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We are Already Late to the Great Black Reparations Debate Black Agenda Report
Facing up to Libra Michael Roberts
Libra is the latin word for pound in weight of silver or gold. It was a universal measure of value in Roman times. But Facebook’s Libra will be no such thing. It is not the future people’s currency controlled by the people. It is a privatized currency for commercial gain for Facebook and its investment backers. It will be owned and controlled by a board of multi-national corporate investors who will pledge capital to get it going.
The US dollar currency is owned by the US government. This is the same for other national currencies. As such, there are regulations and laws on how national currencies are issued. None of that will apply to Libra. Holders of Libra will have to trust Facebook and the investing board, not any government, that nothing will go wrong with their money.
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