|Wed June 19 2019 20:40:13|
Wealthy Technocrats Want to Control Movement of Money
By: Ina Steiner
Some super wealthy people who control large corporations came up with a system independent of governments that they say will benefit poor people, and its purpose is to move money around the globe.
That is one way to describe Facebook's brainchild that is endorsed by financial services and high tech companies and is called Libra, a cryptocurrency.
Facebook's announcement and Libra's website heavily promote the benefits to poor people, the unbanked, and developing nations. But members of the organization
created to govern Libra heavily skews toward Western corporations and venture capitalists, along with a handful of nonprofit and multilateral organizations, with all but two of those focused on the Western world.
Whoever establishes cryptocurrency first will have a tremendous advantage - the network effect - and may wield tremendous power.
has an article from last month about what was known at the time about the Facebook cryptocurrency project, which was codenamed stablecoin, and Facebook board member (and former PayPal president) Peter Thiel's role. "If Facebook succeeds in scaling its blockchain payments project to its more than 2 billion users, the company will deliver on Peter Thiel's original vision of online payments."
Another article from 2012 indicates Libra may not be Facebook's first attempt at a global currency. "In 2010, speculation was rampant that Facebook Credits would become the first global currency," Futuristspeaker
wrote. It also outlines Thiel's involvement (along with some former colleagues, sometimes referred to as the "PayPal Mafia") in various online payment firms.
We're moving into uncharted territory, and world economies are at stake. But the chairman of the US Federal Reserve seemed unconcerned on Wednesday: "As for potential effects on monetary policymaking, Powell said that "we're a long way from that," going on to note that "digital currencies are in their infancy,"" Coindesk reported.
Is that what Facebook and Libra told Chairman Powell?