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Joseph Stiglitz: Only a Fool Would Trust Facebook’s Libra

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Stiglitz is convinced that Libra is intended to become such a medium of exchange that will allow to bypass the rules of the fight against money laundering:

“There are two obvious answers to the question of the business model: one is that people who engage in nefarious activities (possibly including America’s current president) are willing to pay a pretty penny to have their nefarious activities – corruption, tax avoidance, drug dealing, or terrorism – go undetected. But, having made so much progress in impeding the use of the financial system to facilitate crime, why would anyone – let alone the government or financial regulators – condone such a tool simply because it bears the label “tech”? If this is Libra’s business model, governments should shut it down immediately,” he said.



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