For 3 years now, I’ve been looked upon by my fellow man with a modest amount of scorn but an insurmountable amount of incredulity when telling them that legislatures could be decentralized and the lawyer occupation is going to experience an extinction level event. Enter Libra. And while I’d love to tell you that I’ve stridently began gloating, I’m pleased to report that I’ve settled on “glad to not be crazy”.
For those of you not up on Libra, Facebook is advertising itself a new cryptocurrency. While that discussion can have several lines of reasoning, I’ll briefly discuss one objective case. Libra has the ability to become the worlds reserve currency. Do I think this happens? No. Not even a little. However, no one will be able to argue that the Libra platform can absorb fiat on an extinction-level scope and can put any government that requires currency manipulation to find them self in a kafkaesque fiscal situation a la USSR, circa 1988.
Again, I think the Libra product will resemble Eurasia; few will adopt and Eurasia is only a thing when it’s the only channel on tv. However, the capability for corporate actors to have their own currency is one issue. That governments require that power to sustain operations is another. If the Fed loses control of the de facto reserve status to ANY currency, the dollar will be what gives in that equation. It won’t be adjudicated in a US or US-friendly court. It will happen and the humans will adjust, just like after The Wall came down.
That stated, I do not discuss Libra at all in the 3 podcasts linked here. The conversations are focused on describing how the current system is dying, how to create DIY/build-a-bear legislatures, and how to absorb the organizational matrices into sustainable models or sun-setting those that cannot. 30min, 1hr, 3hr. Enjoy!