Posted on 03/29/2024 12:04:57 AM PDT by ransomnote
A long-promised revolution in banking is headed to Canada, but you might not notice when it arrives, was the sinister headline to a recent The Canadian Press article.The change that is in the works is something called “open banking” and the Canadian federal government has promised framework legislation in next month’s budget to bring the system to Canada.
Under open banking, banks allow access and control of customers’ personal and financial data to third-party service providers.
One of the biggest areas of growth is in credit assessments, The Canadian Press reported. “Under open banking, lenders could directly access an individual’s banking data, so they can look beyond credit scores. Consumers can also use it to build their credit scores, for example by providing reliable rent payments.”
The Canadian Press article quotes Helen Child – co-founder of Open Banking Excellence (“OBE”), a forum for those working in the system – to promote open banking.
OBE promotes itself as: “We’re more than a PR agency, we’re your community.” By “your” they don’t mean us, they are referring to potential partners. Who are its partners?
“We’ve been boosting the Open Banking profiles of some of the biggest names in the industry for over three years,” OBE boasts. Its LinkedIn page claims it is “the largest and most engaged community of Open Banking and Open Finance pioneers in the world. From fintechs and banks to regulators and bigtechs [sic], our community gathers to learn, share stories, spark debate and collaborate.”
In a July 2020 interview, co-founder Child admitted that Open Banking Excellence capitalised on the covid pandemic in the UK and had expansion plans. “We plan to launch in AsiaPac … The UK created the blueprint for Open Banking. We can share our learnings, talent and experience with the rest of the world, and launching OBE in other parts of the world allows us to do that,” she said.
Of course, open banking advocates such as Child who have a vested interest will make out that open banking is for our convenience. But is it?
As Investopedia notes, open banking poses severe risks to financial privacy and the security of consumers’ finances. The Canadian Press omitted to inform the public about these risks. Fortunately, independent media in the form of Armstong Economics is alerting us.
Child’s Open Banking Excellence is operating in 40 countries, Armstrong Economics warns. Open Banking is effectively paving the way for social credit systems.
MORE AT LINK: Canada’s “open banking” is paving the way to a national social credit system
“Open Banking” Huh?
Leftists ALWAYS name things the opposite of what they are actually going to do.
People will see what’s happening with this and banks who co-operate will lose clients to banks who don’t participate and shield client info. It would be same outcome in USA.
Given a choice, conservatives and libertarians will flee such banks, and socialists and progs will stay in, probably weakening the viability of banks which participate.
If it were to be mandatory for all banks, then people would start dropping out of the banking system wherever possible.
I can just imagine it, a call from some banking snoop saying, “Pete, you’re spending too much on ____ and not enough on wind turbines, your pension goes down 20% now buddy.”
So then I would just spend more on ____ and stop giving to charity. Great plan.
Yep
Easily deceive the masses who are too preoccupied with trying to survive
and only catch sound bites in the Lying Liberal Media
It’s already here. The trial balloons have been sent up on several occasions here in the US. Notably against firearm purchasers.
If you think this isn’t coming to America, you’re not paying attention: it’s already here.
During last year’s truckers protests, Trudeau responded by ordering protesters’ bank accounts frozen.
Suddenly they couldn’t access cash or pay bills.
Biden would have loved to be able to do that to “those who support insurrection”.
If you didn’t learn from how the Canadian government treated anybody involved in the Trucker protest, get your money OUT of Canada.
To accumulate social credits, you have to register through the non profit group(s) you volunteer for that must be registered with Tri County Cap. Then you keep track of your hours volunteering and turn in the info to Tri County Cap.
So far, this is volunteer drivers who deliver food to the elderly and poor, give rides to folks unable to drive, etc.
Since our snowmobile club is a 501C, I asked if we could register. Unfortunately that was at the start of C0vid, so the meeting with the Cap rep and us never happened. Will have to try again. Will also check on our Fish and Game club as a potential source for recording volunteer hours.
I look at social credits as a good and bad thing. It opens the door for more tyranny. On the other hand, very few volunteer to clear brush, put up and take down trail signs in our snowmobile club.
Maybe the social credit thing would help get a few folks out to help.
Ditto mowing and clearing brush on the sh00ting range.
Needing a high social credit score could motivate more to volunteer for New England Forest Rally and other events.
The reporting, documenting and record keeping has been going on for years in the USA. The use and enforcement part doesn't seem to be going yet. As so far the system is mostly documenting the volunteer hours of senior citizens (retirees), I imagine they will be impacted first.
Not enough volunteer hours? That debit or credit card is no good for food or fuel, etc.
Facism
A system of government marked by centralization of authority under a dictator, a capitalist economy subject to stringent governmental controls, violent suppression of the opposition, and typically a policy of belligerent nationalism and racism.
You didn’t donate to the Climate Cult this week you can’t touch your money for 2 weeks as punishment plus we’ll take the donations
The Deep State keeps seeking more and more ways for the commercial world to provide the means for the intelligence community to know everything possible about every human being 24/7/365.
The Deep State keeps seeking more and more ways for the commercial world to provide the means for the intelligence community to know everything possible about every human being 24/7/365.
ransomnote: I get the impression insurance companies are 'sharing' information with intel agencies, and intel agencies are 'sharing' information back to insurance companies. There's a growing use of drones to examine property - what or who else are they looking for and/or watching?
Pegasus software is pushed out to cell phones whether you want it or not. Hardware/software has backdoors. They have the ability to collect alot so why should we assume they don't share it, sell it or use it?
James O'Keefe recently spoke about the lack of privacy via our cell phones always listening, even when they appear to be turned off.
In the early 90's I recall reading that our intelligence agencies had software monitoring all telephony nationwide and employed software that could understand various middle eastern languages and terminology/code used by terrorists. It's not a person monitoring - it's a big chunk of computing collecting and flagging anything 'of interest' for further review.
The thing is all the commercial personal spying is sold as, and on the surface, usually, looks as if driven to “provide better or more personal service” to the owner of the device that is doing the spying, which today includes the car, yet, contrary to law, and rehardless of the law saying our intelligence agencies cannot collect domestic data without a warrant THEY ARE NOW SIMPLY BUYING IT ALL FROM EVERY COMMERCIAL ENTITY THAT HAS IT and going fishing without a warrant in 100% of all the different electronic communications.
The pretense of our commercial outfits that they know nothing of this is nothing less than them being complicit in what our laws say our intelligence agencies cannot do.
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