With its Libra cryptocurrency, Facebook wants to disrupt money

Economist Friedrich Hayek argued that corporations should compete with governments to issue currencies. Facebook's Libra is the start.

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Coming soon: the bank of Zuckerberg

In his 1976 book, The Denationalisation of Money, economist Friedrich Hayek made the case that businesses should issue their own currencies to compete freely for use against government currencies. The result would be a general improvement in monetary standards. Hayek's vision took a step closer to reality this week as social media giant Facebook published the white paper for its own new currency: Libra.

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Dominic Frisby

Dominic Frisby (“mercurially witty” – the Spectator) is as far as we know the world’s only financial writer and comedian. He is the author of the popular newsletter the Flying Frisby and is MoneyWeek’s main commentator on gold, commodities, currencies and cryptocurrencies. He has also taken several of his shows to the Edinburgh Festival Fringe.

His books are Daylight Robbery - How Tax Changed our Past and Will Shape our Future; Bitcoin: the Future of Money? and Life After the State - Why We Don't Need Government

Dominic was educated at St Paul's School, Manchester University and the Webber-Douglas Academy Of Dramatic Art. You can follow him on X @dominicfrisby