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A comment on France and Germany Agree to Block Facebook's Libra. Parent comment

Re:France and Germany Agree to Block Facebook's Libra by bko on Saturday September 14, 2019 @03:45PM (#20973245)
> They are in essence trying to bring billions (trillions?) of dollars worth of the worlds savings into US jurisdiction (and likely invested in the US economy via bonds and stocks

That's not true:

> What are the actual assets that will be backing each Libra coin? The actual assets will be a collection of low-volatility assets, including bank deposits and government securities in currencies from stable and reputable central banks.[0]

[0] https://libra.org/en-US/about-currency-reserve/#the_reserve

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Re:France and Germany Agree to Block Facebook's Libra by 4ntonius8lock on Saturday September 14, 2019 @04:48PM (#20973678)
> invested in the US economy via bonds and stocks

> bank deposits and government securities

Your point doesn't contradict mine. It actually re-enforces it.

What percentage will be in US deposits and government securities? US bank deposits get invested into the market, so yes, this would take the money from someone in France, who would currently hold savings in a French bank involved in the local economy and move it to Facebook's vault.

The very link you provided lacks transparency and is exactly the type of reason I distrust Facebook. In fact it doesn't have a single #, percentage or actual thing I could verify/which they are committing to, the language is vague... I'm guessing intentionally so.

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