1 Oct 2012

Cashless Society, and the coming Social Class inversion

The evidence is conclusive. There is an alternate electronic-money system coming. It will be based on the 'mobile' platform and tied to an individual via a unique ID.

The US Treasury is currently running phase one of a two-phased 'competition' inviting ideas for creating a completely new mobile-based electronic-money app. The first phase of the competition will generate ideas - while the second phase will turn the best of them into working models.

Now, what could be wrong with that? After all, mobile-based transaction has already been been rolled-out successfully by telecom companies like Vodafone in Africa (google, mPesa); and the Indian government too has shown that it has major ambitions to promote mobile transactions at the grassroots level.

Well, the suspicious aspect of the US Treasury 'competition' is that it is being bank-rolled by various private corporations under the guise of a trojan horse non-profit entity called the Center for Financial Services Innovation (CFSI), which specialises "in serving unbanked and underbanked consumers."

Now, that is the very same language as the UID (Aadhar) project with its network of Banking Correspondents and NIU (National Information Utilities) being unveiled in India.

It is becoming clear that we are witnessing - in parts - the creation of a technocratic system that is meant to be omniscient and omnipotent. It will have access to enormous amounts of personal data, even on the simplest daily transactions. And it will have the potential (eventually) to dictate what transactions are permissible - and for whom.

The "unbanked and underbanked", presumably, are individuals and families without enough cash to warrant a bank account. So why is there such a sudden and tremendous support for the "inclusivity" agenda by everyone from United Nations, down to central governments and large private corporations?

I believe it is about 'control' - and the coming 'new normal'.

The Ruling Class realises that the days of the Middle Class (their traditional base for power legitimacy) are numbered. As the economy deflates, the debt-fuelled veneer of prosperity around the Middle Class evaporates, former loyalists and supporters may turn on their rulers! (We are already seeing this happen across Southern Europe and the Middle East right now.)

Government-subsidised (central bank fiat money-based) 'development' for the Middle Class and 'exploitation' for the Lower Class is going to be reversed.

At the heart of the transfer of support from the Middle Class to the Lower Class is Direct Welfare Payment... And THAT's why a bank account for the "unbanked and underbanked" Lower Class is suddenly so important now!

The direct welfare payments in 'electronic cash' (central bank e-fiat) will be managed by private corporate monopolies (of the Ruling Class), of course for a fee.

The 'welfare payments' and the 'management fees' will be paid by the Middle Class and their taxable progeny - till they are stripped of ALL of their assets - at which point, they will be integrated into the Lower Class!

Just before discontent boils over... the Ruling Class will, once again, transfer their legitimacy to a favoured group within the Lower Class - who will form the kernel for the next Middle Class. Rinse. Repeat.

This is also called Human History.


Anonymous said...

Good observations.
Maybe people should become independent by having decentralized resources, barter and self sustenance. Meaning solar power on the roof, water reuse, good usage of space for growing food and Internet to study and work with no commute.

Shanty Mathew said...

Hi Anon,
Yes, your're right. It is quite possible that society will be eventually divide itself into the Self-sustained Class and the Government-sustained Class!