🐈 on Twitter: "Thought Reference Pointer: Ant Financial as potential Bank of Braavos Arms Dealer. Money is Born of Blood."

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‏ @a_yawning_cat 6 Nov 2020

Retweeted Cory Doctorow

19/ Pawnbrokers are a source of debt in China but the market is small.https://twitter.com/doctorow/status/1324392326580432897?s=20 …

added,

Cory DoctorowVerified account @doctorow

China's pawnbrokers are a $43B shadow banking sector, and the country's regulators have been cracking down on them for the past year. https://www.bloomberg.com/news/articles/2019-03-12/china-is-said-to-scrutinize-43-billion-pawn-shop-lending-boom … $43B is a drop in the bucket of China's shadow economy (valued at $9T!), but it has real metastatic potential. 25/

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‏ @a_yawning_cat 6 Nov 2020

Retweeted Cory Doctorow

20/ What Ant financial is doing is that it's providing an alternative source of capital that is not under control of the central government.https://twitter.com/doctorow/status/1324392328207888384?s=20 …

added,

Cory DoctorowVerified account @doctorow

Ant's innovation is to fintechize pawnbrokering industry, by tying it to apps (on the front end) and to a US-style debt-brokerage (on the back end). IOW: Ant's business model is that desperate people use an app to request and quickly receive high-risk, high-interest loans. 26/

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‏ @a_yawning_cat 6 Nov 2020

21/ This makes it more difficult to reign in the generals who are hellbent on continuing their empire building. It's like creating a Bank of Braavos. If I am a general that wants to create a coup, I WANT the existence of sth like the Bank of Braavos to hire my mercenaries.

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‏ @a_yawning_cat 6 Nov 2020

Retweeted Cory Doctorow

22/ The creation of this BoB is exactly what regulators are supposed to prevent.https://twitter.com/doctorow/status/1324392336843972608?s=20 …

added,

Cory DoctorowVerified account @doctorow

So yeah, you're goddamned right the Chinese regulator wasn't going to let him do it. Their whole JOB is to not let him do it. If you read this far, you may be asking yourself why, if governments don't need taxes to fund programs, they bother to tax at all? 31/

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‏ @a_yawning_cat 6 Nov 2020

Retweeted Cory Doctorow

23/ Note that the U.S. does NOT have a the moral high ground on this. Uber and Postmates don't provide value because their empire driven mentality can't be reigned in due to life support by BoB.https://twitter.com/doctorow/status/1324392349540102145?s=20 …

added,

Cory DoctorowVerified account @doctorow

The gig economy companies are the epitome of the financial economy destroying the productive economy. None of these companies turn a profit, after all - all they do is destroy actual, profitable businesses. 39/

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‏ @a_yawning_cat 6 Nov 2020

24/ To sum up. Giving agency to the private sector avoids the economy being micro-managed to death soviet union style. However, Banks of Braavos often become arms dealers, selling to both sides while growing in power to rival the central authority.

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‏ @a_yawning_cat 6 Nov 2020

25/ The central authority isn't "good". After all, it came to power via various forms of warmongering. However, it leaves a useful skeleton of behaviors and ideas (like money) that require centralization and often is the only thing that can prevent market failures.

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‏ @a_yawning_cat 6 Nov 2020

26/ Food for thought... maybe we need *more* centralization? To solve things like climate change. The Tianxia concept for example was often used as justification for war b/c of the benefits of unification.https://en.wikipedia.org/wiki/Tianxia

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‏ @a_yawning_cat 6 Nov 2020

27/ It's kinda hard to trust the existing centralized behemoths though. China can't keep baby milk formula from killing its babies. Big tech seems to have its hands full.. Who knew generals sucked at peace.

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‏ @a_yawning_cat 6 Nov 2020

Retweeted Cory Doctorow

28/ Addendum: To understand capital flight from China understand that generals can ONLY conquer. They can do nothing else. A restricted general will naturally find greener pastures to maintain their sense of freedom and power.https://twitter.com/doctorow/status/1324391667739226112?s=20 …

added,

Cory DoctorowVerified account @doctorow

During the country's rapid industrialization, regulators loosened the flow of money to allow for rapid capacity-building, directing the country's productive capacity to building factories that would multiply that capacity. 17/

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‏ @a_yawning_cat 6 Nov 2020

Thought Reference Pointer: Ant Financial as potential Bank of Braavos Arms Dealer. Money is Born of Blood.

11:18 PM - 6 Nov 2020

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