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General News    H4'ed 6/20/19

Launching a Global Currency Is a Bold, Bad Move for Facebook; By Matt Stoller,fellow at the Open Markets Institute.

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'The way we structure money and payments is a question for democratic institutions. Any company big enough to start its own currency is just too big.  Facebook’s goal of continuing to connect the world no matter the consequences, by creating a medium of exchange that can potentially bypass central banks, bank regulators and existing currency systems,  is a bold move  given that this announcement is happening as Facebook is being criticized or investigated for massive privacy violationsanti-competitive practices in the advertising marketeroding the free press and fomenting ethnic cleansing.' There are four core problems with Facebook’s new currency....'

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At www.nytimes.com

 

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I began teaching in 1963,; Ba and BS in Education -Brooklyn College. I have the equivalent of 2 additional Master's, mainly in Literacy Studies and Graphic Design. I was the only seventh grade teacher of English from 1990 -1999 at East Side (more...)
 

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Susan Lee Schwartz

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This, from the article says so much:" Imagine Facebook's subsidiary Calibra knowing your account balance and your spending, and offering to sell a retailer an algorithm that will maximize the price for what you can afford to pay for a product. Imagine this cartel having this kind of financial visibility into not only many consumers, but into businesses across the economy. Such conflicts of interest are why payments and banking are separated from the rest of the economy in the United States."

"It's also possible that insiders belonging to the Libra cartel could exploit their access to information, business relationships or technology to give themselves advantages. There are many ways a new currency system could advantage large businesses over everyone else, especially when the large ones are sitting on the board of governors for the payments system. "

Submitted on Thursday, Jun 20, 2019 at 1:37:04 PM

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and there is this: " Enabling an open flow of money across all borders is a political choice best made by governments.

"And openness isn't always good. For instance, most nations, especially the United States, use economic sanctions to bar individuals, countries or companies from using our financial system in ways that harm our interests.

"Sanctions enforcement flows through the banking system if you can't bank in dollars, you can't use dollars. With the success of a private parallel currency, government sanctions could lose their bite. Should Facebook and a supermajority of venture capitalists and tech executives really be deciding whether North Korean sanctions can succeed? "

Submitted on Thursday, Jun 20, 2019 at 1:38:52 PM

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"Years ago, Mark Zuckerberg made it clear that he doesn't think Facebook is a business. "In a lot of ways, Facebook is more like a government than a traditional company," said Mr. Zuckerberg. "We're really setting policies." He has acted consistently as a would-be sovereign power. For example, he is attempting to set up a Supreme Court-style independent tribunal to handle content moderation. And now he is setting up a global currency."

Submitted on Thursday, Jun 20, 2019 at 1:40:47 PM

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