Photo caption: Facebook CEO Mark Zuckerberg. Photo by Mike Deeroski courtesy Truthdig.
In her most recent article in Truthdig, PBI Chair Ellen Brown stresses the dangers of Facebook’s new corporate-controlled Libra cryptocurrency, evidently intended to be a private global currency bypassing governments. She describes the needed alternative:
“A currency intended for trade on a national — let alone international — scale needs to be not only centralized but democratized, responding to the will of the people and their elected leaders, [r]ather than bypassing the existing central banking structure as Facebook plans to do.”
Ellen highlights the dangers ahead:
“From Frying Pan to Fire?
“To the crypto-anarchist community, usurping the power of central banks and governments may sound like a good thing. But handing global power to the corporate-controlled Libra Association could be a greater nightmare. So argues Facebook co-founder Chris Hughes, who writes in The Financial Times:
“This currency would insert a powerful new corporate layer of monetary control between central banks and individuals. Inevitably, these companies will put their private interests — profits and influence — ahead of public ones. …”