Much debanking is politically motivated. Most memorably, Justin Trudeau’s Canadian government invoked emergency powers to freeze the bank accounts and seize the assets of the truckers protesting his destructive vaccine mandates and demagoguery. Yet banks are not the only ones involved; online payment platforms have joined in too. GoFundMe, for instance, seized money donated to the truckers through its platform. PayPal, meanwhile, in one of the more symbolic instances of its prolific debanking habit, cut off the Free Speech Union for promoting “intolerance”. PayPal also attempted to slip language into its user agreement allowing it to confiscate $2,500 from users each time they spread “misinformation” or said or did anything “harmful” or “objectionable” (all defined at PayPal’s “sole discretion”).
Why is this happening? Why would private banks and other businesses force out paying customers like this? Because it is in their interest to do so if they want to survive and thrive, and indeed they have little choice. These banks are not really fully “private actors” — they are part of the managerial economy in a budding managerial party-state much like China’s, where an oligarchic elite class seeks to preserve its rule. Critically, there can be no neutral institutions in a party-state. The party-state’s enemies are the institution’s enemies, or the institution is an enemy of the party-state (which is not a profitable position to be in). This is what “reputational risk” really means: the risk of appearing to be on the wrong side of the party line.
In a society as digitised as ours, control over digital transactions means surveillance and control over nearly everything. When someone is debanked — and then inevitably blacklisted from all other banks — they are cut off from participation in almost every aspect of modern life. They will have no easy way to receive pay from a job; they cannot buy property and may not even be able to rent. They will be unable to purchase almost any digital service and, increasingly, will be prevented from buying everyday goods offline as well. Once the ongoing war on cash is won, they will be well and truly screwed. Debanking therefore serves as an extremely effective means to isolate and silence a targeted person or group, quickly breaking any presence and influence they may have once had within society. Which is, of course, the point.
This appears to be a lesson taken directly from the Chinese method of dealing with dissidents. Indeed, the West’s managerial elite seem to have concluded that they now have the tools and latitude to begin implementing a Chinese-style social credit system here. Although not yet anywhere near as comprehensive, this nascent system shares the same fundamental characteristics: using public-private coordination and “social governance” to collapse any distinction between public and private life, thereby greatly raising the risks for public non-conformity and dissent from the narrative. Utopia is doubtless just around the corner.
In fact, we can see transparent steps towards the construction of something like a social credit system in the now widespread use of such innovations as ESG (environmental, social, and governance) scores. Major financial institutions wield them to vocally conform to specific social and ideological practices required to access capital. Similar NGO-led scoring schemes such as the Corporate Equality Index and UK-based Diversity Champions programme also threaten those businesses that fail to conform with “reputational risk” blackmail and de-platforming.
How far might this all go? While the powerful realm of financial flows is today’s focus, there is no reason to think that, on the current trajectory, the same dynamics won’t eventually be applied to every other sector of our economy and society. We shouldn’t be surprised if someday soon apartment leases come with ideological morality clauses, airlines unite to ban customers with the wrong beliefs from travelling, or people find themselves evicted from their insurance policies for speaking out of turn online. This will simply be the behaviour of a hardening managerialism seeking stability through mechanistic control over all the details of life.
New technologies such as AI and, especially, central bank digital currencies (CBDCs) will only continue to make this kind of granular control easier. A few months ago, an American man found himself completely shut out of his digitally controlled “smart home” by Amazon after a delivery driver accused his doorbell of saying something racist. Why would Amazon bother to do this? Because they can; and so, under a managerial regime, they must. As our managers find that every day it feels easier and easier to “solve” problematic people with the click of a button, they will not be able to resist hitting that button, hard and often.
Such is the very Weltanschauung — the whole way of seeing and believing — of the managerial mind. As more and more powerful technology comes within the grasp of the managerial machine, its grip will only continue to tighten. For, as C.S. Lewis understood, “each new power won by man is a power over man as well”.
Today, as Orwell predicted, the great super-states struggle for possession of the earth. But for all past speculation that the 21st century would be defined by a “clash of civilisations”, there is now only one, smothering form of modern civilisation that has stretched itself across the face of the globe, its multiple personalities vying for imperial supremacy. In the West, progressive managerialism softly strangled democracy to death over a century of manipulation, hollowed it out, and now wears its skin. In the East, the imported virus of communist managerialism wiped out a once-great civilisation in a river of blood, then crystalised into the cold, hard machine that now rules the lands of China.
This is the truth behind why China and the West, for all their proclaimed differences, share the same managerial hubris, are tempted by the same growing technological powers, and are sheltering the same elite insecurities and delusions. Even as they roil and clash, they are converging on the same destiny: the same socially engineered submission of everything human, real and free to technocratic nihilism and the false reality of an all-encompassing machine-government — to a total techno-state.
***
This essay is an extract from a longer piece on The Upheaval.
Join the discussion
Join like minded readers that support our journalism by becoming a paid subscriber
To join the discussion in the comments, become a paid subscriber.
Join like minded readers that support our journalism, read unlimited articles and enjoy other subscriber-only benefits.
Subscribe