Data is the new oil, Libra is the new Standard Oil

Facebook under trustbusters pressure dare not creating its own mobile payment system so creates a cryptocurrency that entrusts to an association in Geneva and than a moblie payment company it owns

Not quiet like Standard Oil trust but in way serving the sma purpose. Standard Oil dominated the oil sector in USA but it did not show up in ownership concentration: it had no share in other companies although it really owned them all: the companies were owned by respective owners who in turn particpiated in the trust that owned standard oil

“One executive from the group could explain to a committee of the New York State Legislature that relations among 90 percent or so of the refineries in the country were “pleasant” and that they just happened to work together “in harmony.” And another could assure the same committee that his own firm had no connection to Standard Oil and that his only personal relationship was as “a clamorer for dividends.” That was the real clue to the organization. It was the stockholders of Standard Oil, not Standard Oil itself, who owned shares in the other firms. At that time, corporations themselves could not own stock in other corporations. The shares were held in “trust,” not for the Standard Oil Company of Ohio, but on behalf of the stockholders of that corporation.”

Excerpt From: Yergin, Daniel. “The Prize”. Apple Books.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s