New term in the lexicon: Synthetic Hegemonic Currency

Outgoing (he’s leaving and he’s vocal) Bank of England governor Mark Carney said at Jackson Hole yesterday …

“It is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies.”

“An SHC could dampen the domineering influence of the U.S. dollar on global trade.”

Carney is excited about the potential of blockchain to re-plumb the world’s money system. It’s too bad he doesn’t understand how to properly govern his own currency, the pound. But on a technical level he’s a champion of the future. He “coined” a new term: Synthetic Hegemonic Currency. In other words, Libra.

Read What Carney Said at Jackson Hole