmental activist
  • Cancer patient
  • Active on twitter
  • Tenant
  • Refuse the Covid vaccine
  • CGT union
  • Circle of friends and family

History tells us that carding usually ends badly …

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Scenario laws

But all this is nothing compared to the data collected by the GAFAM Google, Amazon, Facebook, Apple, Microsoft. Not to mention their Chinese BAXT counterparts (Baidu, Alibaba, Xiaomi, Tencent). They all dream of a “Great Reset” and for that they need to convince society of the merits of an individual file allowing social credit to be established.

Fan Ruoying (范 若 滢), a researcher with the Research Institute of the Chinese Central Bank, said the improvement of the social credit system in China would continue to require enormous efforts, including:

  • The creation of a file bringing together information from tax, legal and financial authorities, by expanding the coverage of the social credit system
  • Adding Big Data to the social credit system (integrating data collected by BAXTs)
  • Encourage companies to actively communicate relevant information to establish people’s creditworthiness

Ma’s offensive was probably a way of telling the Communist Party that he will not sell off his data for nothing. The counterpart being to let Big Tech create money like the banks. No more no less.

Frankly, it already is. Ma’s MYbank has been around for four years, and has loaned over 2,000 billion yuan ($ 290 billion) to nearly 20 million small businesses through a risk management system that analyzes more than 3,000 variables. Borrowers apply with a few clicks on a smartphone and receive cash almost instantly if they are approved. The whole process takes three minutes and does not involve any human banker. MYbank’s default rate (non-repayment of loans) is approximately 1%.

But Jack wishes he could break the Basel rules so he could lend more …

Trump vs Jack Ma

And while Macron (who prefaced Herr Klaus Schwab’s penultimate book) is preparing the ground by starting to file the population (what is the CNIL doing?), Donald Trump has taken the opposite path.

The US president signed a decree on Tuesday to ban any transaction with 7 Chinese applications. A decision made in the name of national security and digital sovereignty. It is all the more logical that Beijing is protecting itself behind a “Great Firewall” allowing it to ban Google, Facebook, Twitter …

The targeted applications are in particular:

  • WeChat Pay (Tencent), a QR code payment system that even beggars use to play around (1.2 billion active users)
  • Alipay (Alibaba), which is the world’s largest payment platform and also allows payments to be made via QR codes in 80 million stores. With 700 million users every month, Alipay brews 5 times more money than Paypal
  • QQ (Tencent), which is the Chinese “MSN”. The ancestor of Wechat still claims more than 760 million users and also serves as a payment platform.
BAXT

It is all about data vacuum cleaners used to train “artificial intelligences” which will be essential to create an omnipotent “social credit”.

Jack Ma’s ambition is to make cash disappear, change the concept of money and possibly dictate to Xi Jinping what Social Credit should look like.

“Digital currencies are not just about technology. Rather, they are a solution that can solve the problems of the future. ”

“Digital currencies could redefine the concept of money. If the main functions of money can be retained, digital currencies will certainly redefine money in the same way that the iPhone redefined cell phones. So much so that making a call is no longer the primary function of phones. “

Jack Ma, October 24, 2020, Bund summit

Maybe Jack Ma is talking about what we were talking about recently. Namely creating money with an expiration date, among other whatnot. Which would only be possible if the cash disappeared.

In short, we are witnessing a battle of titans between banks / governments on one side, and Big Tech on the other. The first denies the other the right to create money. And the second refuses to give his data and his AI. But all are probably in agreement to do away with cash, a sine qua non for the establishment of social credit.

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The power struggle between Big Tech Brother and the bank could go on for some time. There is no point, however, in waiting passively for a possible liberticidal outcome. In this dystopian future that is emerging, Bitcoin will be THE free, anti-inflationary and permissionless currency par excellence.

JAck Ma Bill Gates
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