Libra Will Upset World Economy If It Isn't Regulated Tightly, G7 Warns
According to Reuters, French finance minister Bruno Le Maire told a news conference on July 18 that the G7 “cannot accept private companies issuing their own currencies without democratic control.”
His remarks followed informal talks in Paris, where the Group of Seven expressed vehement opposition to the prospect of firms having as much power as countries in creating means of payment.
The ministers and central bank governors also warned:
“Stablecoins and other various new products currently being developed, including projects with global and potentially systemic footprint such as Libra, raise serious regulatory and systemic concerns.”
Benoit Coeure, a European Central Bank board member, had told the meeting that global stablecoins could boost competition in the payments sector, reduce fees for consumers and support greater financial inclusion. However, he warned that they could undermine efforts to clamp down on money laundering, terrorism financing and tax compliance.
The draft document from the G7, seen by The FT, stated that “significant work” is required from developers of stablecoins like Libra before regulatory approval is likely to be granted. The FT cites the document as saying:
“As large technology or financial firms could leverage vast existing customer bases to rapidly achieve a global footprint, it is imperative that authoritiesbe vigilant in assessing risks and implications for the global financial system.”
Global pushback
The warnings come after Facebook faced tough questions about Libra at hearings in Congress on Tuesday and Wednesday of this week. David Marcus, the CEO of the tech giant’s Calibra crypto wallet, stressed that the project would not launch until all regulatory concerns had been addressed.
This didn’t stop politicians at the hearing from criticizing Facebook for its past failings in protecting user data, and questioning why the company thought it was fit to launch a stablecoin on such a global scale.
Other lawmakers expressed concerns that Facebook could undermine the U.S. dollar and the American economy by basing Libra in Switzerland.
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🔺🔺🔺🔺🔺🔺🔺🔺🔺BACK IN THE USSR!🔺🔺🔺🔺🔺🔺🔺🔺🔺🔺🔺🔺
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BACK IN THE USSR!.... Yale Prof: "Everyone I've Asked ... Says Life Was Better Under The Soviets"
Emily Jane O’Dell is a Yale Law School professor and specializes in Islamic law and civilization.
“Every single person I have I [sic] asked in Central Asia (and Eastern Europe) over the past decade and a half has said life was better under the Soviets -- 100 percent,” O’Dell tweeted on Tuesday.
O’Dell also detailed that she spoke with an unnamed “Ivy League professor who said coming to America was the greatest mistake of her life & she will be returning soon to her post-Soviet nation [because] neoliberal late capitalism is devoid of all humanity.”
This unnamed professor also apparently said “at least we were human,” suggesting that capitalists are not human.
O’Dell appears to have deactivated her Twitter account, as it was not accessible at the time of publication.
The professor has previously made news for anti-white remarks.
O’Dell previously asked on Twitter “should white men be required by law to attend re-education centers to help prevent mass shootings (not to mention widespread domestic violence)?” after the Tree of Life synagogue shooting, according to Campus Unmasked.
“Imagine being raised as a white man to have no awareness of (let alone empathy for) others,” she wrote in July.“Deep downinside they know there’s something fundamental missing--hence all the violence towards others.”
O’Dell claimed that white men lack “humanity,” “culture,” “insight,” “wisdom,” “strength,” and “love.” She even suggested that white men are privileged and selfish and “can’t jump or dance.”
Campus Reform reached out to O’Dell and Yale for comment but did not receive a response in time for publication.
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