Corporate Coercion and the Drive to Eliminate Buying with Cash
Date Written: 05/01/2018
Year Published: 2018
Resource Type: Article
Cx Number: CX21883
Consumer freedom and privacy are examined as coercive commercialism quickly moves toward a cashless economy, when all consumers are forced into corporate payment systems from credit/debit cards, mobile phones and perhaps even through facial recognition technology.
The sheer pace and brazenness of corporations when they have instant access to your credit is stunning. The recent crimes of banking giant Wells Fargo, including selling auto insurance and assigning new credit cards to millions of their customers who had no knowledge and gave no consent for these charges, which resulted in damage to these customers' credit scores and ratings, can only be committed when consumers are turned into economic prisoners. There are still no criminal prosecutions of the bank or its bosses. Wells Fargo bank stock rose to a year high last month. To their credit, the CFPB imposed a $100 million dollar fine on Wells Fargo, which barred them from deducting the fine as a business expense.