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Call me pessimist, but cartelized private global corporations owning and “printing” money can only bring bad things. It is centralized and is controlled by an e

Call me pessimist, but cartelized private global corporations owning and “printing” money can only bring bad things. It is centralized and is controlled by an elite.

whatshisface 7y ago
The Fed isn't? It has more private board members than appointed board members, and some have argued that it has consistently prioritized the interests of the banks at the expense of encouraging leverage like cash is going out of style. This is closer to a battle between west coast elites and east coast elites than it is about the people versus the elites.
- sidlls 7y ago
  Well, The Fed is a bit different. It's not exactly a private corporation that is not beholden to the voting public. More importantly, though, is your note about who this battle is between: it's a battle between groups of people who should both be viewed very skeptically when it comes to the interests of "the rest of us". Corporate controlled money has been tried in the past; it didn't end well for workers.
  - StudentStuff 7y ago
    Company scrip has a long and nebulous history, its great for tethering your workers to the company town (and company store) while keeping them indebted and unable to leave: https://en.wikipedia.org/wiki/Company_scrip https://en.wikipedia.org/wiki/Company_scrip
- dragonwriter 7y ago
  > It has more private board members than appointed board members Only in the world where 0 > 7; there are 7 members of the Board of Governors, all Senate-confirmed Presidential appointees.
- mbesto 7y ago
  Even if it isn't fully apparent, the people can vote out a president that controls the Fed. There is no such option to the "100 member companies". Also, the Fed is US only...so there's that. The scary thing about Libra is that it truly has the potential for global-scale "boil the frog" ramifications.
  - provolone 7y ago
    Individuals can simply choose to not use Libra or FB. Contrast this to abstaining from voting. There will still be a president and a Federal Reserve Bank regardless.
  - javert 7y ago
    > Even if it isn't fully apparent, the people can vote out a president that controls the Fed. The president of the United States does not control the Fed, if that's what you're saying. The current U.S. president is extremely unhappy with the current Fed chairman and has repeatedly demanded that the Fed alter its policies, to no avail. > Also, the Fed is US only...so there's that The U.S. dollar is pretty global.
    - mbesto 7y ago
      > The current U.S. president is extremely unhappy with the current Fed chairman and has repeatedly demanded that the Fed alter its policies, to no avail. And yet he nominated him. What's your point? AFAIK he also technically has the power to fire him too. > The U.S. dollar is pretty global. Can you use the dollar to buy food at a foodstand in Germany? No. Just because certain aspects of the global economy are driven by the dollar, doesn't mean everything can be transacted with it. Libra is meant for companies to be able to transact business globally under one currency.
      - pjc50 7y ago
        > Can you use the dollar to buy food at a foodstand in Germany? No Probably not, but in a tourist place you might succeed. And there's still plenty of places where the US dollar is more welcome than local currency. It's hard money, regardless of the politics of the Fed.
- javert 7y ago
  > The Fed isn't? This kind of response derails the discussion. Yes, the Fed is centralized, too. That doesn't defeat the point you are responding to.
- snowwrestler 7y ago
  The Fed Board of Governors (the body that makes monetary policy) is an agency of the federal government. That means that yes, it is centralized, but it also means that it operates under a public, transparent, and democratically changeable legal structure. If Americans don't like the Fed, they can vote for a president and members of Congress who will change it. Bitcoin has become centered on the few largest mining operations. Libra is centered on Facebook. Who elected them? How do currency holders influence them? There are no defined ways to do so.
chillacy 7y ago
Banks used to print banknotes, and still do in some places. As long as those notes are backed by assets, what’s the problem?
lightgreen 7y ago
They are not going to “print” money. Each libra dollar is backed by real dollar/euro/jpy.

Call me pessimist, but cartelized private global corporations owning and “printing” money can only bring bad things. It is centralized and is controlled by an elite.

whatshisface 7y ago

The Fed isn't? It has more private board members than appointed board members, and some have argued that it has consistently prioritized the interests of the banks at the expense of encouraging leverage like cash is going out of style. This is closer to a battle between west coast elites and east coast elites than it is about the people versus the elites.

sidlls 7y ago
Well, The Fed is a bit different. It's not exactly a private corporation that is not beholden to the voting public. More importantly, though, is your note about who this battle is between: it's a battle between groups of people who should both be viewed very skeptically when it comes to the interests of "the rest of us". Corporate controlled money has been tried in the past; it didn't end well for workers.
- StudentStuff 7y ago
  Company scrip has a long and nebulous history, its great for tethering your workers to the company town (and company store) while keeping them indebted and unable to leave: https://en.wikipedia.org/wiki/Company_scrip https://en.wikipedia.org/wiki/Company_scrip
dragonwriter 7y ago
> It has more private board members than appointed board members Only in the world where 0 > 7; there are 7 members of the Board of Governors, all Senate-confirmed Presidential appointees.
mbesto 7y ago
Even if it isn't fully apparent, the people can vote out a president that controls the Fed. There is no such option to the "100 member companies". Also, the Fed is US only...so there's that. The scary thing about Libra is that it truly has the potential for global-scale "boil the frog" ramifications.
- provolone 7y ago
  Individuals can simply choose to not use Libra or FB. Contrast this to abstaining from voting. There will still be a president and a Federal Reserve Bank regardless.
- javert 7y ago
  > Even if it isn't fully apparent, the people can vote out a president that controls the Fed. The president of the United States does not control the Fed, if that's what you're saying. The current U.S. president is extremely unhappy with the current Fed chairman and has repeatedly demanded that the Fed alter its policies, to no avail. > Also, the Fed is US only...so there's that The U.S. dollar is pretty global.
  - mbesto 7y ago
    > The current U.S. president is extremely unhappy with the current Fed chairman and has repeatedly demanded that the Fed alter its policies, to no avail. And yet he nominated him. What's your point? AFAIK he also technically has the power to fire him too. > The U.S. dollar is pretty global. Can you use the dollar to buy food at a foodstand in Germany? No. Just because certain aspects of the global economy are driven by the dollar, doesn't mean everything can be transacted with it. Libra is meant for companies to be able to transact business globally under one currency.
    - pjc50 7y ago
      > Can you use the dollar to buy food at a foodstand in Germany? No Probably not, but in a tourist place you might succeed. And there's still plenty of places where the US dollar is more welcome than local currency. It's hard money, regardless of the politics of the Fed.
javert 7y ago
> The Fed isn't? This kind of response derails the discussion. Yes, the Fed is centralized, too. That doesn't defeat the point you are responding to.
snowwrestler 7y ago
The Fed Board of Governors (the body that makes monetary policy) is an agency of the federal government. That means that yes, it is centralized, but it also means that it operates under a public, transparent, and democratically changeable legal structure. If Americans don't like the Fed, they can vote for a president and members of Congress who will change it. Bitcoin has become centered on the few largest mining operations. Libra is centered on Facebook. Who elected them? How do currency holders influence them? There are no defined ways to do so.

chillacy 7y ago

Banks used to print banknotes, and still do in some places. As long as those notes are backed by assets, what’s the problem?

lightgreen 7y ago

They are not going to “print” money. Each libra dollar is backed by real dollar/euro/jpy.