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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

Reaction to Facebook Libra - An Open Letter from Steve Forbes to Mark Zuckerberg

Date: Sunday, June 30, 2019 7:26 PM EDT

It did not take long for long time gold advocate Steve Forbes to offer up his reaction to the Facebook Project Libra news. He pens this open letter to Mark Zuckerberg appearing in Forbes magazine. Below I have pasted in the introduction to his open letter. Mr. Forbes says the Libra should be backed by gold and also suggests a potential name change for the currency.

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Dear Mr. Zuckerberg:


"Your company made big headlines when it announced it would be launching a cryptocurrency called the Libra in 2020. Not surprisingly, given the nature of the times, the project has been greeted with intense criticism and skepticism. Don’t lose heart. In one sense, the idea of a company creating its own kind of money is an old one. The airlines’ frequent-flier miles are really a form of money that customers can earn and use to buy trips and various other things. Credit card companies, hotels and numerous retailers have all sorts of loyalty programs in which people earn points that will let them buy all manner of goodies.


But if you play your cards right with the Libra, you could be to money and finance what Henry Ford was to automobiles. Your new currency could take its place alongside the inventions of coins and paper money many centuries ago. It could replace the U.S. dollar as the global currency.


. . . .


Here are crucial tips to turn the Libra into one of history’s truly seminal creations:


Make it as good as gold. Backing your new money—as you plan to do—with a basket of currencies won’t cut it. In today’s monetary system the values of currencies jump up and down, so you won’t get the stability you need.


Countries that became global powerhouses–Holland, followed by Britain (Isaac Newton, as director of the Royal Mint, fixed the pound to gold at a ratio that held for more than two centuries) and then the U.S. (thanks to Alexander Hamilton)—all had their currencies linked to gold."    . . . . click here to read the full open letter

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Alpha Stockman 1 year ago Member's comment

Good article. Why are you posting this to your personal blog instead of to the main site for equity and more eyeballs?

Currency Trader 1 year ago Member's comment

Interesting idea to peg it to gold instead of a basket of stable currencies. But I thought the whole point of pegging it to several stable currencies, instead of one was to avoid any volatility. Pegging it to a single asset still exposes it to some volatility.