Sunday, December 13, 2020

News Note: G7 Says Currency Monopoly Must Remain in the Hands of Nations

Once again the G7 affirms their dedication to preservation of the status quo in this Reuters article. Recently we posted this article about three important things learned from doing this blog over the years.  The third item was -- It is much harder to get consensus for major change to a system than many people realize. 

This article is yet another example of that. Basically, the G7 is quite content with how currencies work now and not interested in any changes outside the control of the present system. Below is an extract from the Reuters article.


"German Finance Minister Olaf Scholz issued a sharply worded statement after the meeting, underscoring his concerns about authorizing the launch of Facebook’s Libra cryptocurrency - newly renamed Diem - in Germany and Europe.

“A wolf in sheep’s clothing is still a wolf,” he said. “It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed.”

He added: “We must do everything possible to make sure the currency monopoly remains in the hands of states.”

Read the full Reuters article here

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