China's next power grab – with the help of Western elites

Curtis Ellis spotlights ex-FDIC chief who sits on board of Communist Party bank

After unleashing the CCP virus on the world, the Chinese Communist Party is working to expand it power abroad.

It has vowed to use the economic chaos from the pandemic to tighten its global grip on critical industries.

The Red regime sees human suffering as a profiteering opportunity, selling shoddy medical supplies and protective gear. Canada ordered a million respirator masks only to discover they were crap.

California Gov. Gavin Newsom stepped to the front of the sucker line, placing a billion-dollar face mask order with sanctioned Chinese electric car maker BYD. Congress barred the use of federal mass transit funds to buy electric buses from the Chinese government-run enterprise on national security grounds. But that didn't stop Newsom from passing over perfectly good American companies to hand our money to a mortal enemy.

China's power grab is not limited to medical industries.

The CCP plans to take over the financial sector just as it has taken over heavy industry and advanced manufacturing. And there are plenty of Americans willing to help them do it.

The People's Bank of China is set to launch the world's first official digital currency, The Economist reports.

Its ostensible purpose is to make digital payments easier, but the utility of digital currency to central planners goes far beyond that. It will enable the communist government to not only track how money is spent, but also control how it's spent.

Without paper cash, the government will have far more effective oversight over all economic transactions and social activity.

The government will be able to attach coding to dictate how and where the digital currency is used. Doing business with any enterprises deemed "criminal" or politically unreliable would become impossible.

The digital currency is part of CCP General Secretary Xi Jinping's project for building a new economic infrastructure that includes 5G, artificial intelligence and other technologies integrated in China's social credit score system.

Perhaps out of fear of being frozen out of this brave new communist world, McDonald's, Starbucks and Subway have signed on to the project.

In this integrated system, when you walk into a restaurant after you've ordered your food, a camera picks up your face, the AI assistant says "welcome, here's your food," and the bank automatically takes digital payment.

Just as we've seen before, Western elites are acting as paid cheerleaders in the Chinese Communist Party's latest project.

Take for example Sheila Bair, former head of the Federal Deposit Insurance Corporation, the government agency that insures your bank account. You'll see her on television and read her columns.

Bair will tell you the long-term interests of the U.S. and China are aligned and that the president should "work with allies" rather than take on China alone, and so on and so forth.

What Sheila Bair doesn't like to tell you is that she sits on the board of China's biggest commercial bank, the Industrial and Commercial Bank of China, ICBC. The bank is owned by the Chinese government and controlled by the CCP.

ICBC is a key player in the Belt and Road Initiative, the CCP's colonialist plan to enslave developing countries in debt peonage. The Belt and Road Initiative extends loans for infrastructure projects around the world on terms countries cannot meet, then takes possession of ports and other facilities in perpetuity.

ICBC is taking part in 212 Belt and Road projects now exceeding $67 billion. "In the future, we will attach ourselves to over 400 projects with hundreds of billions of U.S. dollars of funding," ICBC President Gu Shu says.

Bair's bank also paid over $6 million in fines for money-laundering violations in the U.S. and ran a multi-million dollar money-laundering, tax fraud and smuggling racket with Chinese criminal organizations in Europe, Reuters reports. Several senior bank executives were arrested.

"ICBC is a flagship in China's quest to become a global banking giant. At the direction of the ruling Communist Party, it and other Chinese state-run banks have aggressively expanded into offshore markets," Reuters also reports,

Sheila Bair helpfully tells us, "We should learn from China" and China should be involved in developing international banking rules.

Bair is a living, breathing example of how Beijing funnels millions of dollars to prestigious figures in finance and politics to buy influence in Washington. She's served in Democratic and Republican administrations and exemplifies the bipartisan Washington consensus that reigned unchallenged for decades.

Now, Sheila Bair has endorsed Joe Biden for president. She is clearly angling for a Cabinet position.

Joe Biden has consistently been wrong about, contributed to and benefited from the terrifying rise of the Chinese Communist Party.

Considering Biden's record, Shelia Bair's coziness with China's dictators qualifies her to serve in a Biden administration.