Originally published at http://www.commondreams.org/views/2019/06/26/facebook-may-pose-greater-danger-wall-street
**BDS **Facebook! Zuckerberg, I hope you lose your shirt, you creepy little spy.
The dollar’s hegemony is now primarily due to at least 66 countries accepting it as legal tender for trade and artificially pegging their own currency to it ensuring the US dollar’s never ending buying power:
Currencies that trade in open markets require that you convert US Dollars to local currencies for international trade (including online purchases), ultimately strengthening or weakening the US Dollar towards the direction of balanced trade. Trade imbalances will persist but will go up or down based on the quality and marketing of goods and services.
Most of the so called “Free Trade Agreements” are designed to expand the list of countries with a fixed currency exchange and enhance offshoring of jobs.
I see Facebook’s Libra as a continuation of this Free Trade / Fixed Exchange mantra. Facebook will fix the foreign exchange rates for Libra to enhance the offshoring of jobs. BTW, business has a new name for offshoring jobs. It’s called “telemigration”.
Facebook could enter the business of lending Libra but I don’t see them challenging the fractional reserve lending space of central banks. Here is an entertaining look at that space:
Reading Ellen Brown’s “Web of Debt” is also a must.
Facespook shall not be trusted with my business.
Facespook’s currency is just one of an ever growing number of examples of the negative impacts the 99% are experiencing as a result of more than four decades of decriminalizing New Deal financial regulations (Corporations, their media and politicians call decriminalization “deregulation”).
A lot of this just flew over my head but bottom line there would be 2 groups of corporations controlling the money supply and neither working for we the people.
Sure glad I wil be gone in another 15 years or so.
Right subject. Wrong conclusion.
Facebook is a publicly traded, Wall Street commodity.
Break up Facebook! They exert far to much influence over this “democracy”.
I’m with you.
There’s probably little good to come from Facebook or Zuckerberg running much of anything. On the other hand, a single monopolistic currency under the control of a single central bank or banks may be the worst of all possible worlds. It has certainly not been a recipe for stability, by any known measure. And the “inevitable” ups and downs of the marketplace have come to be used to hijack the earnings and savings of most of the population.
With the exception of Iceland, all of the national currencies and banking systems touting their so-called “free market” economics in the recent crash used established Keynesian mechanisms to boost selected wealthy businesses and individuals, to centralize power without backing up their broader populations or creating public works. There is clearly nothing to be gained allowing these people and institutions continued unfettered access to politicians and policy. Any legitimacy that a nation might have to control economics has to derive from some relative consent of the governed. And, as democratic process breaks down beyond recognition and governments cast aside pretensions to democracy, that legitimacy wears thin.
Why not a global currency operating independently of national currencies, whether one regards this as competitive or complementary? Perhaps a more constructive response, rather than attempting to retreat to a single state-controlled currency would be to create local currencies as well–civic or state or county or otherwise organizational currencies that might opt for rules that would better support more natural human values.
It should be really pretty obvious that money has to be reinvented somehow if we are continue to use it in ways that allow it to determine what we can and cannot do. It’s running us right of the edge of a cliff as is.
I would go further and suggest they link de-regulation with “Freedom” . Who on this Earth could be against “Freedom” ?