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>Providing for security is also inherent to sovereignty of nations, but private security firms flourish. They exist entirely at the behest of their respective

>Providing for security is also inherent to sovereignty of nations, but private security firms flourish. They exist entirely at the behest of their respective nation states' laws and regulations, and are completely subordinate to all official law enforcement and military forces. It's a flawed analogy. This would be tantamount to a private military company asserting their right to conduct foreign wars in the name of a subset of citizens.

pjc50 7y ago
> a private military company asserting their right to conduct foreign wars in the name of a subset of citizens. https://en.wikipedia.org/wiki/Academi https://en.wikipedia.org/wiki/Academi (formerly known as Blackwater)?
- tomatotomato37 7y ago
  There is a reason that company isn't based in Europe.
- parsimo2010 7y ago
  Pretty much everything Academi/Xe/Blackwater ever did was at the behest of the US government. GP was talking about a scenario such as Apple hiring Academi to destroy Samsung's factories. So far we have private companies providing security/defensive services, but we have yet to see private companies providing mercenary/offensive services without the explicit involvement of a government.
  - isostatic 7y ago
    > but we have yet to see private companies providing mercenary/offensive services without the explicit involvement of a government. https://en.wikipedia.org/wiki/East_India_Company https://en.wikipedia.org/wiki/East_India_Company
    - parsimo2010 7y ago
      https://en.wikipedia.org/wiki/East_India_Company#Regulating_Acts_of_Parliament https://en.wikipedia.org/wiki/East_India_Company#Regulating_... The British empire was explicitly on board with the East India Company, and passed laws clarifying what they were allowed to do.
    - falcor84 7y ago
      The date it was founded (31 December 1600) is the date it received a Royal Charter from Queen Elizabeth I.
  - moogly 7y ago
    Pinkerton?
    - azernik 7y ago
      The Pinkertons are considered the epitome of the "Wild West" - that is, the total lack of state control of law and order in the American West. Their intervention in strikes in the East is, to put it mildly, not a good example of law and order and a functioning state.
- deleted 7y ago
  [deleted]
- Barrin92 7y ago
  You think Blackwater would fly in Germany or France?
  - atemerev 7y ago
    Germany: Asgaard Security Group France: Wagram Protection, Secopex, and many others. PMCs are everywhere.
    - Barrin92 7y ago
      the last time I heard something about asgaard was years ago but as far as I know they're almost exclusively in personal security. It's true that on the fringes there are private intelligence companies but the way the US has used PMC's, which at some point outnumbered american soldiers in the middle east, is a privatization of war not really thinkable in europe.
      - atemerev 7y ago
        If the UK is part of Europe, there are Aegis, Erinys, Control Risks, STEPP, and many others. In France, there are Æneas, Anticip, Corpguard, Défense Conseil International (linked to French government), GEOS, KB (they specialise in private arms trading), etc.
zbolian 7y ago
The monetary policy of the currencies underlying libra are also fully determined at the behest of their respective nation states (or centralized monetary authority in the case of the EU). So, actually not that flawed. Governments and central banks are foolish to not get behind something like this because the alternative is something they can't influence at all like Bitcoin which maintains no peg to anything they do.
- kazen44 7y ago
  i don't think the goverments are foolish in this regards. What are the advantages of libra compared to a normal bank transfer inside the bank union? Almost all positive aspects of libra already exists in the eurozone thanks to SEPA. From an american perspective libra seems like an improvement, but the US is decades behind compared to the rest of the world when it comes to banking.
  - deleted 7y ago
    [deleted]
  - deleted 7y ago
    [deleted]
- HashThis 7y ago
  > ... no peg to anything they do. Libra is still a problem. They start with a basket of USD + Yen + EURs to start. This appeases governments, just for the reason you mention "based on their currences". ...but Libra is designs that they can move away from them over time. It can move to revenue generating investments, like corporate bonds (like money markets do). Libra can then wait until closer to countries defaulting on their national debt. The countries then start money printing at far higher rates. Their currencies drop in value (aka far higher inflation rates). Libra then shifts to corporate bonds and revenue generating assets. This is good for citizens. It moves Libra from unsound money (USD + Yen + EURs) to sound money (asset backed & revenue generating assets). That makes Libra more powerful than bitcoin. This becomes a strategic problem because it can cause a RUN on the national fiat currency, as Libra flees it. Libra then is infitely better than national's fiat currency, because Libra is asset backed. The US Dollar has about $0.03 worth of gold backing per $1.00 (after all of the money printing).

