By Ted Torrance
Meet Libra – Facebook’s New “Cryptocurrency”
Is Libra yet another new “cryptocurrency” just like thousands of existing Bitcoins, Altcoins, or scam coins?
No, the answer is not even close.
In my humble opinion, Libra is an attempt by the global banking cabals to enslave the world. In another word, Libra is the global version of Federal Reserve, it’s gonna be the ‘Global Reserve‘ that will ‘print global currency’ out of thin air (and charge everyone fees/interest for that, resulting in chaos and inflation, among others).
Unlike Bitcoin, there is nothing ‘crypto’ about Libra. It may not be transparent to folks, but it will definitely be 100%, totally, and completely under the control of the banking cartel. They’d know exactly who you are, all your financial activities, and the scariest part is they could strangle you to death (financially) by a mere keystroke – assuming you do not have any hard cold cash hoarded under your bed and that stores still accept cash for payment.
Are you kidding me? No, I kid you not. That’s the reality of a cashless society.
Cashless Society Is Suicidal?
Mainstream media (MSM) in the west will tell you lame stories like CNBC: “Millions would be put at risk in a cashless society, research warns“, or The Guardian: “The cashless society is a con – and big finance is behind it“. What these articles do not tell you is how will a cashless system affect folks personally, and/or anything negative concerning the power-that-be behind the monetary system. As a matter of fact, MSMs in the western hemisphere will not even dare to criticize wrongdoings of people belonging the same ethnicity as owners of the global monetary system.
However, you will find articles published by non-Western MSMs a little more truthful since they’re not typically controlled directly by the banking cartel. For example, Hong Kong’s South China Morning Post: “A cashless society would destroy our privacy and freedom” whereby the author commented “(Mainland China’s) Chinese have fully embraced digital, cashless transactions, but I can’t help but think they are gullible and naive as they readily surrender privacy for convenience.”
Imagine that the entirety of your personal data, not your money, will authoritatively determine what you can and cannot possess in the present and future.
The author elaborated his shopping experience at a Guangzhou grocery store with signs that say: “We do not accept cash”.
But there is a sinister, deep state motive to lure people into giving up cash. A cashless economy allows the government to fully control your holdings at banks. So authorities can charge negative rates, as in Japan, where they can literally deduct or charge fees from accounts without legal recourse.
Most people don’t know that the public does not possess a constitutional, statutory or even common-law right to open a bank account or receive banking services. I have an inbox bulging with complaints from former customers of HSBC bank whose accounts were shut down after decades of business. Their only explanation was a legally phlegmatic form letter.
Already in today’s society, it is almost impossible to exist and function without a bank account or credit card. But in a completely cashless society you are completely, financially excommunicated – cast adrift as a non-person without an identity. And folks may learn the hard way during financial crisis that they can’t withdraw their savings from the system.
Americans take the attitude that the only true defense of your personal freedoms in modern society lies in the ownership of cash and guns. Like most freedoms, only when they are denied will you discover what you have lost.
The Quest For A Non-Greenback Global Currency
Is Libra A New Idea?
It’s a new attempt (to dominate the world) alright. But as a new idea (global currency), no, it isn’t.
E-Gold was the world’s first, temporarily successful, private digital currency backed entirely by gold in 1995.
Douglas Jackson established the currency about 13 years before Bitcoin came about. He thought E-Gold could liberate the world from the ills of central banks and fiat currencies. As the name implies, it was 100% backed by gold. And account holders could redeem their e-gold for actual, physical gold.
Within a few years, E-Gold became the world’s second-most popular online payment system, just behind PayPal. At its peak, millions of people spanning 165 countries were using this service with thousand new accounts opened daily.
Unfortunately, nothing escapes the Eye of Providence.
The U.S. government and its media allies have convinced the average person that “privacy” is a dirty word in the name of the War on Drugs, the War on Terror, anti-money laundering, etc.
In late 2005, Jackson was arrested on charges of money laundering, conspiracy, and operating an unlicensed money-transmitting business. And that was the end of E-Gold.
Money Manufacturing Monopoly
The moral of a story is don’t even think of money manufacturing business if you’re not a family member of the almighty global banking cartel. The consequence of anyone attempting to do that is usually fatal – A List of Assassinated Leaders Who Had Opposed the Creation of Money “Ex Nihilo”?
No, I am pretty sure that’s an unsubstantiated conspiracy theory created by lunatics.
Anyway, following the demise of E-Gold, International Monetary Fund (IMF) which is essentially run by the same cartel behind the Federal Reserve attempted to make Special Drawing Rights (SDR) the global currency – “The Financial New World Order: Towards a Global Currency and World Government“.
It didn’t work out likely because every country wanted to retain their own monetary sovereignty. And the banking cartel obviously isn’t in full control of each and every nation on earth yet. At least not yet.
Wonder why is this so called “The International Banking & the Future of Money” didn’t get shut down like E-Gold?
Well, guess you may draw the conclusion from the fact that Roy Sebag is also the Founder of Blockchain Mining, Ltd. a publicly traded company on the Tel Aviv Stock Exchange (which owns the largest cryptocurrency mining operation in Canada)… something tribal?
No, this must be another conspiracy theory of the lunatic community.
Anyway, Goldmoney too failed to become a global currency. It ended up becoming another online jeweler called Menē instead.
Now Meet Libra – Here’s How Facebook’s New Cryptocurrency Works and Looks Like
Facebook, despite earning US$55.8 billion in 2018, isn’t happy with its profit. Facebook wants to become the Federal Reserve of social media – ability to print money and control the money supply and movement ultimately. Meet Libra, the new digital currency just unveiled by Facebook, scheduled to be launched in the first half of next year (2020).
