The idea works like this.

  1. Most major banks provide loans to fund capitalist enterprises.
  2. There aren’t any large socialism funders since 1991.
  3. Giving our money to capitalist banks contributes to capitalism.
  4. Chinese banks are an option, but they aren’t explicitly pro-fund-socialism.

Thus, a communism bank, would fund communism, such as local organizations and other grass root movements around the world, as “donations” or “loans”.

To grow the money invested in the bank, Chinese banks can be used in the background for high yield investments. This allows a smaller amount of dividends to be passed to the bank members, while the rest being skimmed to “donations” and “loans”.

So the process works like this.

  1. Initial investors pool money together
  2. Bank is setup with the initial pool
  3. Pool is then added to a Chinese Banks high yield savings account, let’s say 5% interest.
  4. New members join, and are promised 3% interest.
  5. 2% leftover interest is split between operation costs, and “donations” and “loans”.
  • NewOldGuard@lemmy.mlEnglish
    18·
    20 hours ago

    If it funded anything foreign the government would immediately declare the recipient an FTO and arrest the whole operation as “aiding foreign terror groups”. They’ve done this to whole countries like Cuba, small Marxist parties in Europe, and International Palestine solidarity networks. Domestic orgs can’t get this type of designation (at the moment at least). Assuming this was in the USA here

  • EmmaGoldman [she/her, comrade/them]@hexbear.netEnglish
    13·
    20 hours ago

    Don’t get yourself SLAPPed. The US government would immediately take down anything like this and seize all the money.

    Just find a credit union and try to avoid giving your money to Capitalists. If you live in LA, San Francisco, or NYC you could try banking through ICBC or BOC.

      • JoeByeThen [he/him, they/them]@hexbear.netEnglish
        17·
        21 hours ago

        They don’t need a reason to use it, but if we’re pretending they’ll abide by the law, all that needs to happen is anyone involved to get picked up for an offending act and they’ll come after the whole org. For an example look at the way they went after the Atlanta Solidarity Fund for the Stop Cop City protests. While the judge ended up dropping the RICO charges it took something like 2 (and half?) years for it finally happen.

        https://www.fox5atlanta.com/news/rico-charges-stop-cop-city-dismissed-attorney-general-chris-carr

        • VComrade [he/him]@hexbear.netEnglish
          10·
          20 hours ago

          They don’t need a reason to use it

          This is still the most important part tho. They’ll just slap a RICO charge on whoever and drag them through the legal system until they go bankrupt or snitch on the whole organization. Adding an acronym in front of their bs just make it seem “official”

          • JoeByeThen [he/him, they/them]@hexbear.netEnglish
            10·
            20 hours ago

            Well yeah, because leftists are essentially illegal in the US. But since most of us are harmless shitposters they don’t bother to come after us. Make waves, draw attention to yourself, and that changes.

  • RondoRevolution [she/her, comrade/them]@hexbear.netEnglish
    6·
    20 hours ago

    I can’t see this actually working without a ton of money behind it to begin with. Even then, wouldn’t it be much easier for a socialist country to just fund communist movements around the world? Unless you’re absolutely gigantic, you generally can’t just do that stuff easily.

    Wouldn’t a better alternative be a local bank to help your community? I remember reading about a city here in Brasil where the locals started a bank with their own currency with the goal of helping everyone get better conditions in the city and it actually worked, inside their community only their money is accepted and it helped them be able to help themselves since the state just completely ignored them.

    I’ll try to find the article I read about it.

    EDIT: Just found an article about it here. It’s not actually by city, but rather a community bank in neighborhoods or certain regions of a city, with some favelas being the biggest examples. And I thought there were just a few, but this article talks about around 150 of these community banks with their own social currency just here in Brasil alone.