Joseph Stiglitz attacks Facebook’s Libra

Nobel Prize-winning economist Joseph Stiglitz is firmly in the anti-Libra camp per a recent posting on Project Syndicate. In its present condition Stiglitz argues the project can only be used for illicit transactions or data mining. While acknowledging that the current financial system lacks competition, the economist argues that the "last thing we need is a new vehicle for nurturing illicit activities and laundering the proceeds, which another cryptocurrency will almost certainly turn out to be."