The United States government has issued a letter to social media giant Facebook, asking it to put a moratorium on its upcoming cryptocurrency and wallet, Libra and Calibra, respectively. Dated July 2, 2019, the letter from the House Committee on Financial Services to Mark Zuckerberg, Sheryl Sandberg (COO), and David Marcus (Calibra CEO), states in part:

It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for … the broader global economy.

It looks like U.S. government financial interests have something against competition, and in particular competition from a social media company working on a project in Switzerland. If the whole thing seems a little strange, don’t worry, you’re not alone. Donald Trump is best buddies with Kim Jong Un, Iran is mining bitcoins in mosques, and quantum physicists are telling us this is all a simulation. But sim or not, something remarkable is definitely afoot.

Who Is the Libra Association?
With Visa, Mastercard, Paypal, Uber, Lyft, Spotify and 21 other companies already onboard, the Libra Association is no small beans. Such players being involved constitutes a multi-billion-dollar corporate juggernaut. The seemingly alarmed tone of the letter from Congress raises some questions.

Huge entities in the financial world do communicate with one another. Companies like Visa, Mastercard and Paypal are very much embedded in centralized, regulatory banking and political lobbying. It’s all a part of the game for any major business in the field. But things might not be so cut and dried, after all. The release of this ominous House warning hints at an element of decentralized chaos having crept into the system.

Switzerland: A Threat to Global Financial Security?
Switzerland has arguably been the country that has most helped hold together global financial security over recent centuries. In a world of statist violence and coercion-based economic systems—which does also include the Swiss government—this isn’t saying much, but it’s noteworthy nonetheless.

The Libra Association is based in Geneva, and one of the most interesting aspects of the creepy message from Congress is the fact that narrowed focus is given specifically to Switzerland. Focus on yet another specific country as the new enemy to the dollar. Libra is a potential threat to world security and is “intended to rival U.S. monetary policy and the dollar.” It is a threat to “global financial security.”

But wait a second. Isn’t the U.S. government the group that has consistently, persistently, and systematically been a threat to the dollar? To itself? Isn’t it the U.S. military machine that has systematically plunged economy after foreign economy into the abyss of wartime destruction?

Departure from the gold standard, constantly inflating the currency to finance endless war and creating massive credit bubbles all takes its toll. It seems like the Facebook crew should perhaps be writing a letter to the Feds telling them to look in the mirror and to stop threatening “global financial stability” themselves.

Sourced through Scoop.it from: news.bitcoin.com