‪Libra continues to fascinate me. in no small part because of unintended consequences. let’s assume Libra launches (precondition being it has been co-opted and is “controlled” by nation state governments) & is widely successful.‬ ‪under these conditions, it seems to me that large banks would face an existential threat as Libra would end up being geopolitically important to nation states and as a result large banks less so, at the margin‬. ‪any outcome that reduces the utility nation states derive from large banks (policy, geopolitical, credit creation, fx...) threatens the symbiotic relation that protects these banks (lobbying/reg capture/compliance friendly/too big to fail). that is an existential threat‬. (‪and i am not even discussing the obv trade offs between a group of large banks and one FB/Libra ecosystem from a societal pov.‬) #libra #banks #cryptocurrency #fintech #payments #payments #data #banking …see more