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Liam O'Doherty
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The debate around a Global Currency
January 6, 2012 - 01:43 PM
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Hi all,
Just read Article from Wired which discusses the relevance of a universal currency. With all the instability in the global economy, perhaps the idea isn't so crazy after all. In fact the IMF is already using an aggregate measure: "Special Drawing Rights, a crossbreed of four of the world’s key currencies, to make certain kinds of settlements between IMF members"
What do you think of this? Does a global currency make sense at this point?
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prieten47
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Re: The debate around a Global Currency
January 7, 2012 - 03:51 AM
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A global currency? Wow, isn't Europe having big problems with the Euro? I think no one will try that experiment again!
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Grand Inquisitor
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Re: The debate around a Global Currency
January 11, 2012 - 08:47 AM
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I vote in favor of using Gold as a global currency. There is a limited supply and it requires great effort to mine from the ground. Unlike paper currency, the parasite tribe cannot print it, devalue it or control it so easily... Gold worked as the world's currency for thousands of years before they perverted the financial system by taking us off the Gold standard...
Besides that, It is SHINY and it appeals to my sense of aesthetics. 
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Raymond Mamattah
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Re: The debate around a Global Currency
January 11, 2012 - 11:48 AM
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A global currency, wow, i wonder how that will be possible. Coming to think of it, does it mean the cost of goods and services will be of the same price all over the world?
Well, lets see how the ideas unfold.
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prieten47
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Re: The debate around a Global Currency
January 23, 2012 - 10:40 PM
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inquisitor wrote:
I vote in favor of using Gold as a global currency. There is a limited supply and it requires great effort to mine from the ground. Unlike paper currency, the parasite tribe cannot print it, devalue it or control it so easily... Gold worked as the world's currency for thousands of years before they perverted the financial system by taking us off the Gold standard...
Besides that, It is SHINY and it appeals to my sense of aesthetics. *
Unfortunately, the "parasite tribe" can mine more gold. They have devastated many natural environments with their cyanide gold leaching techniques. Most present day gold mines involve digging up tons and tons of gold bearing rocks that after processing yield only a few grams of gold. No, we don't want to encourage more gold mining!
The only reason to have a global currency is if we want to truly globalize the whole world. But we would run into the same disaster that is the Euro today if we don't require strict rules guaranteeing a country's fiscal responsibility. Who would enforce these rules? The United Nations? I don't think so. If the European countries couldn't ensure Greece was complying with the Euro rules, who could do a better job?
The fact is the US$ has become a type of global currency. Wherever countries are playing with "economic fire," people will start to horde dollars. Yes, the dollar isn't what it used to be, but it is still considered the best safe haven currency. Everyone has it. The Chinese are swimming in dollars, as are the Japanese, Koreans and Taiwanese. Ecuador and El Salvador use the US$ as their national currency. Even Zimbabwe uses the US$ for all government transactions.
Do I think this is a good situation? I guess it's better than everyone dumping the dollar!
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GZ
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Re: The debate around a Global Currency
February 5, 2012 - 11:07 PM
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There are way too many problems with a global currency. The whole controversy will start with choosing what to choose as the global currency. Paper money? How will you inforce apaper currency on all governments? How will you control how much they will issue? You can't. Unless you control their army as well, to which no country will ever agree with. If you define a precious metal, such as gold, as the currency, the price will skyrocket at first, then people will start digging like crazy, and the currency will never stabilize. You don't have enough precious metal to use as a currency and for other uses, such as jewelry and industrial purposes.
The next problem that will arise is, what government will ever agree? They will lose their power over their economy, which has made them rich. Give me an example of a rich politician who will give up everything, for a shaky idea of a global currency, and I will show you there is none.
For one global currency, you will need countries living in peace, which will never happen. We are human. We are greedy, jealous and prejudiced, history has shown that. Power corrupts. Look at Iran for example. Can you see Iran and the USA using one currency and collaborating on it? No, exactly.
The plans sound good in theory, just like communism, but are practically impossible.
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