When will we see a global currency?

T

thrustbucket

CAGiversary!
Feedback
7 (100%)
http://www.theaustralian.news.com.au/story/0,25197,25173126-12377,00.html

KAZAKH President Nursultan Nazarbayev has won backing for his plan for a single world currency from an intellectual architect of the euro currency, Nobel-prize winner Professor Robert Mundell.

Nazarbayev, speaking at an economic forum in the glitzy new capital he has built on the Kazakh steppe, defended his proposal for the "acmetal'' world currency saying it might "look kind of funny'' but was not.

And he received intellectual support from the Canadian economist Prof Mundell, who helped lay the intellectual groundwork for Europe's single currency.

"I must say that I agree with President Nazarbayev on his statement and many of the things he said in his plan, the project he made for the world currency, and I believe I'm right on track with what he's saying,'' Prof Mundell said, adding the idea held "great promise''.

Mr Nazarbayev and Prof Mundell urged the Group of 20 leading developed and developing economies to form a working group on the proposal at their summit on the global economic crisis in London on April 2.

"We should deliver our thoughts and the thoughts of this conference to the leaders of those countries,'' Mr Nazarbayev said, referring to the G8 and G20 nations.

Mr Nazarbayev, who has held his post since Soviet times and has seen his oil-rich state hit badly by the crisis, unveiled his proposal last month and said yesterday the UN should oversee the currency's introduction.

Though a boost for what might seem an other-worldly plan, Prof Mundell has previously suggested single currencies are only appropriate for countries with similar economies.

Mr Nazarbayev's coining of "acmetal'' combines the Greek word "acme,'' meaning peak or best, and "capital.''
Click to expand...

This has been talked about a lot recently, especially with lots of secret meeting in Europe with the world banks recently. Rumor has it, one of the things they have been discussing is a global currency as an answer.

I believe it's coming. I'm sure deep down in your CAG hearts, you know it's coming.
 
Eventually everything will be global.. but I don't think there's any chance we'll see unified currency within 10 years. Maybe 100. I can't even begin to guess. Eventually, though, yes.. for sure.
 
World currency is a pipe dream, but the Amero is looking more and more like a pre-ordained conclusion. Why on earth would any reasonable person WANT a one world currency, government, totalitarian bureaucracy, etc. ?
 
Not in our lifetime. We may see something like the Amero during our lifetime but I highly doubt we see a global currency in the next 60 or so years.
 
i chose within 10 years. heres what i think would be more likely to happen. a secondary currency that is used world wide. wed have "acmetal" or whatever, but would still have the dollar, euro etc. but when you travel you can just cash in your dollars for acmetal and use them all over the world. kind of like mcdonalds will take a dollar no matter where you are in the world, only for everybody!
 
[quote name='bmulligan']World currency is a pipe dream, but the Amero is looking more and more like a pre-ordained conclusion. Why on earth would any reasonable person WANT a one world currency, government, totalitarian bureaucracy, etc. ?[/QUOTE]
Business efficiency is greatly increased when currency exchange is removed from the variables. Less need for the army of people that make money on the backs of business in the conversion trade, plus the stability of currency across trading sites would mean less volatility in pricing and better ability to project economic feasibility.

And that's just a few.

There's negatives as well that I'm sure will be well documented in this thread.
 
We'll move to a completely digital monetary system before a universal hard currency ever materializes and then the exchange will be instantaneous.
 
Why not? I don't think it'll happen anytime soon, but what's the horrible badness of it? It's all just paper and metal with pictures on it.

I'm not saying there can't be downsides, so if somebody can explain it then go for it.
 
What about the Third World? Are we going to include them in the global currency? If so, will they get a minimum wage akin to ours? Will a loaf of bread in the US cost 1 whatever and continue to cost .02 whatever where clean drinking water is a luxury?
 
You understand how money works, right?

Just as a gallon of milk is $1 more in New York than in Houston, of course prices would differ country to country (and even within countries).. just as they do now...
 
Last edited by a moderator:
Borders mean less than ever, and globalization will only continue.. breakthroughs in communication and societal evolution toward multicultural acceptance is bringing us closer and closer to a global society. We'll eventually reach a point where it makes no more sense to be separate countries than it would for every state to be a separate country.

