The Defeat of Financial Exclusion

They not only target you; they try to wreck your business and attempt to grind you to dust [Gilder's Daily Prophecy] August 04, 2021 [UNSUBSCRIBE]( | [ARCHIVES]( Why is George Gilder so Worried? It’s not coronavirus… interest rates… even the economy… It’s a type of market anomaly so devastating that some analysts say it “virtually eliminates any chance for mere mortals to make money” trading the markets. [Click here for a brief message from George about it… And how exploiting it could lead to massive windfalls.]( [Warning] Do you enjoy receiving Gilder's Daily Prophecy? Please [Click Here Now]( so we know to continue sending you Gilder's Daily Prophecy for free! The Defeat of Financial Exclusion [Jeffrey Tucker]Dear Daily Prophecy Reader, Three years ago, Twitter alternative Gab.com – which is doing exceptionally well in traffic – was tossed off of Paypal. It could no longer sell hats and shirts or take donations. Next came Visa and Mastercard. Then the payment processor Stripe. Then banks started tightening. In a flash, the whole Gab project was financially body bagged. It had to live off Bitcoin (thank goodness for it), and what cash it could cobble together. The project nonetheless survived. The motivation for the censorship was entirely political. We aren’t talking here about what most people think of as hate or racism or something like that. We are talking about permitting the airing of views that are not mainstream as defined by CNN and MSNBC. The standards of what is permissible tighten day by day. Three years ago, people believed “oh this could never happen to me because my content is not hateful; it’s only different.” Now we know better. Since 2019, and certainly this year, the push to exclude has dramatically intensified. Now Paypal admits that it is working with Google and lefty groups to use financial services to bend political opinion in ways that exclude alternative views. They not only target you; they try to wreck your business and attempt to grind you to dust. It’s ruthless. Gab was hardly alone. Alex Jones is everyone’s favorite caricature of the kind of voice “we” don’t want in the public square so he was hit of course, simply because no respectable person would dare defend him, or so they say. But the censors were not done. As it turns out, Paypal works even closely with the Southern Poverty Law Center to decide who can and cannot have access to financial services. When you are targeted and taken down, they do not bother with telling you why this happened. If there is an appeals process, it is entirely performative. In the end, they say they are within their rights. They are. They tell you to go start your own services. You try and they take that down too (like they did with Parler). The center left has long congratulated itself for its principles of inclusion and tolerance of diversity. Except that not a word of it is true. Financial exclusion based on political opinions is unbearably cruel, an attempt to deny people and institutions material sustenance solely for failing to adopt regime ideology. It’s the kind of thing civilization once prided itself for having left behind after the age of the late medieval religious wars. As it turns out, nothing has changed. Fighting Back Gab however has an indefatigable spirit, and has decided to fight back. It has already built the software for a new payment system called GabPay. It is now navigating all the necessary regulatory hurdles to keep the company from fatal legal entanglements. It shows every prospect for success. If it really works, the company could find a deeper reason for its existence besides its social media services. The downside of such Paypal alternatives as GabPay is that they still necessarily rely on a central point of failure plus financial intermediaries. They are still going to be censorable – less so than the mainstream services and the promises to keep service flowing will be more credible. But it is still a problem. The prospect of using the financial and monetary system as a method of social and political control is still ever present. Here is the problem with [TransferWise]( [Google Pay]( [Payoneer]( [Dwolla]( [Quickbooks Payments]( and [Amazon Pay]( among many others. Your use of them depends on their beneficence, and the companies are easily subjected to all the usual intimidation tactics that have impacted its leading competition. What’s more, the bad guys have made a successful march through the institutions to make sure that they all play by the same censorious rules. A genuine alternative that is dedicated to inclusion, openness, and access for all (you know, the old liberal idea) would be a good step. It’s still only a stopgap pending more radical and foundational changes in our payment systems, that depend on censorship resistant and censorship proof technologies that can be used peer-to-peer. Such technology is newly available since 2010. It has built the mighty crypto sector, which is pushing hard to break down dilapidated systems of permission-based third party applications. There can be no question that the fight will be won by the new technology. It is only a matter of time. They can delay it, but not stop it in the end. We are now in the in-between stage. [No more banks. No more accountants. No more Wall Street?]