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Facebook Poised To Seize Control Of World Banking

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The Ethnic European REAL HISTORY survives on book royalties donated by author Michael Walsh and supporters of real history. OUR AIMS: To replace victor’s spin with real history, to enlighten, inspire and to educate, with your help to share our features as widely as possible.

Payments can happen cheaply and easily without banks or credit card companies, as has already been demonstrated, not in the United States but in China. Unlike in the U.S., where scavenging banks feast on fat fees from handling and processing payments, in China, most money flows through mobile phones nearly for free. In 2018 these cashless payments totaled a whopping $41.5 trillion; and 90% were through Alipay and WeChat Pay, a pair of digital ecosystems that blend social media, commerce, and banking. According to a 2018 article in Bloomberg titled “Why China’s Payment Apps Give U.S. Bankers Nightmares”:

The nightmare for the U.S. financial industry is that a technology company, whether from China or a homegrown juggernaut such as Amazon.com Inc. or Facebook Inc. imitates the success of Alipay and WeChat. The stakes are enormous, potentially carving away billions of dollars in annual revenue from major banks and other firms.

On June 18, Facebook unveiled a white paper outlining plans to create a new global cryptocurrency called Libra, to be launched in 2020. Facebook hopes that Libra will become the foundation for a new globalist financial system free of control by Wall Street power brokers and central banks. Dream on and read on:

Libra will not be competing with Visa or Mastercard. In fact, the Libra Association lists those two giants among its 28 soon-to-be founding members. Others include Paypal, Stripe, Uber, Lyft, and eBay. Facebook has courted dozens of financial institutions and other tech companies to join the Libra Association, an unregulated foundation that will contribute capital and help govern the digital currency, with each founding member paying a minimum of $10 million to join. Members are also entitled to a share proportionate to their investment of the dividends earned from interest on the Libra reserve, the money that users will pay to acquire the Libra currency.

Subverting the power of central banks and governments may sound like a good thing. But handing global power to the corporate-controlled Libra Association could be a greater nightmare, says Facebook co-founder Chris Hughes:

“This currency would insert a powerful new unregulated corporation-owned layer of monetary control between central banks and individuals. These companies will put their private interests, profits, and influence, ahead of public ones. The Libra Association’s goals specifically say that they will encourage decentralised forms of governance. In other words, Libra will disrupt and weaken nation states by enabling people to move out of unstable local currencies (Italy, Greece are examples) and into a currency denominated in dollars and euros and managed by private corporations.

Power will shift from national banks, which are currently regulated, to the Federal Reserve and ECB because the dollar and the euro will squeeze out weaker currencies in developing countries. As seen recently in Greece, the result will be to cause governments to lose control of their currencies and their economies. If Facebook parks its entire U.S. dollar balance at the Federal Reserve through one of its bank partners, it could earn the same rate.

At one time, we earned interest on our deposits in government-insured banks. With Libra, we will get no interest on our money, which will be entrusted to uninsured crypto exchanges, which are coming under increasing regulatory pressure due to the currently unregulated lack of transparency and operational irregularities. Facebook has already demonstrated that it is an untrustworthy manager of personal data. How then can we trust it with our money?

Why has Facebook chosen to use a cryptocurrency rather than following WeChat and AliPay in doing a global payments network in the traditional way?

Yan Meng, vice president of the Chinese Software Developer Network, says, “Facebook just can’t do a global payments network via traditional methods, which require applying for a license and preparing foreign exchange reserves with local banking, Meng suspects that Facebook’s long-term ambition is to become a stateless central bank that uses Libra as a base currency. He writes, “With sufficient incentives, nodes of Facebook’s Libra network would represent Facebook to push for business in various countries for its 2.7 billion users in business, investment, trade, and financial services,” which “would help complete a fully digital economy empire.”

This is like starting a bank without having to go through any steps to do it. Facebook may be competing with more than the dollar. Jennifer Grygiel, assistant professor of communications at Syracuse University, writes: “It seems that the company is not seeking to compete with Bitcoin or other cryptocurrencies. Rather, Facebook is looking to replace the existing global financial system with an all-new setup, with Libra at its center. Facebook will act as a “shadow bank” that could compete with the central banks of countries around the world.

Michael Walsh was awarded ‘Writer of the Year 2011’. With 60 books bearing his name, thousands of new stories and columns, Michael is arguably Britain and Europe’s most prolific author of multi-topic books none of which have been ghost-written.

MICHAEL WALSH is a journalist, broadcaster and the author of RISE OF THE SUN WEELEUROPE ARISE, TROTSKY’S WHITE NEGROES, MEGACAUST, THE ALLIED INVASION.  DEATH OF A CITYWITNESS TO HISTORY, THE BUSINESS BOOSTER and THE FIFTH COLUMN VOLUME I and II, and other book titles.

The dissident author’s books available for purchase by visiting his website BOOKSTORE, BUY FROM AUTHOR and POETRY  links.

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Michael Walsh currently has eight books listed under BUY DIRECT. Royalties will be ploughed into adding further popular titles declared taboo by the treacherous troika; Amazon, Facebook, and Mainstream Media. When ordering the book contact Michael Walsh by email [email protected] to receive your signed copy.

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BOOKS THAT CHALLENGE, INSPIRE, INFORM Michael Walsh, ‘Writer of the Year’ with a strong global following. Nearly 60 interesting Amazon book titles famed for changing and improving lives. CLICK TO VIEW  www.mikewalshwritingservices.wordpress.com

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