Corporate America is Losing Faith in Empire

Published at 12:00 on 18 June 2019

It’s been obvious for some time that the US empire is on the decline, and the recent announcement by Facebook of the Libre cryptocurrency underscores how the belief in such decline is no longer restricted to those on the political margins.

There’s the proximate reasons being offered, such as Facebook’s desire to diversify its revenue stream, but the bigger one is that Facebook believes there will soon be a demand for a cryptocurrency. (Else, they would have chosen some other lightly-exploited field to venture into.)

The most logical explanation for why such a demand would materialize is a loss of faith in the US dollar. In turn, that’s not likely unless there is a widespread loss of faith in the empire which created and backs up that currency.

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