Unprecedented, Shocking Proposal: BOE’s Mark Carney Urges Replacing Dollar With Libra-Like Reserve Currency


Zero Hedge: After Jerome Powell’s neutral-to-slightly-dovish-but-mostly-boring speech on Friday morning, investors could be forgiven for suspecting that this year’s Fed-sponsored gathering in Jackson Hole might be disappointingly dull (especially with all that’s going on in Trump’s twitter feed, the escalating trade war and escalating geopolitical unrest).

Then along came former Goldman banker and current (outgoing) BOE governor, Mark Carney, who in his lunchtime address laid out a shocking, radical proposal – perhaps the most stunning thing to ever be unveiled at Jackson Hole – urging to replace the US Dollar with a “Libra-like” reserve currency in a dramatic revamp of the global monetary, financial and economic order. more …

Opinion:  The case for Libra as world reserve currency over Bitcoin and central banks:

“The advantage Libra could have over Bitcoin is that it promises to deliver far better in price stability, while the advantage it could have over the dollar is that it has the potential to flow freely over the internet, overcoming the capital control barriers and all sort of government limitations.” source

Will Libra replace the US dollar as world reserve currency? Is the era of central banks over as evidenced by Donald Trump’s war with Jay Powell? But we have been saying for 3 years that the major central bankers are not likely to give up control of money:

“Digital currency is the only way for a future authoritarian government to have control of every transaction on the planet. And only a government owned/regulated coin will eliminate money laundering, tax evasion, theft and funding for terror groups.”

What I didn’t see at the time is that Facebook’s Libra was planning to issue a challenge to the central bank control over money. Libra with a massive internet audience could bring in the new economic order as inflationary central banks diminish.

But let’s work backwards from what we know will happen …

He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.” Revelation 13:16-17

… eventually all monetary authority will be under the control of the final government.

Mark Carney: “Even a passing acquaintance with monetary history suggests that this centre won’t hold.  We need to recognise the short, medium and long term challenges this system creates for the institutional frameworks and conduct of monetary policy across the world. I will close by adding urgency to Ben Bernanke’s challenge.  Let’s end the malign neglect of the IMFS and build a system worthy of the diverse, multipolar global economy that is emerging.”

The real currency war is just beginning.

Hits: 13