But no way in hell is it gonna be
 
Interesting. I hadn't expected that so many would really believe it would never happen.

Of course, when I say "global currency" it doesn't necisarrily have to be every single country in the world has adopted it. It just means most of them have, at least, at first -- the west does.

We may never see it happen, but there are several powerful entities that want it to.
 
Part of me thinks, it would be great. Never having to change currency while I was in Europe was rather nice. On the other hand, I'd be curious to how it would affect our ability to go to some almost third world country in the Caribbean to have a nice cheap vacation.
 
[quote name='Koggit']You understand how money works, right?

Just as a gallon of milk is $1 more in New York than in Houston, of course prices would differ country to country (and even within countries).. just as they do now...[/quote]

Part of the one world currency schtick is the one world government bullshit. If there is an one world government, there are going to be basic standards of living applied across all geographic regions. So, the squalid conditions accepted in Third World countries wouldn't be accepted by their First World counterparts. Either there would be massive taxation to reduce the standard of living for the First World or there would be a mass exodus from the First World.
 
[quote name='bmulligan']World currency is a pipe dream, but the Amero is looking more and more like a pre-ordained conclusion. Why on earth would any reasonable person WANT a one world currency, government, totalitarian bureaucracy, etc. ?[/QUOTE]

No reasonable people want it to begin with. This is all about control as well as furthering suffering. Suffering is one of the greatest forms of distraction. Also it saves money this way. A world currency is the Globalists way of further treating people as a cheap commodity, as utterly disposable. With a world currency you will even have to compete more with the person in China who lives in complete squalor or Africa. You see this time it's transparent, what your wage is and you get even more compared to a number literally.

Should human beings be considered disposable? No but look at the 9/11 rescue workers. Our government treats us as disposable and we take that shit. I remember hearing about that Tyson chicken plant where they made employees wear diapers to avoid them going to the bathroom to save money.

To be honest this isn't entirely the companies fault. I say a very small bit. The problem nowadays is we have a small investor class of day traders who do nothing but that and perhaps collect dividends. Some of these people may have actually had to work for a shitty or not decent wage but either they can't remember that or never did. Past this expected exponential growth and profit return you have the Federal Reserve which we borrow money from that easily makes it worse. Part of the problem in general is these assholes all around either don't want to or don't see the economy as a living being of sorts for one. As part of any living being there's a cycle of rest, it's only natural.

FoC it's about flushing our living conditions down the toilet. The "Green" movement, as improperly displayed in the media, is about pushing Conservation. You'll notice when they talk about being Green it's not so much coupled with you being Self-Sustainable and getting off the grid. Instead it's about your power plant becoming Green. It's also about you being expected to do with less power for one. Mark my words, electricity consumption is going to end up like Internet Bandwidth and Cell Phone Minutes. When you go past it you get slapped with 1.5X-2X the rate. The excuse will be "Green". When you protest you'll be accused of being a polluter or something of the like. Yeah so that relegated rate everywhere will be dumped.
 
It'd be interesting if there were a switch I could flip that'd make you one of the 2.6b lacking basic sanitation, rather than one of us 300m lucky Americans worried about how we're going to continue to afford our extravagant luxuries if our economy gets worse.. quite the interesting switch..
 
[quote name='Sarang01']
I remember hearing about that Tyson chicken plant where they made employees wear diapers to avoid them going to the bathroom to save money.[/quote]

that was a two way thing and those employees never did go and use that safety word so don't act like they weren't into it
 
[quote name='speedracer']Business efficiency is greatly increased when currency exchange is removed from the variables. Less need for the army of people that make money on the backs of business in the conversion trade, plus the stability of currency across trading sites would mean less volatility in pricing and better ability to project economic feasibility.

And that's just a few.

There's negatives as well that I'm sure will be well documented in this thread.[/QUOTE]


I'm sorry, but how would a world currency ensure stability by any stretch of the imagination? I guess we should just abandon our borders and submit to a world government since it would eliminate all the redundancy and waste having armies of people staffing capitol buildings all over the world. Just think of all the money we could save just making one style of police uniform instead of 200 different ones. Finally those swiss guard freaks would have to wear those stupid feathers anymore.

