I just cannot realistically fathom how a single, global world currency would come together, considering how not even the Eurozone is not looking all that cohesive these days.
I'm sure nobody thought we'd see the Euro either. It may not be as strong, but it's still there. We'll come out of this current crap we're in, but I have no doubt there will come a time that a similar situation will push us all to more of a single currency. It may not include the whole world, but it will keep inching toward that.
I do see a push for more regional currencies, because many individual nations just will never have the stability and clout as, say, the USD or the Euro....altogether.
I've always found the religious apocalyptic fear of this type of movement scarier than the movement itself.
I'm more scared of the 7 headed monster...
I just cannot realistically fathom how a single, global world currency would come together, considering how not even the Eurozone is not looking all that cohesive these days.
On top of all this, a fiscal crisis is building. Italian and Greek public debt is close to 100pc of GDP. The markets fear that these governments, along with those of Ireland and Austria, could be forced to default. After all, even before this crisis began, in several cases, government debt levels were at the very limits of acceptability. Now governments face not only the normal fiscal costs of recession but also expensive bank bailouts or nationalisations.
Given all this, it is hardly surprising that there has been talk of one or other member countries leaving the euro. The customary riposte is "how would a country like Italy manage outside the euro?" But I wish someone would tell me how a country like Italy will manage inside the euro.
if they do end up defaulting, so what?
i just think of argentina from a few decades ago... defaulting on their payments did wonders for that country.
China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.
Zhou's comments followed remarks by Russia last week which said it would put forward a proposal at a meeting of the Group of 20 in London on April 2 for the creation of a new global reserve currency.
Russia said its proposal had broad support among other key emerging market economies including Brazil, India, China, South Korea and South Africa.
A one world currency will mean a world government.
Zhou's comments followed remarks by Russia last week which said it would put forward a proposal at a meeting of the Group of 20 in London on April 2 for the creation of a new global reserve currency.
for the creation of a new global reserve currency.
for the creation of a new global reserve currency
reserve currency
"reserve" is a very important word. The dollar is currently the world's most used reserve currency, under this silly idea that means the dollar is currently the One World Currency.
you are right
we live in a one world currency right now
call it reserve, if you like
but why is it reasonable for the U S dollar to dictate or control exchange rates?
I don't know if it is possible to have a "bread basket" tied to a few currencies. would that be better?
- What happens if one country has highinterestinflation rates and another doesn't? How do we match the money supply to worldwide production?