( The Biggest Transfer of Wealth in History? He’s the man who predicted the 2008 recession… Recognized as the #1 personal finance expert in the world… Author of Rich Dad Poor Dad with 41 million copies sold… Now, he’s coming to you to reveal EXACTLY what’s going on under the nose of every American… an urgent warning to every single American… The biggest transfer of wealth in U.S. history… It’s a disturbing new movement set-off by a group of 12 unelected officials… “secretly” siphoning money from the poor and middle class to the wealthy. Unfortunately, nobody will be able to stop this new movement… Not Democrats. Not Republicans. Not Congress… Not even the president. [Unfortunately, 99% of Americans don’t understand what’s going on…]( But today [Robert Kiyosaki will blow the lid off the entire operation]( and help you take 5-steps to protect & grow your wealth during the coming weeks. There’s not much time, [click here to get all the details.]( [Government rule to unleash $15.1 trillion?]( Exclusion as Feature, Not Bug When crypto came along, there was tremendous hope born that the age of financial exclusion – a main driver of poverty around the world – was coming to an end. The presumption then was that everyone favored more inclusion. And it started to happen. From 2011-15, we saw businesses and charities around the world adopt new tokens and methods to gain access to financial services from which they had previously been blocked due to social status or geography. This held out great promise, not only for the developing world but also in the US, where 22% of Americans are completely unbanked. This has gotten much worse since COVID lockdowns: some 500 million people around the world have met genuine poverty for the first time. The displacement of workers and supply chains will take years to rectify. These times were perfect for the rise of crypto. Absent regulatory hurdles and the push for financial censorship, crypto would otherwise have taken a giant leap during the chaos of the last 18 months. To be sure, the sector has been very remunerative for those people already involved – crypto proved that it cannot be shut down by any government for very long – but still failed to democratize. The days of seeing crypto as a solution to financial exclusion quickly came to an end once the power elite saw that they were losing control. Starting in 2013, the regulations started to tighten. This became worse year by year, with regulators and legislators adding ever more booby traps and landmines. The on ramps and off ramps between crypto and national currencies were suddenly crawling with cops giving out tickets. There are thousands of tokens in circulation today that aspire to be the next mainstream medium of exchange. While all rely on blockchain technology, there is tremendous variation on structure within them, from the standards of verification and resource use, to ownership standards in the protocol themselves. As mentioned earlier, some have become well capitalized enough to operate as clearing systems for other tokens, effectively taking over the one valuable function currently provided by central banks. George Gilder has been the prophet of this movement. In discovering blockchain and its potential, he saw the next revolution in technology that united user aspirations with digital innovation. The people would not be silenced and gradually impoverished by big tech that works hand in glove with government. The spirit of enterprise will prevail. It’s a War It’s previously been conventional to separate in our minds financial technology, political struggles, and civil liberties. The politicization of financial tech has changed everything. Now if you fall on the wrong side of contemporary debates – if you have your doubts about vaccine passports, or even the vaccines themselves – you can find yourself shut out of all mainstream financial services. It’s appalling, unthinkable, cruel, and yet it is happening every day. Had this trend afflicted us 20 years ago, we would have seen very little hope of solving the problem. We simply did not have the technological means. The invention of a censorship-resistance ledger that declines to require the use of financial intermediaries changes everything, at least in theory. We now have the ability to decentralize the world. We are only waiting for the right institutions and entrepreneurs to make the magic happen in ways that are available to everyone. The next struggle concerns user adoption. That’s when the forces of change blow past the incumbent players that currently exercise such power. Fundamental change in finance and monetary institutions happens episodically, slow in normal times and then suddenly in a crisis. The appalling policies of the last 18 months, including dramatic changes in Federal Reserve operations and radical experiments in money print, could be the trigger that blows up the system as we know it, censorship and all. Regards, [Jeffrey Tucker] Jeffrey Tucker George Gilder: “5G will soon be exposed as hype and hustle.” believes a radical paradigm change is taking place in the tech world – one that could disrupt the existing 5G industry. It isn’t the first time he’s shocked the tech world… Gilder predicted the smartphone in 1991… identified Amazon in 1998, before it rose 243,000% over 23 years… and helped his followers make 40x their money in less than four years on Qualcom in the late 1990s. 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