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New York Sun: How can Congress lecture Facebook's Zuckerberg about money?

Section: Daily Dispatches

From the New York Sun
Saturday, October 26, 2019

It's hard to think of a dispatch that has quite captured the absurdity of the Congress putting Mark Zuckerberg in the hot seat over Facebook's plans for a new currency called Libra. Congress did this Wednesday at what Yahoo! Finance called a "marathon" hearing of the House Financial Services Committee. Its chairwoman, Representative Maxine Waters, was asked whether she'd been reassured. Replied she: "Absolutely not."

Forgive us, but whom would you trust to issue a currency -- the Congress that regulates our dollar or the youthful tycoon who made $100 billion tapping on his laptop? The securities of Mr. Zuckerberg's company have soared to one of the greatest fortunes in history. The value of notes issued by Congress have collapsed by as much as 98% or more -- just in the century since the creation of our central bank.

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We comprehend that the showdown with Facebook involves more than just the question of Libra. It is, though, the monetary question, the prospects of a new currency that rivets our attention as we stagger onward covering the long march to monetary reform in the years since the collapse of Bretton Woods. We may be advocates of the gold standard, but we're not indifferent to the newsworthiness of Libra. ...

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