I also wish it had gotten more into things like the history of consumer finance regulation and digital finance regulation and the battle of governing money as it could be useful. The book is filled with some interesting stories and analogies but some of them were off the mark and took away from the book. Private companies entrenching themselves as the owners of the financial rails of public money. Pushing global gentrification of standardized corporate chains over traditional small business Can exclude people & business from the financial system Are subject to failure and vulnerabilities Dematerialize money into their own digital chips It is a stark reminder that when we use digital money we are not just using more convenient money but instead strengthening and relying on a network of bank and tech companies who are, among other things: To entrench itself fully in our lives, and stick to our bodies, corporate capitalism needs the money to be digital, and for the ground-level touchpoints to be replaced with standardised apps, hosted in smartphones that follow us wherever we go." "Financial corporations dream of a ‘cashless society’ in which even these tiniest of nodes in the capitalist market will be tethered to their accounts, inserting the banking sector into every pixel of the economic picture. digital transfers) they want to move workers to digital money. He describes the core of capitalism as being corporations and the periphery as the workers, and because the core operates in digital money (e.g. What it did well was delineate the often overlooked boundary that exists between the conveniences of cashless and the jump to corporate ownership of the means of payment. For those who have little to no knowledge of fintech then it's a good place to start but I really found it lacking in a few areas. Is the end of cash the end of true privacy?Īnd is our cloudmoney future closer than we think it is?Ī really good into book on digital money from a leftist perspective. Who benefits from a cashless society and who gets left behind? He explains the technical, political, and cultural differences between our various forms of money and shows how the cash system has been under attack for decades, as banking and tech companies promote a cashless society under the banner of progress.Ĭloudmoney takes us to the front lines of a war for our wallets that is also about our freedom, from marketing strategies against cash to the weaponization of COVID-19 to push fintech platforms, and from there to the rise of the cryptocurrency rebels and fringe groups pushing back. He dives beneath the surface of the global financial system to uncover a long-established lobbying infrastructure: an alliance of partners waging a covert war on cash. In Cloudmoney, Brett Scott tells an urgent and revelatory story about how the fusion of Big Finance and Big Tech requires "cloudmoney"-digital money underpinned by the banking sector-to replace physical cash. And the great battle of our time is the battle for ownership of the digital footprints that make up our lives. But what we're told is a natural and inevitable move is actually the work of powerful interests. The reach of Corporations into our lives via cards and apps has never been greater many of us rarely use cash these days. Axiom Award Gold Medalist for Business Commentary
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