Morrison Bonpasse wrote in to comment on The loonie-$-euro, where he advocates a single world currency. It is an intriguing idea, well presented:
Currency fluctuations such as we see between the U.S. and the euro and among all countries or monetary unions around the world are wasteful, risky, and unnecessary.
What is needed is a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union. (See www.singleglobalcurrency.org)
If the euro can be used successfully by 13 nations, soon to be 15, and later 22 nations, why not move to a currency to be used by all 191 members of the United Nations for international transactions AND for internal transactions such as the payment of taxes. Led by the example of Europe, regional monetary unions are being created and expanded around the world. One possibility is a North American monetary Union, but that will not happen until the U.S. Federal Reserve shows a willingness to include the Canadians and Mexicans at the monetary policy decision making tables – and that will happen when the custodians of the US dollar finally see that they need partners in order to avoid or slow down the pre-eminence of the euro.
However, as good as such regional unions may be, they still exist in an expensive multi-currency world. Their benefits will be dwarfed by the benefits of a Single Global Currency.
The implementation of a Single Global Currency will save the world approximately $400 billion in foreign exchange transaction costs, and will eliminate currency crises and balance of payment problems and eliminate all the currency fluctuations which bedevil our globalizing world. Also, a Single Global Currency would increase the values of assets in countries where currency risk is presently high, and the citizens of those countries would be less likely to send their money to safer financial centers.
The goal of the Single Global Currency Assn. is a Single Global Currency by the year 2024, which is only 17 years away. Daunting as that goal may seem, please remember that in 1985, when the euro was still 17 years away from the pockets of Europeans, the prospects for ever abandoning the deutschmark, franc and guilder were low. Also, the Berlin wall was still standing and the Soviet Union loomed large.
We need to start researching and planning now for a Single Global Currency to be managed by a Global Central Bank within a Global Monetary Union.
It’s an interesting concept, but I’m don’t buy it:
There is a massive difference between the Euro and a single currency. Part of the case for the Euro was to build an alternative currency to the dollar, in essence create an international SECOND currency, for MORE competition, pretty much the exact opposite of what is being offered here.
Are currency fluctuations a bad thing? Without separate currencies, what will happen in the case when inflation gets out of control in one area? Will a currency response in Africa be felt in Asia?
The Euro works, but it is far from ideal. The mixture of the economies of Spain, France, Germany alone have been, are, and will continue to be a frustrating challenge, but at least these places have a common culture, identity and proximity. But Canada, Argentina, Nigeria, Russia, and Vietnam?
By: Sam Carson on 24 September, 2007
at 8:12 am
[...] single currency holds the promise of stable money. The world should be brought under one monetary unit having a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union. [...]
By: iDiligence Forum » One Currency for All on 5 October, 2007
at 2:45 am
a one world currency will lead to a one world(gobal) government.I wont allow my countrys soverntiy to be taken away beacuse of currency,or anything else.An i suppose that where this is headed.Absolute power corrupts absolutely.An since i cant buy gold due to its price ,ill buy lead an brass instead.
By: recon on 17 March, 2008
at 3:31 am
LEt’s face it, the world is becoming more and more globalized and the currency issue is an important one. At the core of the problem: deeply rooted and, alas, sometimes too justified, suspicion against:
1) the geopolitical agenda of some of the advocates of one world one currency; and 2) the free floating currencies of today whose value is constantly deflating.
Nonetheless, the ultimate answer is a new global currency backed by gold and freed from the manipulation of central banks.
By: BT on 17 May, 2008
at 1:49 pm
A global currency is a real bad idea! Competition and being responsible for your own follies are the drivers of independence and freedom. If you want a left wing, centrally controlled, communistic world then a world currency is a great starting point…
By: Tenuc on 30 May, 2008
at 9:49 am
Fellow World Citizens,
If the world is ready to come together in unity that is not such a bad thing, but being forced together under a Global Central Banking system will doom us to global facism. In our current system, the profits of these PRIVATE central banking interests have lead to suffering, wars, and the destruction of free civilization everywhere. We must not let this happen… Ever. You will be dooming your children into economic slavery that they will never recover from. If you think you are not already a slave, then look at how bad the current situation is affecting you and how the ultra wealthy seem to benefit.
Please stand up and stop this. Protest and boycott any entity that is associated with a one world banking system, or any central bank for that matter.
Stop the Federal Reserve, the IMF, the Central Bank of London, any other central banking system current or proposed!!!
By: Trav on 10 October, 2008
at 8:40 pm
this is bad news the new world order is near its end game
By: jonathan on 9 April, 2009
at 2:53 am
It is not a good thing, but it will happen in future it is inevitable….more is the pity
By: frostygirl on 31 May, 2009
at 12:12 pm