The dark side of Globalism

Op-ed views and opinions expressed are solely those of the author.

Have you made a call to a banking or credit card servicing center at the end of a toll-free number?

Whether it is to inquire about a funds transfer, a credit card balance, or virtually anything banking related, the accent on the other end hints at distant places. Such as India, Bangladesh, Taiwan, Indonesia or the Philippines.

For some, this isn’t an issue. Corporate America appreciates the government’s call for diversity. It makes perfect sense. A Universal Banker averages $43,000 a year in America, depending on location. A Universal Banker averages $9200 per year in India. Call center help shows even more of a spread.

In Fortune 500 thinking, reduced labor costs can be passed on to the consumer. The question becomes, “what percentage is passed on to the consumer and how much is added to the company’s bottom line?”

A Greater Concern: Security

Some of the world’s most adept “hackers” reside in the far east. These people are generally smart, poor and motivated. They are likewise not vetted to the extent that American Financial Services Professionals are. I can attest to the finger printing needed for the criminal background check. Credit checks are nearly always a must. Many banks require drug testing. The bar is lower for the “offshore help.”

It has always concerned me (and should concern all Americans) that this “help” is given access to highly sensitive information. Namely, social security numbers, home street addresses, phone numbers and birthdays.

Debt recovery is a major concern. Midland Credit, one of the largest debt recovery companies in the world, is 90% automation. 99% of the personnel is offshore. When A.I. reports credit information to Equifax, Experian and Trans Union, it is recorded. In so many instances it is incomplete or simply wrong. This happens because A.I. doesn’t reason. It reports. Obvious mistakes such as “duplicates” and “juniors” don’t compute. Correcting mistakes can take months, if not years!

At least 80% of Americans have at least one mistake in their bureau, according to Franklin Tennessee based, “The Adkins Group.” Two-thirds have more than one mistake. Errant derogatory marks can lower a consumer’s credit score, often forcing them to pay more for their money. Banks price their money accordingly. If the lower score results in a higher interest rate, that’s the system. President Trump called this out in 2016, describing the system as “rigged.”

Why is this Tolerated?

Simple. It’s about a “buck!”

Globalist corporations care little for the consumer. It’s about a profit. If someone get’s hurt along the way, it’s okay; unless it’s a large stockholder. Privacy, which is a constitutional guarantee is disregarded, for the most part.

It was said at last week’s Republican convention by one of the commentators (I can’t remember who said it) that the November election will be about “which party ultimately controls A.I.?” This is not a comforting thought, no matter which side of the aisle one sits on!

There is the fleeting hope that somehow, some way, we might wind the clock back, returning to the time when the Monroe Doctrine meant something. Its enforcement would settle many of the festering problems inherent in today’s complicated global scene.

For now, we must address the world’s fastest growing crime: “Identity Theft.” Outsourcing financial services jobs requiring detailed information about Americans cannot be tolerated. The quickest way to do this is to “level the playing field.”

O.P.T. to the Rescue!

An “offshore personnel tax” implemented at federal and state levels would incentivize large corporations to keep more jobs at home. “How much” is another question. Too little, such as 10% might be tolerated. Too much, equivalent to the home state’s minimum wage, might be inflationary. Of equal consideration is the question of “first language.”

Employees who speak English as their first language will be more efficient in nearly all cases when compared to speakers who speak Hindi, Bengali, Mandarin or Tagalog as their first language. “English first” workers will be able to complete a task quicker, as compared to someone speaking English as a second language.

Relocating banking and call center jobs to poorer parts of the United States would be the logical step. Due to time zone differentials, offshore jobs would be confined to the U.K., Australia, and New Zealand, provided that the “vetting process” followed the same standards.

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