Federal Reserve announces major ‘pilot exercise’ for ESG social credit score system - "Climate finance" is almost identical to the Chinese Communist Party's social credit score system.

submitted by doginventer from (dossier.substack.com)

all 28 comments
sorted by:
top
newinsightfulfun

[–][deleted] 6 insightful - 2 fun6 insightful - 1 fun7 insightful - 2 fun -  (1 child)

I had this feeling for a long time...

That most espionage in standard corporate klectopcracy switched directions (globally considered) at an arbitrary point in time in the last decade.

BMW e.g. tried to build a R & D division in China when they expanded there in the first decade of this millenium. But they brought this division back to Germany in less than two years. They kept a lid on this failed endeavor but I always suspected this happened because of espionage. (Which is extremely fast for their usual modus operandi, tbh)

Nowadays US spies steal Chinese intellectual "property" they themselves pirated together from all over the world. To implement it in US. Like Siemens developing the frictionless maglev train but German bobbleheads are too fucking stupid to spend a dime on it. China then gratefully built it in Shanghai.

Isn't this at least a little bit ironic ?

Maybe in the next decade (let's assume the thirties) US kids built smartphones for rich and fat Chinese people in some sweatshop. Instead of vice versa, like it happens right now. After they sold Apple for parts because the dollar is worth less than toilet paper. Which is a possible scenario. If they don't want to, well :

They always can starve voluntarily, can't they ?

Somebody should take down the statue of liberty, finally. It was a lie to begin with.

You can't tell me anyone actually wants all the crooks, cons and hipocrites invading "his" country.

There was a justifiable reason German Nazis forced those people to wear a visible sign as long as they could hold their reign in Europe. Their arguments for this were bs mostly, but it was justifiable at least so far that most citizens actually followed them on this voluntarily. Otherwise they never could have pulled off their legal(very sad, nonetheless) powergrab in Germany.

[–]moew 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

they proly could take it off

[–][deleted] 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (1 child)

Of course they are... They're launching FedNow, the precursor to their CBDC totalitarian communist dicatorial "money" system in 2023. They have to have the social credit score ready for when the absolute tyranny funny "money" system becomes mandatory.

They'll absolutely destroy the economy before that, to ensure that Joe Average has no option but to suck Big Brother's cock until nourishment ensues.

[–]Yin 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

This.

[–]tiny-brown-mug 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (5 children)

I'm not shocked. I've been sensing this has been coming for a long time, too. I strongly feel that most of this will be linked to our social media accounts.

Say the wrong thing? Get dinged. We're basically headed towards a Social Credit System, and it'll start with big tech. We're already there. It just needs to be streamlined and organized.

[–][deleted]  (3 children)

[deleted]

    [–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

    It's called Sweden, bro. Don't throw up, when you realize their matrix already owns you...

    [–]tiny-brown-mug 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

    Yeppers. Note also the push for everyone to own and use a smart phone, the frantic push for 5g (like, how fast does the internet really need to be?), and everything being app based. There's a reason for this. Our cell phones often act as a mirror of our brains, private lives, financial accounts, and ideals. Apps often do more than just sit there. They can, in some cases, peek around on your entire phone and quietly transmit data back to God-knows-who. All that stuff apps require access to? What better way to track, observe, and read people's minds than via their smart phone? Social credit scoring made easy.

    This is why many people are quietly shifting away from smart phones and big tech. It's overkill, it's creepy, and soon they'll be doing way more with our data than trying to sell us sneakers. Just saying. Quietly back off of social media while you still can. If you access the internet, maybe do so on a laptop or a desktop, not your phone. Especially if it's anything sensitive (social or political views), private (bank accounts), or controversial. That's my advice. Checking the weather on your phone is fine, but try to keep sensitive stuff off your phone.

    [–]chickenz 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    Want to get a fairly accurate measurement of your internet speed? Try http://fast.com

    My 4g (I think) gets 2.5 Mbps, but my rep at my cell phone company that uses 5g got 400Mbps.

