Jerome Powell’s ‘Serious Concerns’ Over Facebook’s Libra
Who is Jerome Powell? Good question. He’s the Federal Reserve Chairman. And the Federal Reserve is the central bank of the United States.
Rate cuts, quantitative easing, etc… that’s the Federal Reserve.
As controllers of the nation’s money supply, which happens to be the reserve currency of the world, they have an inordinate amount of power.
Today, Powell addressed Libra at a House Financial Services Committee hearing.
Some comments from Powell:
“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability. These are concerns that should be thoroughly and publicly addressed.”
Asked about regulatory oversight of the global cryptocurrency project, Powell said the approach should be a “careful one, not a sprint to implementation.”
Powell went on to say the project “cannot go forward” without broad satisfaction with Facebook’s answers to lawmakers’ and regulators’ questions. “All of those things will need to be addressed very thoroughly and carefully, and in a deliberate process.”
Rep. Bran Sherman kind of hit the nail on the head, saying he’s worried of Libra’s potential “to transfer power from the United States government to sanctions and tax-evaders, terrorists, and drug dealers while reducing the importance of the U.S. dollar as the reserve and trade currency.”
All the terrorism and money laundering talk is just a false flag. The most popular currency for terrorism and money laundering is the U.S. dollar.
The key threat is the potential for Libra to threaten the U.S. dollar reserve status.
Well, it’s coming to central banks whether they like it or not.
And the fact they don’t mention bitcoin shows how far behind they are.
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