pjc50 7y ago

> a private military company asserting their right to conduct foreign wars in the name of a subset of citizens. https://en.wikipedia.org/wiki/Academi https://en.wikipedia.org/wiki/Academi (formerly known as Blackwater)?

tomatotomato37 7y ago
There is a reason that company isn't based in Europe.
parsimo2010 7y ago
Pretty much everything Academi/Xe/Blackwater ever did was at the behest of the US government. GP was talking about a scenario such as Apple hiring Academi to destroy Samsung's factories. So far we have private companies providing security/defensive services, but we have yet to see private companies providing mercenary/offensive services without the explicit involvement of a government.
- isostatic 7y ago
  > but we have yet to see private companies providing mercenary/offensive services without the explicit involvement of a government. https://en.wikipedia.org/wiki/East_India_Company https://en.wikipedia.org/wiki/East_India_Company
  - parsimo2010 7y ago
    https://en.wikipedia.org/wiki/East_India_Company#Regulating_Acts_of_Parliament https://en.wikipedia.org/wiki/East_India_Company#Regulating_... The British empire was explicitly on board with the East India Company, and passed laws clarifying what they were allowed to do.
  - falcor84 7y ago
    The date it was founded (31 December 1600) is the date it received a Royal Charter from Queen Elizabeth I.
- moogly 7y ago
  Pinkerton?
  - azernik 7y ago
    The Pinkertons are considered the epitome of the "Wild West" - that is, the total lack of state control of law and order in the American West. Their intervention in strikes in the East is, to put it mildly, not a good example of law and order and a functioning state.
deleted 7y ago
[deleted]
Barrin92 7y ago
You think Blackwater would fly in Germany or France?
- atemerev 7y ago
  Germany: Asgaard Security Group France: Wagram Protection, Secopex, and many others. PMCs are everywhere.
  - Barrin92 7y ago
    the last time I heard something about asgaard was years ago but as far as I know they're almost exclusively in personal security. It's true that on the fringes there are private intelligence companies but the way the US has used PMC's, which at some point outnumbered american soldiers in the middle east, is a privatization of war not really thinkable in europe.
    - atemerev 7y ago
      If the UK is part of Europe, there are Aegis, Erinys, Control Risks, STEPP, and many others. In France, there are Æneas, Anticip, Corpguard, Défense Conseil International (linked to French government), GEOS, KB (they specialise in private arms trading), etc.

zbolian 7y ago

The monetary policy of the currencies underlying libra are also fully determined at the behest of their respective nation states (or centralized monetary authority in the case of the EU). So, actually not that flawed. Governments and central banks are foolish to not get behind something like this because the alternative is something they can't influence at all like Bitcoin which maintains no peg to anything they do.

kazen44 7y ago
i don't think the goverments are foolish in this regards. What are the advantages of libra compared to a normal bank transfer inside the bank union? Almost all positive aspects of libra already exists in the eurozone thanks to SEPA. From an american perspective libra seems like an improvement, but the US is decades behind compared to the rest of the world when it comes to banking.
- deleted 7y ago
  [deleted]
- deleted 7y ago
  [deleted]
HashThis 7y ago
> ... no peg to anything they do. Libra is still a problem. They start with a basket of USD + Yen + EURs to start. This appeases governments, just for the reason you mention "based on their currences". ...but Libra is designs that they can move away from them over time. It can move to revenue generating investments, like corporate bonds (like money markets do). Libra can then wait until closer to countries defaulting on their national debt. The countries then start money printing at far higher rates. Their currencies drop in value (aka far higher inflation rates). Libra then shifts to corporate bonds and revenue generating assets. This is good for citizens. It moves Libra from unsound money (USD + Yen + EURs) to sound money (asset backed & revenue generating assets). That makes Libra more powerful than bitcoin. This becomes a strategic problem because it can cause a RUN on the national fiat currency, as Libra flees it. Libra then is infitely better than national's fiat currency, because Libra is asset backed. The US Dollar has about $0.03 worth of gold backing per $1.00 (after all of the money printing).