Social Credit Systems and Digital Currency: New Tools of Authoritarian Control
In China, the SCS is being gradually implemented, currently focusing more on businesses than individuals. This limited application may be somewhat fortuitous, given the country's struggling economy. Larry Schweikart notes that “China’s economy is on a downward slide” and that implementing a social credit system is unlikely to improve the competitiveness of Chinese companies. The system’s criteria for lowering a person’s or company’s score include actions such as "loitering," spreading "fake news" (defined by the government as any information it disapproves of), and even cheating in video games, a popular activity in Asia.
The integration of the SCS with Central Bank Digital Currencies (CBDCs) is a critical development. CBDCs are digital forms of a country's official currency, controlled and regulated by the central bank. When combined with the SCS, CBDCs allow for real-time monitoring and regulation of financial transactions, ensuring that individuals and businesses comply with the system’s requirements. This integration gives governments unprecedented control over financial behavior, further tightening their grip on society.
The World Economic Forum (WEF) has shown interest in such systems, recognizing their potential to increase elite control. The WEF’s “Alternative Credit Scoring” (ACS) system, for instance, was initially presented as a means to support the “underbanked,” or those with poor credit histories. However, the ACS expands beyond traditional financial data, incorporating social media activity, location data, and other personal information—an approach that critics describe as Orwellian.
In the United States, concerns about similar systems have emerged. President Joe Biden’s administration established a “Disinformation Governance Board,” which some critics view as an attempt to control the narrative under the guise of managing disinformation. Schweikart argues that the term "Disinformation Governance Board" could be more accurately described as a "Disinformation Purveyance Board," suggesting that those entrusted with this responsibility might misuse their power to suppress dissenting views.
A key component of any international credit system is digital identification. The COVID-19 pandemic provided an opportunity to test such an approach through vaccine cards. While these efforts largely failed, they highlighted the potential for governments to use crises as a pretext to expand surveillance and control. The backlash against vaccine mandates and lockdowns was so intense that when a new COVID-19 variant emerged in 2023, the resistance was swift and forceful, leading several institutions to retract their vaccine requirements.
The implementation of social credit systems, whether in China or potentially elsewhere, raises serious concerns about privacy, freedom, and the balance of power between citizens and the state. While these systems are promoted as a means to enhance trust, regulate behavior, and ensure economic stability, they also represent a significant step toward a more controlled and surveilled society. As these technologies evolve, the debate over their ethical implications and impact on individual rights will only intensify.
Sources:
Source: Schweikart, L. (2024). A Patriot's History of Globalism: Its Rise and Decline [Kindle iOS version]. Retrieved from Amazon.com
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