Adding to this:

- As more banks participate in ESG and experiment with what they can get away with, people may lose access to their funds if they hold the wrong beliefs or lack good social credit score. This is already in place in China and all the big banks are looking at dipping their toes into this game.

PayPal already experimented with this and back-peddled when their stock dipped as a result. A few dozen big banks in the US are now participating in ESG. Only time will tell what they dare to implement.

This is bang-on. We're seeing daily examples of companies forcing their "values" on users, and it's most acute in big monopolies. It's fine to debate whether people should be kicked off twitter (they can just build their own lol), but depriving people of money in retaliation is a whole other level, only seen in places like Canada

> only seen in places like Canada

Did you mean China, or is there something that happened in Canada that I'm not aware of?

They froze the bank accounts of some Freedom Convoy donors.

The worse part of it is that some are denying that it happened, even though the Deputy Prime Minister made an official announcement about it.

You only have to look as far as Canada to see this in action. Canada leveraged banks for political revenge this year: https://yesithappened.substack.com/p/canada-froze-bank-accou...

What is 'ESG' in this context?

ESG's are environmental, social, and governance metrics. It is a method of altering the behavior of businesses and individuals through incentives or in some cases disincentives. Rather than altering group and individual behavior through legislation, banks and financial institutions can alter the behavior of businesses and people using a social credit score.

The legislators of my state and several other states are actively fighting banks that exhibit this behavior. None of the small banks I interact with will ever participate in that concept.

[1] - https://www.heartland.org/publications-resources/publication...

So in other words, conservative states are involved in the “cancel culture” and it’s costing the states taxpayers of those same governments millions

https://www.npr.org/2022/09/01/1120457153/texas-ban-on-firms...

"Discriminating" against the oil industry

Strangely the oil industry is doing great. And their ESG metrics look great, too.

They love it. To oil companies, ESG offers a way to offset their environmental crimes using cheap social activism.

The core idea is that pension funds should only invest in companies which are socially responsible. In order to achieve this, pension funds/large investors assign (or outsource the assignment of) scores to each companies based on each company's "Environmental, Social, and Governance" practices. As these have become more and more standard, large corporations have started changing their policies to improve their ESG scores. Pushing companies to be more responsible for externalities sounds good and reasonable, but the implementation gives a lot of power to the people who define and calculate ESG scores, and like all metrics, ESG scores are flawed and gameable. (A common complaint is that companies can get away with dispicable behavior by gaming the scores in other categories.)

These scores are currently a big deal on the right, since they tend to be based on socially liberal values and tend to push companies into left-leaning policies, but the left should be just as concerned about the trend given that the trend is to reduce the diversity of policies among the very large companies which (seek to) control our lives.

Everything that was bad about Corporate Scrip, is bad about cashless.

Cash is just nation state scrip.

And the nation state is just the corporation with the local monopoly on violence.

Money is made from plastic

> - magnetic fields suck. Plastic gets brittle.

The chips in credit cards aren't damaged by magnetic fields. Mag stripes will eventually be discontinued. (For instance, cards from Mastercard won't have mag stripes after 2033.)

Cash can get lost, stolen, or damaged. It is especially a risk when you’re bringing a bunch of cash for an international trip.

> transaction fees, particularly when traveling internationally

Many banks offer no international transaction fee cards. Charles Schwab Checking is one such example.

> magnetic fields suck. Plastic gets brittle

Cash is filthy disgusting and deteriorates. Also risk of receiving counterfeit bills.

Details.

"Cash-less" society means loss of anonymity.

The matter is not with options, but with lack of options.

I know someone who lost a lot of money because he kept it in cash.

Happen to HK protesters. Antigovt democracy protests can be tracked participating in protests through credit card use

Cash based: robberies