    In the future, I expect that there will be three major classes of people. 1) those that can stream audio and video and 2) those that can use text based services and 3) those that have NO connection to any network.

    [–]Site_rly_sux 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    That's not happening and it's not what this article is about. So you're right not to be shocked

    [–]tiny-brown-mug 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (9 children)

    Check this out, bros.

    https://www.researchandmarkets.com/reports/5134311/socialcredit-market-by-physical-and-cyber?utm_source=CI&utm_medium=PressRelease&utm_code=8q35zh&utm_campaign=1420275+-+Global+Social+Credit+Market+Study+and+Forecast+2020-2025+-+Infrastructure+to+Support+Social+Credit+Systems+Represents+a+Nearly+%2414.7B+Global+Opportunity+by+2025&utm_exec=joca220prd

    Here's their game plan. All laid out. Check out the biggest names on board. Amazon, Apple, Google, Meta.

    [–]CreditKnifeMan 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (3 children)

    Can you find the DOI # in this paper? I can probably get it if you know this #.

    [–]tiny-brown-mug 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

    There's no author listed, so I'm not having much luck. Tried this site "https://www.crossref.org/guestquery/", but with no author, it won't find a DOI number. :(

    [–]CreditKnifeMan 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

    If you have the DOI # then most papers are available here:

    https://sci-hub.st/

    SCI-HUB. "removing barriers on the way of knowledge"

    Bookmark it.

    [–]tiny-brown-mug 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    Thank you. I'll likely use that later. Unfortunately, the original article I posted doesn't seem to have a listed author. Obviously at least one person originally wrote it, but seems they'd like to remain anonymous. Hmm.

    [–]Site_rly_sux 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (4 children)

    What even is this? You seem to have found the brief for a scientific paper that someone wrote. But there's no author or journal named. Are you sure this is a real thing? Is there a full paper somewhere? Sorry if I'm missing something obvious

    [–]tiny-brown-mug 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

    There is a full paper, but you have to pay $2,500 for the license to download it (upper right corner of website under "purchase options", highlighted in yellow). Many of us don't have $2,500 lying around. This is essentially a game-plan for implementing a global social credit system, complete with what I am assuming is a year-by-year break down, as the report title includes the words "2021-2026". Meaning that some people are thinking very seriously about making this a reality.

    [–]Site_rly_sux 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

    I guess I am pretty skeptical that you've found a real thing of any relevance here. Shouldn't there be an author or a journal name? Are you sure this is a real thing? How have you determined that this is a real thing and not, say, some prankster who wrote a blurb and put a fake high pricetag?

    I guess the most generous explanation is that

    1. Researchandmarkets have paid an analyst to write about behavioural monitoring technology

    2. They are selling the resulting paper for 2.5K

    Like, even in this super generous explanation, there's no implication that social credit will be a real thing? Or that the listed companies are truly involved in anything other than their normal business operations.

    If you thought social credit was a real thing that companies were working on, wouldn't your proof be something stronger than a blurb for sale for 2.5k?

    Then there's the issue that - because you never clicked op link and read the NYtimes page - your formulation of social credit, has absolutely zero to do with the topic at hand here, which is stress testing capital requirements for banking licenses, which you can't really tell me is a bad idea

    [–]tiny-brown-mug 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

    Hey, Site. If an ESG rating can be construed as a social credit system or a lead-in thereto, I'd argue that a document outlining possible ways and means to actually implement a global social credit system, complete with possible contributions and an expectation of compliance from major companies, is noteworthy.

    While it is possible that this idea will never come to full fruition, my point was simply that the idea is there, people are actively trying to puzzle out how to make one work, and specifics, corporations, and region-by-region game plans are laid out. This sounds like something that at least a few individuals have a lot of thought and time invested in. And money, too, by the looks of the $2,500 price tag to even read the whole article.

    When people have a lot of money invested in something, they tend to at least try to bring it on-line. Just saying.

