Klaus Schwab began by praising the CCP for achieving complete control over the population through COVID lockdowns and social credit scores. China implemented one of the strictest lockdown policies in the world. People were barricaded in their homes without warning or time to prepare. The Zero COVID policy caused businesses to shutter and interrupted the global supply chain. China killed family pets that were suspected of contracting the virus.
China implemented QR codes and revoked all freedom of movement. The CCP prevented bank runs by altering QR codes and preventing depositors from even entering banks. People needed QR codes to buy food, board a train, or access any public area. They then heightened their social credit score monitoring by placing a mass surveillance system throughout the country that uses biodata to build a personal profile on nearly every resident. They are still fine-tuning this technology, but eventually, every resident will be a mere number in the data system.
China is leading the world in government surveillance. What better place to discuss the coming digitalization of the financial world? BlackRock partner Jeremy Allaire was in attendance. His company operated the USDC digital stablecoin. Allaire spoke on the importance of “public-private” Central Bank Digital Currencies (CBDC). “You could have a potentially […] darker world where the government decides that units of central bank money can be used to purchase some things, but not other things that it deems less desirable like say ammunition, or drugs, or pornography, or something of the sort,“ noted Cornell University professor Eswar Prasad at the conference. “Now we are at the cusp of physical currency essentially disappearing,” he continued.
