We may have a viable alternative to the US dollar

Not by accident; Libra is the first concept that addresses all the requirements necessary to be a viable alternative to the U.S. dollar

Note: I want to preface this discussion by saying that I believe Facebook’s CEO, Mark Zuckerberg, is most likely just a front-man for the world’s biggest personal data gathering and psychological conditioning firm. There is no way that Facebook could grow its active user base to almost 2.5 billion people unless it was officially created and sanctioned by the globalists.

I will not delve in much on this topic as I am sure the reader already has some familiarity on this subject. But if Facebook creates a defacto alternative to the U.S. dollar, I can guarantee that it was not Mr. Zuckerberg’s idea. So, if Facebook’s Libra project gets traction, it was meant to receive it.

Facebook’s Libra Project is the most likely answer to the U.S. dollar
Facebook’s wide audience makes it the perfect firm to develop a private currency. Here’s a full list of the Libra Association founding members. The largest globalist-controlled payments firms must be  included if we are talking about developing a replacement to the U.S. dollar

The globalists are in the process of unveiling their replacement to the U.S. dollar (and perhaps the concept of the national fiat currency as we know it). That replacement is the Facebook Libra cryptocurrency. In one bold move, Facebook has developed a cryptocurrency that addresses most, if not all, of the shortcomings of all the previously theorized alternatives to the Federal Reserve note. It hopes that Libra will one day trade on a global scale much like the U.S. dollar.

Libra is a new cryptocurrency that will launch as soon as next year and be what’s known as a stablecoin — a digital currency that’s supported by established government-backed currencies and securities. The goal is to avoid massive fluctuations in value so Libra can be used for everyday transactions in a way that more volatile crypotcurrencies, like Bitcoin, haven’t been able to achieve.

Facebook left few stones unturned and if I were unaware of the conspiracy for the one-world financial dictatorship, I would have concluded that Libra is a groundbreaking and exciting transformation to the global monetary and payments system. If the Libra coin gains wide acceptance, Facebook has the potential to become the most powerful company on earth; which, of course is why I have to conclude this project has the express, written consent of the new world order.

It makes perfect sense to have a replacement to the dollar appear in this incredible and unique way. The Libra transaction coin will not replace national currencies, per se (at least not initially), but will instead work with them to weight the coin to a basket of them.  The best part of this plan is that many of the potential critics of the central banking cartel will embrace Libra as a clear alternative.

We may see a lot of political grandstanding against the Libra coin, but I submit this is just for show. The globalists need to stir up controversy and control the opposition, so that its unveiling and construction do not come across as a fait accompli. In the ensuing months, we will be confronted with many news stories that will ostensibly throw Libra’s roll-out in doubt. But at the end of the day, its promulgation is just the next logical step in the evolution of the monetary system and it makes sense. Based on this logic, I have to conclude that the creation of bitcoin was a necessary step in the evolution of money. It isn’t the answer. The naive programmers who think they are creating the answer to the privately run central banks are actually building their shackles.

The disadvantages to all previous dollar alternatives

Before I state the reasons why I believe that Facebook’s Libra project has a high probability of being the eventual replacement to the dollar, let me briefly discuss why all the other previous alternatives were never going to replace the greenback.

IMF’s Special Drawing Right – 50 years and still not viable

The Special Drawing Right (SDR) isn’t regarded as a currency or a claim against the IMF assets. Instead, it is a prospective claim against the freely usable currencies that belong to the IMF member states.

An SDR is essentially an artificial currency instrument used by the IMF, and is built from a basket of important national currencies. The IMF uses SDRs for internal accounting purposes. SDRs are allocated by the IMF to its member countries and are backed by the full faith and credit of the member countries’ governments. The makeup of the SDR is re-evaluated every five years. The current makeup on the SDR is represented by the following table:


The Special drawing rights provided by the IMF to its members is based on their subscription quota. As the shares of developed countries are higher, the major portion of SDRs are available to them. The share of the less developed countries is comparatively lower. So, the IMF effectively restricts the borrowing capacity of less developed countries.

The need for development finance is keenly felt in developing countries. They suffer from chronic BOP deficits, external debt burdens, shortage of domestic capital, internal inflation, limited access to private banking and capital markets, and variability in export earnings etc.  In this context, it becomes necessary to create more SDRs for less developed countries. But presently, SDRs are not need based and the distribution system of the SDR is not equitable. Moreover, the developed nations whose currencies comprise the SDR, have no incentive to make these SDRs available to those who need them the most.

