Ep. 56 - The Truth About Libra - Facebook's Cryptocurrency

Facebook’s recent congressional testimony before the House Financial Services Committee regarding their proposed cryptocurrency, Libra, caught my attention. It got me wondering: where in the Constitution does it grant the federal government the power to regulate a cryptocurrency or a social media platform? I posed that question on the Truth Quest Facebook Fan Page and immediately started researching this episode.

The truth is that cryptocurrencies in general and the Libra specifically pose a threat to many entities - central banks, power hungry government officials, and too-big-to-fail banks.

In this episode I explain what Libra is and examine the threat posed by it and other cryptocurrencies. Along the way we discuss the benefits of cryptocurrencies, congressional overreach, sound money, central banks and the concept of private money.

Show Notes:

Libra White Paper

Libra House Hearing

G7 Urges Strict Libra Regime, Eyes Minimum Tax

Alternative Currencies Such as Bitcoin are a Valuable Insurance Policy Against Feckless Government

Does Libra Threaten Monetary Sovereignty?

Fee.org

• Why This Economist is Skeptical of Facebook's Grandiose Claims About the Libra
• Why Facebook's New Cryptocurrency is No Threat to Bitcoin

Mises.org

• Libra: Competitor to Inflationary Central Banks
• Facebook's Fake Money
  
• It's No Bitcoin: Facebook's Libra Currency Tied to Government Currencies
• https://mises.org/wire/idea-alternative-currencies-going-mainstream

The Truth Quest Podcast Patron Page

Join the conversation at The Truth Quest Facebook Fan Page

Order a copy of Shawn's books, Pritical Thinking, The Proverbs Project, The Termite Effect.

The video of this episode is available on Rumble, Thinkspot, BitChute and Brighteon. Check out short highlight videos of each episode on Instagram.