They keep saying this is a "stablecoin" but there is no way it can be stable. First, the basket of currencies in the reserve is chosen by Facebook and will fluc

They keep saying this is a "stablecoin" but there is no way it can be stable. First, the basket of currencies in the reserve is chosen by Facebook and will fluctuate against the value of the Libra as Facebook (or the verifier nodes, other tech giants) decide. Secondly, it's a fractional reserve with only 10% of the floating Libra expected to be held in reserve currencies. That amount could also change anytime and definitely will change as this concept is the basis of modern banking. Third, not all of the reserve has to be in fiat. FB will have some of it in other financial instruments and these, too, will vary over time, so says the documentation. This is another staple of the banking industry. In other words, your Libra is only worth what FB says it is worth today in trade for some other currency. Those exchange amounts can and will change from country to country, from user to user (never possible before; the ultimate in demand pricing), and fiat to fiat. This gives FB an unprecedented role as an arbiter of global exchange rates and an arbitrageur who profits from a spread that they themselves create. FB doesn't care about being a nation because, as one of the Rockefellers supposedly said, it matters not who makes the laws if you can control the supply of money. FB's policy documents already divulge that they will control the supply and value of Libra.