Jaime Pozuelo Monfort gives his thoughts en espanol after his receipt of a copy of "The Single Global Currency – Common Cents for the World."
Excerpts from the rough Google-human-translation are below…
Today I received a letter from the future…
will take the word and work in achieving your dream, because
adventurous dreams that affect the welfare of others are
dreams to be fulfilled, because it is time that this world
moves to eliminate once and for all the pirates of heartless
capitalism and the monetary totalitarian regimes….
6 October 2007 at www://Idiligence-forum.com, “One Currency for All” by Aakansha Singh on October 5th 2007 in Random
countries of the world shed their trade barriers and open
their gates to global marketing, it may become necessary
to have one
currency. The dream of a global
currency will soon be a reality. How about
having a single global currency with a likely new name like
“eartha,” mundo,” “global”
just as the “euro” is currently for Europe?
Remember the days when “euro” was nothing more
than an idea? Today it’s a common currency success
reality. It is today used by 15 nations soon to be used
by 22. In an age of international interdependence and integration
a “uniform and universal system of currency”
could facilitate intercourse and understanding among the
A single currency holds the promise of stable money. The world should be brought under one monetary unit having a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union. Consolidation of world currencies is necessary to eliminate currency risk and the risk of currency crises and almost all concern about balance of payments or the current account, and global imbalances.
“The implementation of a Single Global Currency will save the world approximately $400 billion in foreign exchange transaction costs, and will eliminate currency crises and balance of payment problems and eliminate all the currency fluctuations which bedevil our globalizing world. Also, a Single Global Currency would increase the values of assets in countries where currency risk is presently high, and the citizens of those countries would be less likely to send their money to safer financial centers.”
This concept of single currency does have its pros and cons. In my opinion, the arguments of advocates of single currency outweigh the argument that a single currency is unworkable given the vastly different national political and economic systems in existence. A global currency would also be an important step in promoting economic justice in the world, removing the advantage of a few favored countries whose currency is seen as stronger or more secure and preventing the poor from being hurt by the impacts of currency fluctuations. In the long run, such a step would do much to counteract the local harm that is sometimes induced by economic globalization by putting everyone, everywhere, on a more “level” economic playing field.
like nationalism, political and economic difficulties, and
loss of national monetary policy would be a major deterrent
consolidation. However, if countries around the world
are ready and willing to ‘give up’ or surrender
their identity/pride in their own currency e.g. the lira,
peseta, deutchsmark etc, days are not far when the world
would experience single
money transactions and its benefits!
Response to “One Currency for All”
MorrisonBonpasse responded on 06 Oct 2007 at 4:52 pm #
Thanks very much for your post, “One Currency for All.” You have presented most of the arguments for and against. A few more are in my book, “The Single Global Currency – Common Cents for the World,” an e-copy of which is available at http://www.singleglobalcurrency.org/book_ecopy.html. The 2007 edition, is now available at Amazon.com and the 2008 edition will be available on 1 January 2008 from Amazon.
The recent volatility of the U.S. dollar is a serious reminder that the existing multi-currency international financial system is risky and costly. If only a few large owners of U.S. dollars had decided last month to dump their holdings of dollars, a large and disastrous currency crisis could have occurred.
With a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union, there will be no currency crises.
The International Monetary Fund (IMF) has a new leader, Dominique Strauss-Kahn, and he could serve the world well by taking steps to accelerate the world’s movement toward a Single Global Currency. The sooner we begin planning, the less costly and risky will be the interim period. He could assign teams of economists within and outside the IMF to research all the potential costs and benefits, and another larger team to plan a schedule for implementation.
If he cannot make those steps, then he could assign another team of economists to consider a basic question arising from the foundation of the IMF in 1944: What is an optimal number of currencies in the world? We believe Nobel laureate Robert Mundell to be correct when he stated that the number is “that odd number less than one.”
Having a Single Global Currency will save the world – trillions. Let’s start planning now.
6 September 2007 at All Forex, "hereyou" posted a blog, “The United States Dollar and the Euro” with a good discussion of the Single Global Currency as an option.
Excerpt from the blog…
Hypothetical single “true” global currency
An alternative definition of a world or global currency refers to a hypothetical single global currency, as the proposed Terra , produced and supported by a central bank which is used for all transactions around the world, regardless of the nationality of the entities (individuals, corporations, governments, or other organisations) involved in the transaction. No such official currency currently exists for a variety of reasons, political and economic.
The Single Global Currency Assn. responded with a comment which added to "hereyou’s" list of benefits and explained how the Single Global Currency in 2024 is as realistic to the world today as the euro was to Europe in the 1980’s.