G7 finance chiefs pour cold water on Facebook's digital coin plans

Old boys protecting themselves and their friends.

The G7, well the G20, or otherwise, have failed politically to comprehend the economic and political implicationa, the systemic challenges that Facebook's Libra digital coin presents.

Hereditary wealth, a pass down culture, the cornerstone of a continuous belief that relies upon a regulatory central banking authority, could require governments to review key fundamental economics statistics.

A digital coin ultimate fiscal environment, will present fundamental global change in evaluating the meaning and underpinning to the political meaning wealth, monetary and fiscal.

The outcome could require a comprehensive shift in global economic policy. The threat to the concept of a democratic mandate to govern is clear.

An interesting issue. On one side you have governments which are corrupt and fool around with currency all the time. They purposely cause inflation, the devalue currency and basically use currency and trade to fill the personal fortunes of those in government. But at least there is some level of stability, we can use currency for all trade, we can "fire" the bureaucrats and politicians. On the other side we get the appearance of total economic freedom from the government control of currency and the effects of those parasites. This sounds great right up until Zuckerberg purposely devalues his Libra because we wants an extra billion or worse, decides to use his currency as a means to further his liberal socialist insanity such as fining people Libra as retribution for exposing democrat party members for what they really are or posting arcticles on FB not in line with socialist rules. He does all of the above already the issue is you cant fire or toss him out if he does decide to fool around with this currency.

At the moment I certainly wouldn't trust Facebook with keeping any of my money. There is nothing to stop them from confiscating it or locking users out of their accounts. That said, governments will have to do better than bring up the tired old excuse of "funding terrorism" as a reason for opposing this.