09 April 2007

Moving toward a Single Global Currency, one country at a time

On 1 January 2007, Slovenia abandoned its national currency and became the 13th eurozone member.
Around the world, other countries are considering joining regional monetary unions, or creating new ones.
At some point the financial leaders of the world will understand the advantages of a Single Global Currency and begin planning. The merger of the euro with any of the other major global currencies, would create considerable momentum toward that goal.
Also on 1 January 2007, the 2007 Edition of “The Single Global Currency – Common Cents for the World” was published. The original edition is now on line at http://www.singleglobalcurrency.org/book_about.html
The world should begin planning now for the Single Global Currency, to be managed by a Global Central Bank within a Global Monetary Union.


Lokendra Chauhan said…

Hi Morrison,
I would like to go a little further on the path you suggested. I think we as world citizens can not ignore the importance of sustainable development any more, especially with the current warnings and predictions about gloabal warming from the scientific community. In my opinion, one market based solution for making “sustainable development” happen is to peg the currency and prices of all the things everywhere in the world with energy. Let’s call these “energy credits” or whatever which can be measured in Joules or any other unit of energy. Each product’s cost would be the sum of energy consumed to produce it and energy contained in it. Price of the products will then be determined by the market. Like any other form of money, these energy credits give us the right to buy the products worth the energy value we give to them, with a minimum price equal to the “current value” or energy cost of that product. I firmly believe that this futuristic (or sci-fi like) form of money with the right economic policy frameworks would lead us to the path of environmentally sustainable economic growth in an efficient manner.


12:35 AM  
morrisonbonpasse said…

Hi Lokendra,
The position of the Single Global Currency Assn. is that the monetary support or basis for the Single Global Currency which will be implemented will be a matter for the international monetary convention to establish. Officially, The Single Global Currency Assn. has no view on the matter. My prediction is that the Single Global Currency will be fiat money just like the money of all the countries and monetary unions in the world today.
The pricing of energy will be volatile in the coming years.
I agree with you that sustainable development is very important. I also think that ZPG (Zero Population Growth) is very important to the future of the world, but the Single Global Currency has nothing to do with either area.

12:42 AM  

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