    [–]Site_rly_sux 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

    If an ESG rating can be construed as a social credit system

    ESG is not what the NY times article or the fed announcement is actually about (it's about capital stress testing).

    Obviously ESG topics are a real thing that investors can consider and debt/security issuers can talk about. But ESG topics are NOT a lead-in to social credit scores by any means. You have more legwork to do, if you want to suggest that, to flesh out an argument as to why that would be the case. Like - if the SEC were implementing a standardised ESG rating system, then you could maybe argue that, but they're not.

    complete with possible contributions and an expectation of compliance from major companies, is noteworthy.

    Well, just to be clear, the companies listed on the researchandmarkets link have no expectation that they will comply with the researchandmarkets paper. They simply manufacture components that are named in the paper. Like Cisco. They make routers, and routers are topic that the paper purports to cover - there is no obligation upon Cisco to follow or read this paper at all.

    This sounds like something that at least a few individuals have a lot of thought and time invested in. And money, too, by the looks of the $2,500 price tag to even read the whole article.

    But your link doesn't establish that fact, all it shows is that there's a blurb and a 2.5k price tag. We don't know whether anyone has ever paid, downloaded and read it, or what they took from the paper. Or even that there's a real document behind it. Again I argue that if Cisco and whoever was really working on this, your evidence would be something stronger than this junk.

    All your link shows - again in the most generous case - is that some website operator tries to charge 2.5k to hear their thoughts on a topic. It doesn't mean the topic is real or anyone is acting on it.

    [–]Site_rly_sux 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (6 children)

    This headline is a lie and you're all morons for using it to confirm your bias towards paranoia.

    At first I dug in because I wanted to find out - is the fed standardising an ESG policy for debt issuers? Wouldn't that be the job of the SEC and not the fed?

    But my suspicions were right, it's all totally bullshit. Here is the kernal of truth, about which this whole BS was written:

    Six of the nation's largest banks will participate in a pilot climate scenario analysis exercise... to measure and manage climate-related financial risks.

    It's an exercise where they ask: if some country unexpectedly floods, is your bank over-exposed to their debt? If the water sources feeding las Vegas and arizona dry up, will it affect your banking customers' deposits in Minnesota?

    That's a fair and sensible line of enquiry for the fed to take banks down.

    Not only is it not ESG related but it's not credit score related either.

    Why am I the only commenter here who actually reads the article? Y'all who are calling this a China credit score problem need to explain how you're getting there from bank stress testing exercises. Because it's bullshit, you didn't read it, just confirmed your bias towards paranoia

    [–]ID10T 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

    Yeah that's what I gathered from the article. Sounds reasonable and nothing to do with social credit. It's not even scoring individuals. It's rating portfolios based on risk assessment, a totally normal thing that any responsible financial institution would do.

    [–]Totoro 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

    arizona dry up

    As an AZ native, it is drying up. Our lakes have shrunk so much, it's sad. Californians coming over in droves is going to kill the AZ water issue which was already an issue.

    [–]Site_rly_sux 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    Which will ultimately influence Arizona state and municipal bond yields, and put financial pressure on any entity over-exposed to lending to Arizonans.

    So it's only right and prudential, that the Fed and the six national banks mentioned, conduct a stress testing exercise to ensure the country's financial health does not all come tumbling down due to extreme climate events in one state or region.

    This is not about social credit score. This is not even about corporate ESG. The substack blogger and OP are idiot conspiritards who don't read their own sources. Just like so many of their ilk

    [–]doginventer[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

    Now read the title of the post again

    [–]Site_rly_sux 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

    Ok

    Federal Reserve announces major ‘pilot exercise’ for

    True

    ESG

    False

    social credit score system

    False

    "Climate finance"

    False

    is almost identical to the Chinese Communist Party's social credit score system.

    When you invent a concept it can be almost identical to anything, so this part is not technically false

    [–]iamonlyoneman 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

    wow for once I don't disagree with you

    [–]RedEyedWarrior 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

    Land of the free my arse.

    [–]moew 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

    wink wink nudge nudge

    show me the rubbery Spank