Libra and Facebook’s Money Illusion
Abstract The launch of Libra, a corporate-controlled supranational currency is a bold attempt by a bigtech behemoth to leverage its monopoly over digital data and platform networks in order to draw low-income and unbanked households into its web of interconnected financial services. But in the process, argues the author, it will likely exacerbate financial fragility, global imbalances, and the already substantial financial subordination of developing countries.