Libra, the secretive cryptocurrency that has been in the making for more than a year is being backed and supported by financial giants like Mastercard, Visa and PayPal, as well as tech companies like eBay, Uber and Spotify. Apparently, Facebook’s plan is to corner the mouth-watering market of 1.7 billion people around the world without bank accounts but owned cheap smartphones.
David Marcus, the chief of Facebook’s Calibra division, said – “We’ve seen internet change the game for everything that could be digitized, except for money. There are 1.7 billion people around the world that are underserved by financial services. Now, anyone with a cheap smartphone has access to all the info they want in the world for free with a basic data plan. Why doesn’t money work the same way?”
Facebook Libra Crypto Currency – Companies and Organizations
To convince people that Libra currency is trustworthy and isn’t run by Facebook, it was revealed that the newly created cryptocurrency will be managed instead by a non-profit association – called Libra Association – and supported by a range of companies and organizations. To enhance the legitimacy of the association, Libra Association is based in Geneva, Switzerland.
Switzerland? Bank for International Settlements, Basel, Switzerland… Sounds familiar? (See The Tower of Basel: Secretive Plans for the Issuing of a Global Currency)
So far, Facebook is joined by 27 other companies and organizations that are founding members. Each member of the founding members invested a minimum of US$10 million to fund the operating costs of the non-profit association. The goal is to have at least 100 companies and organizations on board for its launch next year. Each member will entitle to one vote.
Although Facebook won’t fully control Libra, its new subsidiary – Calibra – builds the digital wallet for storing and handling the currency for users. Apparently, Callibra, downloadable from the Apple App Store and Google Play Store, is the ultimate wallet that will be built into WhatsApp and Messenger. Facebook claims that the financial information from your digital wallet will not be used for advertisements targeting.
Facebook Libra Crypto Currency – How It Looks Like
Unlike highly volatile and speculative bitcoin and other cryptocurrencies, Libra will be backed by relatively stable government-backed money. Marcus said – “If you buy US$50 of Libra, your US$50 makes its way to the Libra Reserve. It’s designed to be stable and confer values on Libra that makes it more like a traditional currency than any of the digital currencies are now. This is the way paper money was created.”
In essence, Libra Blockchain is open-source – designed so that anyone can build on it. Due to the open and interoperable ecosystem of financial services, you’ll be able to send money from Facebook’s Calibra wallet to any other system that accepts Libra. For people who don’t have the ability to digitally purchase Libra with a credit card or digitally linked account, people can exchange Libra for cash.
Once Libra currency launches in 2020, people will need to provide a government-issued ID to set up an account. Users will then be able to convert their local currency into Libra and store that balance of Libra in their Calibra wallet. They can do this electronically – converting currency into Libra either using the Calibra app itself or third-party wallet apps.
Facebook Mark Zuckerberg Smiling
To convert cash to Libra currency, users obviously need to go to shops or convenience stores to top-up their balance, the same way people currently top-up their phone credits. Facebook boss Mark Zuckerberg wrote in his blog post – “Any information you share with Calibra will be kept separate from information you share on Facebook.”
To ensure independence from Facebook, Calibra website says that users won’t need a Facebook or WhatsApp account to sign up to Calibra. However, Calibra may ask if users wish to import contacts or profile information from Facebook. For now, there will be zero fees when consumers send and receive Libra around the world, although Facebook is considering “very low” fees for merchants.
But how does Facebook plans to profit from the so-called Libra currency? After all, there’s no such thing as a free lunch. Everything goes back to advertising revenue. Facebook’s long-term goal is to get people to spend more time on its platforms. The launch of Libra will enable 2.7 billion people who use its various apps every month to make purchases more easily, which in turn could attract more advertisers.
The immediate profit could be in the remittance business. Facebook says US$25 billion is lost by migrants on fees from players like Western Union every year. Hence, if Calibra could cut the business of Western Union and other money-transfer services, there would be truckloads of money to be made. Even a mere fraction of 1% will see US$250 million of new profit for Facebook.
To boost its security, Calibra will have the same verification and anti-fraud processes that banks and credit cards use. And in case a stranger gains access to your account, Calibra promises to refund any lost assets. Facebook’s relationship with 7 million advertisers and 90 million small businesses are the biggest reasons the company thinks they could do a better job than PayPal.
“Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee,” – Facebook reveals in its white paper introducing the Libra currency. So the next time you see a three wavy horizontal line, unicode character “≋”, that’s the symbol for Libra cryptocurrency.
Virtual Money Will Be The Global Currency Of The Future
That said, it does look like the global banking cartel is in favor of having a virtual/electronic money as global currency – this must be the very reason why Bitcoin and the rest of the cryptocurrencies are not yet banned in the west. However, the global currency will not be a cryptocurrency.
On the contrary, the global currency will be an absolutely transparent (to the authorities) as it’s impossible to have full control over anonymity – It’s that simple.
Libra Is Not A Cryptocurrency
Facebook’s Libra is a regulated virtual global currency. It may be virtual, but it’s not, and it will never be cryptic. It will be transparently regulated and therefore not a cryptocurrency. Period.
Next, can we trust Facebook?
While it’s true a global currency may render the world more productive with improved efficiency etc., financial reality tells us chaos and inflation are the fixed costs (unnecessarily avoidable) that folk must pay for as long as money creation is in the hand of a few powerful elites with personal interest, be it financial and/or political.
Ideal Global Currency
While Bitcoin is an excellent attempt to create a global currency, it remains a failure on many fronts – primarily due to anonymity, inefficiency, and no widespread acceptability (especially by merchants).
That said, I believe an ideal global currency is one administered by a democratic elected body that’s transparent and be based upon open source technology ie. not a cryptocurrency, but an open virtual currency directly controlled by folks (not their governments, and certainly not private corporation like Facebook).