We believe that once the peoples (including their corporations and labor and other organizations) of the world understand the benefits of a single global currency, they will demand it from their governments. The single global currency is what the peoples of the world need, and it is what they want.
The referenda in Denmark and Sweden for a common currency have failed because the people were not persuaded of the benefits of that particular common currency. A major reason why those benefits are restrained is that today’s common currencies (euro, EC dollar, African franc, U.S. dollar) still must function in a multi-currency world, and therefore must suffer the ills of the current exchange rate system. Once the peoples of the world see the significantly increased benefits of a single global currency, even compared to the growing regional "single currencies", they will demand that their governments start planning for its implementation.
A single global currency would likely have a new name which denotes its global use, such as "mundo", "global", or "eartha", just as the "euro" is currently for Europe. (See Feedback on SGC Names.) It likely would not be the expanded form of any current currency, such as the dollar or euro or yen, unless those currencies opened up their central banks’ governing boards to worldwide participation and agreed to change the name of the currency to one with more global meaning.
With the use of a single global currency, there would be no more need for expensive currency exchanges nor expensive hedges against currency fluctuations. Gone would be currency speculation and the risk of currency failures and balance of payment problems. Such a currency would therefore be more efficient as a means of conveying true value, without consideration of the political winds of the day. (See Why an SGC.)
The single global currency would be managed by a single international central bank, with a representative governing board; and member countries would be required to abide by agreed-upon fiscal discipline standards.
As it’s thought by many economists that a single global currency will be good for the people of the world and as many economists and non-economists expect a single global currency "someday", why not obtain the benefits thereof sooner rather than later? It will surely benefit all the people of all the countries of the world if there is a single global currency, just as it currently benefits California and Maine to be in the same monetary union with the U.S. dollar, and for Germany and Portugal to be in the European Monetary Union with the euro. "Let’s start planning, NOW!"
Let’s ask the thousands of economists who specialize in international monetary issues to study how the single global currency will work and what is needed to implement it. Enough has been studied and written about how the current exchange rate systems do not give suffcient stability to the international finance system. "Let’s start planning, NOW!"
Of course, there are issues to be worked and agreements to be made. There will be questions about which countries can participate, and under what conditions. There will be questions about what steps must be accomplished first or second or third. There should be no question, however, of whether the goal should be reached. In any case, "Let’s start planning, NOW!"
For more information about the Single Global Currency Association, please send email to: [email protected]
or you may write to:
Single Global Currency Association
P.O. Box 390, Newcastle, ME 04553, USA.