BoE Governor Mark Carney Proposes Global Cryptocurrency

Governor of the Bank of England Mark Carney put forward the idea of replacing the U.S. dollar with a central bank-issued cryptocurrency like Facebook’s Libra.

Carney Proposes The Synthetic Hegemonic Currency

On August 23, 2019, while addressing the Federal Reserve Symposium in Jackson Hole, Wyoming, Carney described how Brexit uncertainties, persistent world trade tensions, and overall weaker business activity are deteriorating the global economy.

Carney also underlined that, because of globalization and the widespread dominance of the U.S. dollar, U.S. developments have significant worldwide implications in terms of trade and financial conditions, including in countries with relatively little direct exposure to the U.S. economy. The BOE Governor explains,

“In particular, growing dominant currency pricing (DCP) is reducing the shock-absorbing properties of flexible exchange rates and altering the inflation-output volatility trade-off facing monetary policymakers. And most…