Then there's that pesky legal system that could be flushed for a more favorably efficient one...
 
[quote name='Sarang01']FoC it's about flushing our living conditions down the toilet. The "Green" movement, as improperly displayed in the media, is about pushing Conservation. You'll notice when they talk about being Green it's not so much coupled with you being Self-Sustainable and getting off the grid. Instead it's about your power plant becoming Green. It's also about you being expected to do with less power for one. Mark my words, electricity consumption is going to end up like Internet Bandwidth and Cell Phone Minutes. When you go past it you get slapped with 1.5X-2X the rate. The excuse will be "Green". When you protest you'll be accused of being a polluter or something of the like. Yeah so that relegated rate everywhere will be dumped.[/quote]

Most people can do with less power. Efficient light bulbs, tankless water heater and more insulation can go a long way to reduce the number of kWh needed by a typical consumer. Rising prices on a good or service is a great way to force people to change their behavior.

Of course, that begs the question: Does electricity have to cost more? If society wasn't concerned about pollution or "climate change" or some other secondary effect of generating electricity from coal or nuclear power, the answer would be no. However, people don't want breathe coal dust, know what a tanned penguin looks like or live anywhere near nuclear waste. So, people are going to have to pay more to green up dirty forms of electricity production.

Does green electricity have to cost more? No. Wind costs far less than 10 cents per kWh. If it is produced on the north side of a person's backyard, transmission costs are nil. However, people want to complain about the noise generated within 1 mile of a turbine being equivalent to a car passing by. Solar thermal costs the same as an electric water heater, but you have to flush the water heater every year AND it only provides a 40% solution to energy costs. Geothermal has the problem of only providing a ~50F temperature in the winter and, by God, some people have to wear shorts indoors in January and February. Solar electric doesn't bother anybody, but the upfront costs mean the consumer will have to stick to a 30" TV instead of that wall mounted 50" HDTV for the first five years of operation. Lunar Solar Power? Good God. Thank requires PLANNING and COMMITMENT and FOLLOWTHROUGH. No Thanks. American Idol is on and Twilight is coming out on DVD this week.

I guess what I'm trying to say is that the future will be bleak by way of our vanity, not any real problems. Then again, a good month of starvation will go a long way towards thinning the herd and setting priorities.
 
[quote name='thrustbucket']IMF poised to print billions of dollars in 'global quantitative easing'



Read link for more info. It's rather cryptic. I'm not sure I get it, but I felt it belonged here.[/quote]

"The objective is to create a windfall of cash. However if everybody goes out and spends the money it could be very inflationary."

I love that. It is a windfall of cash backed by nothing. So, the banks will have the money, but, if it is spent, bad things could happen.

250px-Comedian.png


Everybody is getting the joke, right?

Here are the related stories from the link. All upbeat.

Don't worry everybody. The recession will be over this year.
 
headline on drudge

"Kremlin to Pitch New Currency"

The Kremlin published its priorities Monday for an upcoming meeting of the G20, calling for the creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system.

The International Monetary Fund should investigate the possible creation of a new reserve currency, widening the list of reserve currencies or using its already existing Special Drawing Rights, or SDRs, as a "superreserve currency accepted by the whole of the international community," the Kremlin said in a statement issued on its web site.

The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries.

The Kremlin has persistently criticized the dollar's status as the dominant global reserve currency and has lowered its own dollar holdings in the last few years. Both President Dmitry Medvedev and Prime Minister Vladimir Putin have repeatedly called for the ruble to be used as a regional reserve currency, although the idea has received little support outside of Russia.

Analysts said the new Kremlin proposal would elicit little excitement among the G20 members.

"This is all in the realm of fantasy," said Sergei Perminov, chief strategist at Rye, Man and Gore. "There was a situation that resembled what they are talking about. It was called the gold standard, and it ended very badly.

"Alternatives to the dollar are still hard to find," he said.

The Kremlin's call for a common currency is not the first in recent days. Speaking at an economic conference in Astana, Kazakhstan, last week, Kazakh President Nursultan Nazarbayev proposed a global currency called the "acmetal" -- a conflation of the words "acme" and "capital."

