A recent letter from the U.S. House of Representatives to social media giant Facebook has crypto users speculating feverishly. The implications of the letter, and Calibra CEO David Marcus’ recent response, will inform the future of money not only in America, but worldwide. House Chairwoman Maxine Waters and cohorts took aim this week not only at Facebook’s Libra coin, but also at the banking practices of Switzerland where the Libra Association is located. Some say Facebook will kill the U.S. dollar. Others say Libra will fail. Still others suspect higher level geopolitical engineering behind the scenes. Regardless, what is at stake is huge, and Switzerland is onto something that always engenders freedom: decentralization.
Also read: Side Effects of Economic Growth: Is Snowden Right to Say Bitcoiners Shouldn’t Be Bankers?
An Ominous Message
Failure to cease implementation [of Libra] … risks a new Swiss-based financial system that is too big to fail.
The United States government has issued a letter to social media giant Facebook, asking it to put a moratorium on its upcoming cryptocurrency and wallet, Libra and Calibra, respectively. Dated July 2, 2019, the letter from the House Committee on Financial Services to Mark Zuckerberg, Sheryl Sandberg (COO), and David Marcus (Calibra CEO), states in part:
It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for … the broader global economy.
It looks like U.S. government financial interests have something against competition, and in particular competition from a social media company working on a project in Switzerland. If the whole thing seems a little strange, don’t
