With Facebook’s plan to launch its own global e-dollar named the Libra it is likely that Gresham’s law slightly modified of bad money following good will promulgate a host of e-currencies. China may seek to establish an electronic yuan. Plainly the United States should not sit on its hands and might consider the dragon realm and what tool would best combat it. That device could be the Trump e-dollar.
Facebook’s new digital currency is interesting and has vast radical centrist potential to become a global currency useful for terrorists and others seeking to circumvent national laws on trafficking finance. One might wonder if the digital currency is consistent with the principles of exclusive fiat to mint dollars the United States has had for more than a century.
Private currencies may give far too much power to global corporate elitists than has ever existed. It may confer advantages for dodging national taxes with very tricky transnational accounting rather easily for on-line businesses. It may accelerate political corruption in as many as 180 nations.
Presently the United States permits digital currencies perhaps without limit to number. The U.S. Government itself might want to get into the digital currency business to assure uniformity in transactions. If billions or trillions of dollars were to be tied up in Libra currency for example, that would very likely have transnational political consequences and changes as well. The administration and Congress might want to consider how they should react to the subversive issue before it grows very large.
It was inevitable that some wag in the corporate world would seek to have its own global currency to scythe a profit from all of the working people. It seems equally likely that eventually some government would want to expropriate that planetary infrastructure.
If the United States issues its own global cryto-fiat-e-currency it should be named The Trump.