It’s basically creating a global currency out of the worlds fiat currencies, like banks did with gold long time ago. It’s quite clever and I could see the economic value and issues of something like market created globobucks.
Libra is backed by a basket of currencies or investments designed to spread risk around, which is a great idea unless a huge chunk goes belly up at the same time. And then what? We repeat the subprime mortgage crisis, where people also thought that there would never be mass defaults across the system at the same time?
All these alternative currencies look like they're solving a political science problem, not any actual problems that people have.
Second point is right on the money though!
All other aspects of the design strike me as either dumb, redundant or dangerous, but this would be the one part of the system not to worry about.
I’m not sure how this got broken, but a few powerful companies seem to be running with it.
As in "If you can't immediately name the individual who has the majority of leverage over the operation of X, then X is decentralized" low.
It's little more than an incantation at this point; the only proven implementation is as a sort of verbal ink blot test for identifying marks.