Chinese yuan

I have analyzed the shortcomings of the yuan in the past. Although the Chinese economy may be growing at a rapid clip and could overtake the U.S. economy soon, this does not mean that the yuan will or can replace the dollar. The Chinese monetary and financial system is still highly managed and controlled by its authorities, and its high level of international distrust as well as its lack of transparency, liquidity, and scrutability  do not foster much international confidence in its currency. Some may disagree, but despite the size of China’s economic output, there is a reason why the yuan only accounts for a few percent of international transactions.

Bottom line; the yuan in its present form will never be a large-scale global  transaction currency. China needs to drastically reform its economic and monetary system first, and I believe that these reforms are actually not yet in the best interest of China and the ChiCom government. They are still too reliant on exports and a tightly controlled currency.


Governments will never willingly accept a gold standard as it limits their power to cause price inflation, while it tends to force a fixed pattern of exchange rates.

Gold’s disadvantages are (1) it cannot provide a sufficiently flexible supply of money, because the supply of newly mined gold is not closely related to the growing needs of the world economy for a commensurate supply of money. (2) a country may not be able to isolate its economy from depression or inflation in the rest of the world. (3) if the world went to a gold standard, the economy would immediately collapse without a debt repudiation. Under a debt-backed currency system, the central banks continue printing the needed money to service the outstanding and growing debt pile. Under a gold back system, the amount of currency that can be printed is severely limited. While reverting to a gold standard after a long period of fiat money may sound appealing, we would need to determine how to handle the high rate of debt repudiation, since there would not be enough currency to pay interest on existing debt without much higher interest rates.


Please note that I am analyzing this through the lens of how a global payments system must operate in order for it to be widely accepted.

Although your typical crypto enthusiast will insist that bitcoin’s decentralized nature and scarcity render it the perfect currency and the answer to the central banking cartel, I submit that these are its biggest weaknesses in making it a global transaction currency. In addition, achieving consensus with bitcoin in a timely manner is impossible. Here are a few more disadvantages with bitcoin and most other cryptocurrencies.

  • Exposure to scams and fraud
  • Black market activity may damage reputation and usefulness
  • Susceptible to high price volatility
  • No chargebacks or refunds
  • Potential to be replaced by a superior cryptocurrency
  • Environmental ills of mining.

Bitcoin may still move much higher over time and may be viewed as a replacement to gold, but that does not make it a currency in the true sense.

The advantages of Facebook Libra

With this said, here are the main reasons why I believe that Libra can supplant all other alternative to the U.S. dollar, including the dollar itself eventually:

  • Facebook: 2.38 billion monthly active users as of March 31, 2019
  • Whatsapp and Facebook Messenger: 1.6  billion and 1.3 billion monthly active users, respectively.
  • Receiving the full backing of the major payments firms, Visa, MasterCard, and PayPal.
  • Its centralized nature gives it the flexibility to grow and evolve over time as necessary.
  • To come anywhere close to matching the U.S. dollar for utility and acceptance, Libra will need to be widely trusted. So Facebook and its partners are mimicking how other currencies have been introduced in the past.
  • It will be backed by a collection of low-volatility assets, such as bank deposits and short-term government securities in currencies from stable and reputable central banks. Since it will maintain a stable asset value, it will be a natural choice for financial transactions.
  • The total number of Libra can change, and new digital coins can be issued whenever someone wants to exchange their Libra for an existing fiat currency, so the price shouldn’t fluctuate any more than other stable currencies.
  • Libra will also be audited and held fully accountable, which is an important step in an industry with limited transparency.
  • Facebook plans to build a new digital wallet that will exist inside Messenger and its other standalone messaging service, WhatsApp. Once Libra is up and running, the currency and the digital wallet should make it easier for people to send money to friends, family and businesses through the apps.
  • Libra will run on blockchain, eliminating risks that come with information being held centrally by a single entity. Facebook created a new subsidiary, called Calibra, to build the new wallet and focus on the company’s blockchain efforts.
  • It is well designed to serve those around the world who lack access to proper banking services and who are held captive to weak and inflationary currencies.

I am not an advocate of any type of payment system, but I have to comprehend that Facebook did their homework when putting together their Libra project. It seems that it is the next step in the evolution of the global monetary and payments system. It also goes a long way in addressing the needs of the two billion people who lack access to proper banking services. It could eventually make a fully capable one-world currency and payments system. It has the advantages of blockchain without its drawbacks.

Related Posts