> Facebook is currently doing an end-run to create the first supranational currency, and it's billion+ users combined with the technological agility (specifically, the lack thereof) of national governments means that they actually have some chance to succeed.
There are good things to be said for disruption, but it strikes me as reckless to set out to disrupt the global monetary system, even with the best of intentions.
I'm sure those involved will be making all sorts of assurances as to how everything will be careful, but with a system that's as complex as the global economy it is hubris to think one can accurately predict the impact of this sort of a change.
I don't think it's too far-fetched to imagine a scenario in which adoption of FaceBucks has a not-insignificant impact on some of the world's smaller economies, to whose populations it will no doubt prove useful.
This would change those countries' economic behaviour, and in turn the behaviour of everyone they deal with, rippling through until it also affects those currencies FaceBucks are pegged to.
There are good things to be said for disruption, but it strikes me as reckless to set out to disrupt the global monetary system, even with the best of intentions.
I'm sure those involved will be making all sorts of assurances as to how everything will be careful, but with a system that's as complex as the global economy it is hubris to think one can accurately predict the impact of this sort of a change.
I don't think it's too far-fetched to imagine a scenario in which adoption of FaceBucks has a not-insignificant impact on some of the world's smaller economies, to whose populations it will no doubt prove useful.
This would change those countries' economic behaviour, and in turn the behaviour of everyone they deal with, rippling through until it also affects those currencies FaceBucks are pegged to.
I don't see such a scenario ending well.