ECB says Libra is Untested

“Stablecoins are largely untested, especially on the scale required to run a global payment system,” said the European Central Bank executive board member Benoit Coeur. That may be true, but David Siegel says the European Central Bank has been tested and has been found guilty of creating a pan-European recession in 2008 and 2009. The ECB actually raised interest rates in the face of plummeting aggregate demand, leading to job losses for tens of millions of people. How’s that track record? Not only that, but Libra promises to build its house on top of that foundation! Get your house in order, ECB, BoE, and US Fed, and maybe we can build some solutions that actually help people rather than hurt them. - David Siegel