The Coming Libra Panics
Though the details of Facebook's recently announced digital currency and global payments system are still trickling out, the company's expressed intent raises serious concerns. By attempting to usher in a world of frictionless international currency flows, the company is setting the stage for severe and chronic capital-market volatility.
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SYDNEY – Facebook’s unveiling of a new digital currency, Libra, has produced a tidal wave of skeptical, critical, and outright hostile responses. That is understandable, given Facebook’s reputation for carelessness about user data and personal privacy. Nonetheless, public angst won’t stop the company that once promised to “move fast and break things” from forging ahead – and possibly breaking entire national economies in the process.