Something that missed my eye when it came out back in May was this story. It says that banks are going to be issuing credit cards to those in the US without credit scores. The claim here is that there are as many as 50 million people in America who do not have a credit score. Who in America has no credit score? That would mainly be people with no Social Security number, or those who deal only in cash.
Illegal immigrants? Criminals? This strikes me as a two fold policy:
- Allow illegals to get access to credit cards.
- Bring those who deal in cash, and are thus largely untraceable, into the full view of the government.
This will also give a large amount of short term spending cash to those who don’t otherwise have credit. Where did this idea come from? The Biden administration. They call it “Project REACh.”
REACh stands for Roundtable for Economic Access and Change and brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal, and fair participation in the nation’s economy.
Office of the Comptroller of the Currency
Who were the people that the administration brought together to come up with this idea? Representatives from the National Black Farmers’ Association, US Hispanic Chamber of Commerce, the NAACP, Credit Karma, and the National Diversity Coalition, among others.
Fundamental transformation, great reset, and all of that. Minorities will think this is a great idea. It isn’t- not for them, not for investors, and not for the economy. This is another way for banks to get more people owing them more money. It will also increase consumer spending, which will increase inflationary pressure by injecting more money into the economy.
3 Comments
Don Curton · August 27, 2021 at 1:51 pm
Old story, but way back in the late 1980’s, I was fresh out of college and working as an engineer. I applied and received a credit card. Charged very little to it, paid it off every month to avoid interest. But it had a very low limit, like $800 or so. At the time I was make $40k. Asked for an increase to my limit and got the run-around, finally got it increased to $1000. Whoop-de-do.
My roommate’s girlfriend also had a credit card. No job. No physical address (she shacked up with whatever boyfriend at the time). No education beyond high school. She charged everything, carried the max limit as her balance and struggled to make the minimum payment each month, sometimes missing payments altogether. And they continued to increase her credit limit. I remember her bragging that they increased her limit from $10k to $20k, whoo-ho, she’s going shopping.
That told me everything I needed to know about how banks operate. Get people hooked, get them in debt, and control them forever. This is just more of the same.
Except this time they’ll throw some CRT angle to it, and then tax the hell out of us when it crashes the economy. Again. And “those people” will still be asking for reparations as if this isn’t part and parcel of decades worth of reparations.
MN Steel · August 27, 2021 at 2:20 pm
I remember reading something about money-changers somewhere at some point, but it was probably a prelude to a holocaust or something racist that happened for no reason at all…
joe · August 27, 2021 at 5:46 pm
charge, charge, charge…the American way…
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