2 American companies control 69% of all credit cards and debit cards in the world, these two companies could essentially plunge entire economies into recessions by pulling their services and halting all electronic business transactions.

Why have so many countries allowed their economies to be extremely dependent on foreign payment processors? Even aside from the security risk aspect, 2 foreign companies earning 1% on every electronic transaction that occurs in your country is a huge amount of money, money that is leaving your country for no good reason.

>>213146077 (OP)
Capitalism is by design a system run by the bourgeois the bourgeoisie define their power through the control of capital.

just have sex

>>213146077 (OP)
because whenever they try, they get bullied by the US
its happening here now, trump ordered an investigation over the free instant money transfer service provided by the federal government here because its a threat to american credit card companies

iirc the recent shitshow about trump and brazil supposedly also stems from brazil building a self-reliant payment system, so I guess because daddy america would be sad and slap you tariffs in response

>>213146077 (OP)
There's some law here that makes withholding essential services without proper notice, a crime. Some bill like that would be cool.
https://codelibrary.amlegal.com/codes/shakerhts/latest/shakerhts_oh/0-0-0-15259
The key problem is that our bank to bank transfer system is fucking slow
>>213146159
I dislike how marx mutilated the definition of 'capital' to fit his prose. capital is usually an illiquid asset that someone owns and used to create money

>>213146077 (OP)
>it le leaves the country or however the beans are toasted
money leaves countries all the time

no friend marx did not mutilated, he is entirely right capital is a system, and in this system everything is capital, there is no fine line between "asset" and anything else

>>213146077 (OP)
The EU should ban them. Lots of American companies are rent seekers that doesn't actually add value.

>>213146335
>money leaves countries all the time
For goods and services. Visa and mastercard all the way in North America charging a Slovenian family 1% of transactions when they go grocery shopping down the street in Ljubljana makes no sense. Is moving money from your bank account to a business' bank account really something that requires the services of foreign payment processors a continent away?

>>213146418
Slovenians use credit cards?

I hope digital euro will be an alternative but they will probably fuck it up somehow.

>>213146077 (OP)
>>213146418
Governments don't care about the taxpaying goyim or establishing their own system.
The whole point of making cash money obsolete and encouraging electronic is that now virtually the entirety of the M1 supply is bank reserves which helps the work of central banks and the control of bond yields.

>>213146640
But governments and their central banks are essentially vassalising themselves to foreign payment processors by having all their electronic transactions depend on them.

>>213146284
>theres some law ...
the point is that, for example, if the USA went to war or otherwise soured relationships with kurdfuckistan or doofenshmirtzberg, USA could essentially crash their economy by having visa and MC stop doing business in that country. it is almost a national security threat that 90% of the world's countries allow american companies to run their economy, similar to how countries that depend on food imports to sustain themselves aren't actually sovereign states
>>213146418
its because the EU is just a bunch of US vassals (along with 90% of the rest of the world). if you hate it, then create your own companies. are you seriously blaming the USA because your countries suck and depend on US capital to function?

>>213146713
I don't really know how visa and mastercard work on that large international scale.
I only know that for a central bank's target rate policy to work on the lower and upper bound and for bills/notes to follow suit, there need to be an ample bank reserve regime, so it makes sense they'd encourage a system like that despite whatever chokehold two companies could potentially put you into down the line.

>>213146418
>for goods and services
sorry what is visa and mastercard?

>>213146879
A racket
>>213146854
It would be incredibly easy for governments to fund their own domestic payment processors, why they haven't already done so(apart from China and Russia) is a mystery.

>>213147065
no, it's a service, and you understand that debit cards fees are practically nothing?