NY Times Is Wrong on Facebook, Libra Poses No Systemic Economic Risk
By CCN Markets: The New York Times suggests that Mark Zuckerberg is making a terrible move with his Libra cryptocurrency. The social media behemoth is certainly not early, but that doesn’t mean it won’t get a proper taste of the punch.
Matt Stoller, who wrote the piece, goes on to claim:
“The way we structure money and payments is a question for democratic institutions, not technology companies.”
He argues that some fundamental problems will hold Libra back as it sets a lofty goal of taking the crown as global currency for a new world.
Fallacy One: Organizing Payments Requires Enormous Investment in Compliance
Compliance with who? Government? The Fed? The IRS? Supporters of institutional regulation continue to regurgitate the same old drivel. According to the article:
