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4 tweets,
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1. #Libra has a long way to go before being successful, but in theory, it's brilliant and frightening. At the start of the week, I thought the problem would be that it would reinforce Facebook's corporate power.
2. Now, a few days out, I think the problem is different and bigger: a new layer of monetary control between central banks and individuals, mediated by corporations. My piece today in the FT: ft.com/content/aa97ad…
3. What Libra backers are calling “decentralisation” is in truth a shift of power away from developing world central banks and toward multinational corporations and the central banks of the largest economies.
4. If #Libra is successful, the problem will be bigger than more power for Facebook. We'll have to answer whether we want a global currency managed by (mostly) for-profit, private companies or public ones.
