PROJECT SYNDICATE brings original, engaging, and thought-provoking commentaries by esteemed leaders and thinkers from around the world to readers everywhere. By offering incisive perspectives on our changing world from those who are shaping its economics, politics, science, and culture, Project Syndicate has created an unrivaled venue for informed public debate.
Today’s article has been contributed by Joseph E. Stiglitz and is entitled “Thumbs Down To Facebook’s Crypto-Currency”.
The Author summarizes his article thus: Only a fool would trust Facebook with his or her financial wellbeing. But maybe that’s the point: with so much personal data on some 2.4 billion monthly active users, who knows better than Facebook just how many suckers are born every minute?
The Author argues that the current leading global currencies (dollar, pound, euro, yen, and renminbi[yuan]) have been remarkably stable for decades and, thus, there is no need for another crypto-currency that would be used “… for nurturing illicit activities and laundering the proceeds, which another cryptocurrency will almost certainly turn out to be.”
You can access this Project Syndicate article by clicking HERE
