I disagree with the author's view of
AOC and believe that David Marcus, Facebook's cryptocurrency
boss, did not handle the exchange very well.
"Ocasio-Cortez made the point that
the assets backing the Libra currency that set its value would be
determined by corporations, most of which are profit-driven."
The paragraph prior to that shows AOC's error. "Libra will be backed by real financial assets,
specifically a "basket" of existing currencies — such as
the US dollar, the euro, and government securities — that will
serve as the digital currency's 'reserve'." Strike one.
Since when are profit-driven
corporations the only thing that determine the value of the US dollar,
the euro, and government securities? What about the Federal Reserve, investors, non-profits, and anybody who receives and spends money? Strike two.
AOC asks twice, "Do you believe
currency is a public good?" AOC merely assumes currency is a public good
and the article paraphrases her saying so -- "a nation's currency is
something that functions as a "public good" in the purview
of a government, not for-profit corporations."
To the contrary. Currency or money is not a "public
good" as explained here. Wikipedia
gives several examples of public goods, and money is not one of
them. A typical economics textbook definition says a public good is something one person's consumption of it does not reduce that available to another person, such as radio waves and air. Money doesn't qualify. AOC majored in economics. She should know that. Strike three.
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