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My read is that it IS the USD. '...it may actually cement the dollar as the world currency once and for all. As the Association mops up all the fiat in the wor
by olivermarks 7y ago
My read is that it IS the USD.
'...it may actually cement the dollar as the world currency once and for all. As the Association mops up all the fiat in the world they’ll likely turn it into dollars on the back end anyway, so Euros and Yen become Dollars and cents.'
- toyg 7y agoBut it would still give them leverage, because cutting FB to size would then hit the USD.
- olivermarks 7y agoThe USD and petrodollar are under great pressure as reserve curencies at this point in history, this could be an effort by the globalized elites to create a new world currency. I suspect this FB initiative will fail but set up a next generation with similar size and heft
- est31 7y agoYeah, being a western currency, Libra competes more with RMB than with Euros or Dollars. It's more what the CFP franc is to Euros than an anti-Dollar. If the power grows too big, it may get nationalized like how the BEIC got nationalized.
- koboll 7y agoThis, I think, is the value proposition to the USG. Facebook is primarily aiming Libra at foreign markets. Americans don't really particularly need a better way to pay for things online.