Originally posted on Quora September 8, 2022
Sources: The Choking Continues After Chokepoint Why Ask The Treasury to Fix The Derisking Problem When They May Have Caused It Controversial Operation Choke Point Has Ended Documents About Financial Censorship Under Operation Choke Point Show Concern From Congress , Provide Few Answers
During Obama’s second term, his DOJ pressured banks to “derisk” and close the accounts of charities, money transfer services, pawn shops and gun dealers without substantive due process or even notice. Of course, the entire purpose of a social credit system, as we see in China, is to eliminate substantive due process rights and discourage political dissent. There’s no need to secure an arrest warrant or write a probable cause affidavit or even pass a law criminalizing the activity you want to punish when you can simply freeze, wipe, or close their bank account. None of the targets have to be privy to it until they find out they can make any purchases or withdraw any cash, which itself will be eliminated by CBDCs. We already have this in limited form with no fly lists where the DHS can prohibit US citizens from flying without their knowledge or the ability to appeal the decision and we already have civil forfeiture wherein the IRS or FBI can raid or freeze your bank account without notice or appeal. These extrajudicial punishments aren’t limited to foreign terrorist or drug dealers. They’ve been used against political dissidents like Nick Fuentes who spoke at a January 6th rally but never set foot in the Capitol or was charged for any crimes committed on that day. A social credit system would make extrajudicial punishment of political dissidents much more efficient.