Facebuck: The Political Economy of the Libra ‘Stablecoin’ Backgrounders - August 19, 2024 By Jose Miguel Alonso-Trabanco From a long-range perspective, private money is not a new phenomenon. Meaningful precedents include commercial bills of exchange controlled by financiers during the Renaissance and money minted by the English East India Company as a nonstate quasi-authority. In the digital age, the proliferation of FinTech —an innovation of the “ Fourth Industrial Revolution ”— has encouraged private firms to launch their own cybercurrencies. Furthermore, the possibility of supranational money has been proposed more than once, but none of these plans has taken off. In the deliberations under the umbrella of the Bretton Woods conference, British economist John Maynard Keynes suggested the creation of ‘bancor’ as a gold-backed monetary invention designed to diminish the risks of competitive devaluations and wild fluctuations in exchange rates. Such problems threatened both globa
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