UN wants new global currency to replace dollar

[bytor2112]

The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world's monetary system since the Second World War.

Err....scary stuff.

[FunkyTown]

Err....scary stuff.

Hunh. Thanks for the link, Bytor.

A universal currency controlled by a single international organization is a terrible idea. Monetarily ruling the world is still ruling the world and this governing body would not be elected by me.

[Guest]

Funky,

England never did go with the Euro, right? So, they're not part of the European union? I'm not quite sure how that works out. It would be great if you can give me some insight.

[FunkyTown]

No way. The UK would never surrender sovereignty by going with the Euro. Right now, a lot of people are concerned. They think that having the US Dollar as a basis for which other currencies are judged is the same as having an international currency setting the standard.

This is purely untrue. A US Dollar Standard, or a Russian Ruble Standard, or a Chinese Yen Standard, represent a power for the person who holds it. That much is true, but it also operates as a double-edged sword.

If people tire of holding these notes, or lose confidence, there is a horrible plunge and inflation. This results in a dissatisfied populace at home and represents a very large hammer indeed to hold against whatever nation holds the standard.

By creating an international standard, NOBODY is accountable and by extension EVERYONE will suffer from a lack of confidence. It's not a hammer against the abusers. It's a hammer used against oneself.

I suspect it's inevitable, though. Moving to an international standard allows the artificiality of the economy to continue, but sadly places a ton of power and no check or balance to the people who hold it.

[talisyn]

Considering the USA still uses Imperial measurements while the rest of the world uses metric I really don't see a universal currency affecting us over here...besides, we all know if there's gonna be a rising new star in the financial world it'll be the Chinese money.

[FunkyTown]

Considering the USA still uses Imperial measurements while the rest of the world uses metric I really don't see a universal currency affecting us over here...besides, we all know if there's gonna be a rising new star in the financial world it'll be the Chinese money.

You don't see how a singular body deciding what your dollar is worth could affect you?

All right: Basically, try to imagine how your country would look like if someone was able to abuse this to make the dollar worthless on an international level. Remove everything electronic from your home that says 'Made in China'. Remove everything from your driveway made with steel or aluminum that wasn't mined in the US. Turn off everything powered by electricity provided by a foreign power.

Now that you're sitting in a room lit only by the sun, with no electronics, no car and no tools, you have figured out how a universal currency would affect you.

[EruditioSalvatus]

The United Kingdom (England ent al) is part of the European Union, but you are correct in saying the UK is not legally bound to accept the Euro. The UK along with Denmark and Sweden are member states of the EU but have opted out of the single currency.

Anyway, a more international currency would help many of the problems plaguing the world economy. A group of nations rallying behind a single currency hasn't hindered the EU, it's economy is very strong and the Euro is worth more than the dollar.

[bytor2112]

You don't see how a singular body deciding what your dollar is worth could affect you?

All right: Basically, try to imagine how your country would look like if someone was able to abuse this to make the dollar worthless on an international level. Remove everything electronic from your home that says 'Made in China'. Remove everything from your driveway made with steel or aluminum that wasn't mined in the US. Turn off everything powered by electricity provided by a foreign power.

Now that you're sitting in a room lit only by the sun, with no electronics, no car and no tools, you have figured out how a universal currency would affect you.

Bingo.

[Maxel]

Didn't the pope just call for a universal currency, too?

Signs of the times... Thanks for the insights, FunkyTown.

[Guest]

Anyway, a more international currency would help many of the problems plaguing the world economy. A group of nations rallying behind a single currency hasn't hindered the EU, it's economy is very strong and the Euro is worth more than the dollar.

That is correct, but, just like what happened in Kyoto and all that jazz, everybody keeps on forgetting that an international currency provides little to no benefit to the current economical powerhouses - and even puts them in more danger of devaluation of goods.

So, an international currency will only help China and India and those "economically strong" countries who are currently in ninja status topple the other countries.

So, America will not go for it - and they would be stupid to do so - unless they finally "wise up" and learn to compete in a global economy.

[Maxel]

Does anyone else think this is a logical progression?

Global currency --> Major problems with regulation --> International commitee to regulate the global economy --> Commitee doesn't have enough power to enforce regulations because of national sovereignties --> Global government.

Last time I read my Bible, the appearance of a global government is a bad sign. Whatever the apparent benefits to a global economy may be, I think it's safe to say it will ultimately be a step in the worst of directions.