Tuesday, August 27, 2019

The Libra World Currency: A Cashless Society is Coming, Beware

In a stunning admission, one of the worlds top central bankers said the following to say about the dollar. 

“Mark Carney, titled "The Growing Challenges for Monetary Policy in the current International Monetary and Financial System", where he dedicated no less than 23 pages to a stunning - for a central banker - cause: to describe why the dollar's "destabilizing" reserve status role in the world economy has to end, and why central banks need to join together to create their own replacement reserve currency. 

One potentially tied to Facebook's new "stablecoin" Libra, although in reality any "Synthetic Hegemonic Currency" as Carney defined it would do.”" the short term central bankers must deal with the situation as it is. 

But he also warned that “blithe acceptance of the status quo is misguided,” and dramatic steps will ultimately be needed. It's what he said next that was stunning: In the longer term, we need to change the game," Carney said. 

"When change comes, it shouldn’t be to swap one currency hegemon for another."

- Source, WAM