Facebook Money

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This topic contains 36 replies, has 7 voices, and was last updated by  ALB 3 weeks, 5 days ago.

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  • #189501

    ALB
    Participant

    In the meantime  China has started a “currency war” with America by letting its currency float down (devalue). This may force the US authorities to let the dollar  float down (weaken) too. But why should we support either side in this currency war any more than we would or should in a real war — unless you agree with Lenin’s position that in a war you should always want “your” state to lose as the prospects for seizing power are better in a defeated state, Machiavellian schemer that he was? Which of course we don’t, but which you sound as if you might, Admice. Anyway, it’s not a question of indifference, but of opposing both sides.

    #189513

    marcos
    Participant

    Anyway, it’s not a question of indifference, but of opposing both sides.

     

    It is like supporting Palestinian nationalism and rejecting Israel nationalism, both nationalism and both ruling class must be rejected and denounced, and we must call for the unification of the working class on both sides. The fall of the US dollar is not the end of capitalism, it can be the emerge of another world currency which will do same job as the US dollars. The left-wingers called the USA the empire, but the USA is not the only ‘imperialist” or expansionist country or ruling class in the earth. Any country big or small  is potentially expansionist, we do not support any type of government, and there is not relationship between government and democracy and we rejecting all kind of nationalism, and all kind of war, including the so called national liberation war which only liberate one ruling class from another ruling class. The new trend is that Zionism controls the earth, and one individual known as Soros control capitalism, the world is controlled by the market and bankers do not control our society

    #189768

    alanjjohnstone
    Participant

    https://www.theguardian.com/business/2019/aug/23/mark-carney-dollar-dominant-replaced-digital-currency

    “…Carney, has challenged the dollar’s position as the world’s reserve currency, arguing that it could be replaced by a global digital alternative to end a savings glut that resulted in 10 years of low inflation and ultra-low interest rates.
    Likening the move to the end of sterling’s command of international money markets 100 years ago, Carney said the dollar had reached a level of dominance that meant it was a barrier to a sustainable recovery.
    He said a new digital currency backed by a large group of nations would unlock dollar funds that governments currently hoard as an insurance policy in uncertain times….”

    #190032

    alanjjohnstone
    Participant

    https://www.reuters.com/article/us-ecb-policy-libra/europe-should-ignore-treacherous-promises-of-facebooks-libra-currency-ecbs-mersch-idUSKCN1VN0H0

    “Depending on Libra’s level of acceptance and on the referencing of the euro in its reserve basket, it could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role,” European Central Bank  board member Yves Mersch said on Monday.

    Like regular currencies, Libra would be highly centralized, an “extremely concerning” setup since it is not backed by a lender of last resort and it is ultimately accountable to shareholders, who are not seen as repositories of public trust, Mersch added.

    “I sincerely hope that the people of Europe will not be tempted to leave behind the safety and soundness of established payment solutions and channels in favor of the beguiling but treacherous promises of Facebook’s siren call,” Mersch added.

    #190219

    alanjjohnstone
    Participant

    https://www.bbc.com/news/business-49677146

    France to block its use in the EU

    Finance Minister Bruno Le Maire said: “This eventual privatisation of money contains risks of abuse of dominant position, risks to sovereignty and risks for consumers and for companies.”

    #190237

    admice
    Participant

    OK, thanks and valid point

    #191078

    ALB
    Participant

    Looks like Facebook’s scheme for a new, cheap international payments system is running into trouble. According to an article in today’s Times by its Technology Business Editor:

    “The Facebook founder’s plans for a new digital currency are in their death throes. Over recent days, his cryptocurrency project, Libra, has suffered an exodus of early supporters, including Paypal and Stripe, the payments groups, and Ebay, Mastercard and Visa.”

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