31–40 of 335 posts
This system seems inhumane. I’ll consider supporting a boycott of China if it would help.
They are both systems designed by the elites to shape the behavior of commoners.
Why do I have to regularly use a credit card to prove that I am credit worthy, so that I can get a bank loan to buy a house?
This system seems inhumane. I’ll consider supporting a boycott of China if it would help.
i don't think you understand the premises of how one ends up on the bad list. "owing" money means you borrow from secondary lender, using it to buy risky assets. you essentially played with fire and got burned. lots of cases like this where these "businessmen" loses money and then declared bankruptcy, refusing to pay anyone back. sounds a lot like wallstreet doesn't it? are you okay with what they did? this is govern…
I'm sure the CCP would love to use social credit as another tool of repression, but for now they're having enough trouble getting a normal credit reporting system going.
This is awful. Totally admit it, they shouldn't do it, etc.
About the same as being a released felon in the United States. We also allow financial information to be pulled for background checks in the United States:
> A check of a candidate’s background may include employment, education, criminal records, credit history, motor vehicle and license record checks.
From https://www.hireright.com/background-check-faq/answers/what-...
We already have what is functionally a social credit system in the United States, you'll find the people suffering under it getting harassed by ICE boarding greyhound buses.
Earlier quoted context omitted.
I'm not sure what to make of your scare quotes, but none of what you wrote, on its face, sounds wrong to me. 1. If a lender lends me money, they're shouldering the risk that I may not repay the loan. That risk should be priced appropriately. 2. Bankruptcy is a valid concept. 3. What Wall Street did was misjudge the risk of their products (whether intentionally or not). Sounds like what the lenders in your example are…
All your points are valid. However you're only looking at it in a way that's familiar to you. Here's a personal example, my parents bought a condo in China in a new development area, searched around for renovators and found this shop close by that seemed fairly legit. A show room, full staff, decent looking portfolio, sales people looked legit and they had legit looking supply chain relationship as well. My parents w…
As far as I know, (and correct me if I'm wrong), China didn't have a credit score system as developed as what we're used to in the US (i.e. Equifax, TransUnion, etc.)
But what the social credit system represents is a leapfrog over that to something much more invasive and ubiquitous. I don't want to know if my contractor once smoked in a no-smoking area, of if they buy too many video games. But I do want to be able to check their contractor's license and make sure there aren't complaints.
This system seems inhumane. I’ll consider supporting a boycott of China if it would help.
If you are looking for inhumane behaviors upon which to base a boycott of China, there are several better choices.
> In China, only those who cannot afford the high-speed train take the slow train.
I have taken a similar train from Shanghai to Shenyang, it was also a bit north of 30 hours. Sure, it was not very clean and as everywhere you may encounter unconventional people but in general it's not at all the deadbeat caravan they paint it out to be.
This line of thinking spans cultures and completely ignores the velocity or time value of money. It is extremely counterproductive and doesn't factor in what someone is trying to do.
This punitive approach to all forms of spending and consumption hampers the productivity of nations.
A simplistic analysis like this has no way to distinguish someone shirking their debts, and someone reinvesting in a future business prospect, or just unwinding! All humans want to unwind.
People with lower debt ratios do the same thing. They don't always pay things down, don't always prioritize debts in any particular order. So this privilege shouldn't disappear just because someone is visibly having money challenges or merely known to have a creditor.
Earlier quoted context omitted.
I don’t know. I sometimes manufacture physical products. I could state publically that I won’t. I could also not buy products made in China personally. In general we ought to try to change things we don’t like. I can’t imagine the people of China like this system do they?
They do, actually! Source: https://www.washingtonpost.com/politics/2019/03/21/what-do-p... Presumably a system that promotes good behavior is well liked by people who haven't run afoul of it. And of course, via censorship practices, a very small percentage of Chinese citizens are aware of a lot of reasons they should be concerned about their government. Russian citizens are also wildly enthusiastic about Vladimir Put…
USA is heading down this road, too. 21 states will suspend your driver's license if you fall behind on student debt. This is ass backwards and destructive thinking. I am certain this is just the start of greater restrictions on the unfortunate.
Source: https://www.nytimes.com/2017/11/18/business/student-loans-li... - insane.