FacebookCoin is a Trojan Horse of Corporate Oligarchy

Thursday, June 20, 2019
By Paul Martin

Michael Krieger
Wednesday Jun 19, 2019

ZUCK: yea so if you ever need info about anyone at harvard
ZUCK: just ask
ZUCK: i have over 4000 emails, pictures, addresses, sns
FRIEND: what!? how’d you manage that one?
ZUCK: people just submitted it
ZUCK: i don’t know why
ZUCK: they “trust me”
ZUCK: dumb fucks

– Leaked messages sent by Mark Zuckerberg to a friend at Harvard as he was building Facebook

Years ago, Mark Zuckerberg made it clear that he doesn’t think Facebook is a business. “In a lot of ways, Facebook is more like a government than a traditional company,” said Mr. Zuckerberg. “We’re really setting policies.” He has acted consistently as a would-be sovereign power. For example, he is attempting to set up a Supreme Court-style independent tribunal to handle content moderation. And now he is setting up a global currency.

– From Matt Stoller’s recent article: Facebook’s Undemocratic Currency

For a long time, I’ve maintained there’s no doubt the current system/paradigm we live under will collapse under its own weight, but that doesn’t keep me up at night. What keeps me up at night is understanding we still have no idea exactly what will replace it. It could very well be a more decentralized and free world, a world less defined by brute force, grotesque power concentrations and coercion, but it could also very easily go the other way. The coming out party for FacebookCoin (aka Libra) is in my view the first real indication the forces of corporate oligarchy are determined to ensure the new world reflects their vision and is under their control.

Though I’ve seen many thoughtful and important articles on the dangers of Facebook and a consortium of large corporations building a new financial system in broad daylight, I have yet to see anyone explain precisely what seems to be going on. I think the level of strategic long-term thinking happening here is more extensive than even the most cynical observer is willing to contemplate. This looks like a power play of monumental proportions.

I’ve come to view Mark Zuckerberg as a strategic genius with zero ethics. In other words, he probably has a plan beyond your field of vision and you can’t take anything he says at face value. This is how we’ve seen him operate within Facebook and via the various wildly successful acquisitions he’s completed over the years, most notably Instagram and WhatsApp.

You don’t have to be Nostradamus to see that the current global financial system is failing and won’t be around as currently structured much longer (years not decades). Nowhere is this more apparent than in the fact that negative yielding global bonds just pushed back into record territory at $12.5 trillion.

If I can see where this is headed, Zuckerberg and his top team at Facebook can see it too. As such, I view FacebookCoin as the corporate oligarchy’s first serious attempt to position itself to be chieftains of a key segment of what will be the financial system(s) of the future.

The Rest…HERE

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