Adam Smith: From Human Nature to Human Society

Richard Partington: How the Wheels Came Off Facebook's Libra Project "Support for Mark Zuckerberg’s mission to reshape global finance is slipping away slowly but surely: When Facebook announced plans to launch a digital currency earlier this summer, it added a full-blown revolution in global finance to its typically vaulting Silicon Valley mission statement: to create a digital currency alongside its efforts to bring the world closer together through networks. Over the past month, that mission has gone badly awry. The Libra cryptocurrency project now faces existential threats from world leaders and central bankers worried about its harmful potential: as a vehicle for money laundering, a threat to global financial stability, open to data privacy abuse, dangerous for consumers and stripping nations of the control of their economies by privatising the money supply. Seven high-profile partners in the Facebook-led consortium that is building the digital currency–known as the Libra Association–have quit in dramatic fashion in recent weeks, including PayPal, eBay, Visa and Mastercard, as concerns mount...

#noted #2019-11-19