When will we see a global currency?

[quote name='thrustbucket']Well that's fine. But why? I'd just like to hear your explanation/reasoning why you think that is.[/QUOTE]
China is finally getting worried about all those dollars it holds. As each of these currencies fail, it's expected that some governments will want to attempt a global currency as the last step. In this case, the global currency China wants would probably be based on many other currencies, and it would fail eventually for the same reason the underlying currencies would: inflation.

I don't actually know if China is serious about the idea right now, though. They could just be signaling their unhappiness about where the dollar is headed (even as they buy more US debt!).
 
Another thing to think about is that, in a way, a global currency is already half way implemented. Plastic.
If there ever is such a thing, it will very likely be pushed for all electronic.
 
[quote name='thrustbucket']Another thing to think about is that, in a way, a global currency is already half way implemented. Plastic.
If there ever is such a thing, it will very likely be pushed for all electronic.[/QUOTE]
If you mean credit cards, I don't think that actually makes much of a difference, because credit card transactions are still denominated in different currencies.

Electronics have made a difference, though - you don't even have to worry about the cost of paper anymore when you're creating new money!
 
I realize that. What I am saying is when/if they decide on a global currency, we all rely on plastic so much that it won't be that big of an expense or that difficult. Banks suddenly switch out the numbers in their computers for new ones. Done.
 
[quote name='thrustbucket']I realize that. What I am saying is when/if they decide on a global currency, we all rely on plastic so much that it won't be that big of an expense or that difficult. Banks suddenly switch out the numbers in their computers for new ones. Done.[/QUOTE]
Remember, these people are experts in deception, so I doubt we'll ever see it happen that way. It's more likely that they'll try something along the lines of China's proposal where everybody appears to keep their existing currencies, but they are all tied together and settled behind the scenes. They'll get most of the effects of a single currency without even really having to explain themselves to the public.
 
[quote name='perdition(troy']and the difference between the two is?[/QUOTE]
You can burn paper?

Actually I'd like to hear the answer too.
 
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[quote name='rickonker']You can burn paper?

Actually I'd like to hear the answer too.[/quote]

There is no difference. The fed doesnt even need to print paper to expand the money supply. They can just increase the amount of money that exists electronically, no paper and ink needed. The government has a type of checking account with the fed (called the "general fund" or something) that they use to pay for government spending. The fed can simply hit a few keystrokes and boom, the government suddenly has an extra trillion dollars in their account.

The government spends that trillion on whatever they wish by writing checks or doing more electronic transfers...no cash involved. The new "money" is put into the economy this way. It might have a temporary stimulative effect as people feel richer, but all it is really doing is diluting the value of all existing currency. It makes every dollar that already existed (including your earnings and savings) worth less. Paper or electronic, it makes no difference. The dollar is backed by nothing but faith.
 
[quote name='perdition(troy']and the difference between the two is?[/quote]

Fraud. Well, fraud would be easier.

Under our current system, the government generates a new trillion dollars and a new trillion dollars is physically generated out of thin air. We can only arbitrarily create more money.

Under an electronic system, the government pushes a key and there is a new trillion dollars. Wait, let's make 100 . Hold up, we accidentally collapsed the world economy. We only created 20 trillion. We can now arbitrarily create and destroy money.
 
[quote name='fatherofcaitlyn']Fraud. Well, fraud would be easier.

Under our current system, the government generates a new trillion dollars and a new trillion dollars is physically generated out of thin air. We can only arbitrarily create more money.

Under an electronic system, the government pushes a key and there is a new trillion dollars. Wait, let's make 100 . Hold up, we accidentally collapsed the world economy. We only created 20 trillion. We can now arbitrarily create and destroy money.[/QUOTE]
They can already do that, FoC.
 
[quote name='rickonker']They can already do that, FoC.[/quote]

As thrust pointed out, they only do that 92% of the time. ;)

I'm playing devil's advocate.

Gold or silver backed currency strikes me as fetishism. Neither silver nor gold strikes me as particularly valuable, but I understand many if not most people do.
 
2050, actually I think it'll probably happen sooner. What would the definition of a world currency be? I think if there were one currency for just the US and the EU, that would probably be sufficient. Most countries already have their currencies pegged to the US Dollar or Euro.
 
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[quote name='fatherofcaitlyn']As thrust pointed out, they only do that 92% of the time. ;)

I'm playing devil's advocate.

Gold or silver backed currency strikes me as fetishism. Neither silver nor gold strikes me as particularly valuable, but I understand many if not most people do.[/QUOTE]

Not everyone who isn't a fan of the US dollar (for example) has to want gold or silver instead. But their point is that gold and silver have a better track record than the US dollar.
 
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