Gov’t Should Not Grant FB the “Libra”

In the past, this column has denounced Facebook (FB) for its Leftist slant that has overridden its initial acceptance by billions of users to become a worldwide communication network that joins many in this fast and furious century of communications. Many conservatives have been “punished” by this giant for their political views and have been completely removed from the use of its services. Senator Cruz (R-TX) and some of us at the Jewish Voice have paid the price of this giant for doing what Americans have fought and died for, the freedom of speech.

But now FB has reached its tentacles out to introduce in 2020 a new global digital cryptocurrency to billions of people. They call it the Libra. We are well aware of the dollar, the Euro, the lira, Peso and so on. FB, with its worldwide chain of users wants to replace these financial tools with…..their Libra. They have an eye on some 1.7 billion who still have no bank affiliations and this is dangerous. FB is not a financially structured institution and since its leaders say that the Libra will be a “global currency and financial infrastructure” and obviously they will be in charge, just what international monetary watchdogs will oversee its distribution, its currency value, its stability and its safety for those who invest?

FB is certain to run into hurdles of regulation and concerns for antitrust violations. And at this time, when the company is under threat of being investigated for its intrusion into the correspondence and privacy of its many users, we see problems with this new financial boondoggle. Recall that members of the U.S. Senate have already issued warnings to the company by writing to its CEO Mark Zuckerberg in May asking for clarification on their concerns regarding the privacy issue. He’s also been grilled by Congress on these matters. Many users have stressed out over discovering that their personal data may have been compromised and disseminated by the corporations without their knowledge. The hound-dogs are breathing heavily on the tracks of this company and its leaders.

Democrat Senator, Sherrod Brown tweeted that, “We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight.” And French Finance Minister Bruno Le Maire told Europe 1 Radio that Libra can’t be allowed to “become a sovereign currency.” Throw in the volatile Rep. Maxine Waters’ comment, “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.” We agree, finally, with Mad Maxine and hope that Congress, once it starts one of its investigations that can continue without any progress for years, that this will end this whacked-up plan for Zuckerberg and his cronies to destroy the financial stability of the world. But, watch out for this guy from Dobbs Ferry………he’s dangerous, unscrupulous and has plans for corporate world conquest. Don’t sell him short.