He also suggested that the Eurasian Economic Community, a loose group of five former Soviet republics including Kazakhstan and Russia, adopt a single noncash currency -- the yevraz -- to insulate itself from the global economic crisis.

The suggestions received a lukewarm response from Foreign Minister Sergei Lavrov on Saturday.

Nazarbayev's proposal did, however, garner support from at least one prominent source -- Columbia University professor Robert Mundell, who was awarded the Nobel Prize in 1999 for his role in creating the euro.

Speaking at the same conference with Nazarbayev, he said the idea had "great promise."

The Kremlin document also called for national banks and international financial institutions to diversify their foreign currency reserves. It said the global financial system should be restructured to prevent future crises and proposed holding an international conference after the G20 summit to adopt conventions on a new global financial structure.

The Group of 20 industrialized and developing countries will meet in London on April 2.
Click to expand...


http://www.themoscowtimes.com/article/600/42/375364.htm
 
I'm down, but only if there was a Speed Pass like at Six Flags.

Seriously though, maybe in 25-50 years, but I doubt we will see it by 2015-2020 at the earliest. We'll all be dead by then anyways.
 
FoC with your statements on Solar I'd check up on it but there are supplementary ways to deal with it if Solar doesn't yield all the power. The same goes with the others methods. I'd honestly recommend Biomass as one of em'.
I never said I was against Conservation but I think it should ALWAYS take a backseat to self-sustainability. Self-sustainability allows the power companies to never to be able to gouge you. Seriously getting off the grid is the way to go, I don't care how much nonsense people try to say about you never saving enough putting solar panels on your house in comparison to the cost. This is about making yourself economically free so you don't ever have to worry about these companies strangling you to death with costs. Conservation is what should make self-sustainability possible, more then anything. Buying LED lightbulbs all over the house coupled with a tankless Electric Water Heater. You'll note I don't mention Fluorescent instead, what with Mercury as the filament in at least the compact one's.
 
Probably will see a global currency, but not within 10 years. Unless the value of all money becomes 0 before then.
 
[quote name='bmulligan']I'm sorry, but how would a world currency ensure stability by any stretch of the imagination?[/quote]
It wouldn't ensure stability in any way. I would never make that claim. What I'm saying is that by removing the variable of currency fluctuation, you can better project and model costs, demand, etc. That is a positive thing for business. Anytime you can remove a variable that introduces risk to economic modeling, you're helping business.
I guess we should just abandon our borders and submit to a world government since it would eliminate all the redundancy and waste having armies of people staffing capitol buildings all over the world.
Click to expand...
Huh?
Just think of all the money we could save just making one style of police uniform instead of 200 different ones. Finally those swiss guard freaks would have to wear those stupid feathers anymore.
Click to expand...
Huh?
Then there's that pesky legal system that could be flushed for a more favorably efficient one...
Click to expand...
It's not really on topic, but it seems pretty evident to me that there's certainly efficiencies that can be gained in favor of all parties if we were to take a serious look at the Uniform Commercial Code with an eye towards reform.
 
The link to the IMF thing seems to have been about a proposal at the G20 meeting. When I tried to google it to figure out who proposed it, what the current status is on it, etc., I ended up with forum posts and not much else. The story on the telegraph is light on specifics. Anyone else have any other solid commentary on this?
 
[quote name='rickonker']They'll keep trying shit like this and it's doomed to fail.[/QUOTE]

Yeah. China and Russia are not nearly big or influential enough to affect things.
 
[quote name='thrustbucket']Yeah. China and Russia are not nearly big or influential enough to affect things.[/QUOTE]
Not sure if you're being sarcastic or not, but by "they" I didn't mean China and Russia anyway. What I meant was that anyone could try that scheme and it would still fail.
 
I was being sarcastic. And why would it fail? If the IMF and central banks want it, we will get it, end of story. We can't stop it. It's just a matter of if they want it.
 
[quote name='thrustbucket']I was being sarcastic. And why would it fail? If the IMF and central banks want it, we will get it, end of story. We can't stop it. It's just a matter of if they want it.[/QUOTE]
I'm not saying they won't be able to try it, I'm saying the currency system China wants is not sustainable.
 
You must log in or register to reply here.
bread's done
Back
Top