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Latest Zogby Poll in U.S. shows 25% support for SGC.

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Would you strongly favor, somewhat favor, somewhat oppose, or strongly oppose a single global currency, where all the people of the world would use the same money?

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The world needs a single global currency for three reasons:

  1. eliminate the transaction costs of trading from one currency
  2. eliminate the risk of currency failure and exchange-caused fluctuations in value.
  3. cause an increase in the value of assets for those countries currently afflicted with significant country risk.

1. Transaction costs. Every day, more than a trillion dollars of currencies are traded on the foreign exchange markets and every transaction cost something. It’s estimated that the average cost of all transactions, including all the staff and equipment, is 1%, or approximately $3 trillion per year. Although 1% is a small percentage, $3 trillion is a lot of money in a world where millions go to bed hungry every day.

2. Currency Risk. Part of the built-in price of every currency is the risk that it will fail. Perhaps that’s the risk that the government will fall or that a primary industry sector will fail, or that a natural disaster will be hugely expensive. If such events are expected or even feared, the discount of that country’s currency will increase, i.e. the currency will be worth less. For the people within that country their savings may be exposed to complete loss.

3. Asset Value Increase. When currency risk is minimized the only obstacle to residents and foreigners investing in a country is the actual risk of the failure of the venture. For many countries where the currency risk is more than the expected annual return on the investment, investment is totally blocked. However, if the currency risk were to be eliminated, at least down to the level of low inflation of the single global currency, investments would be much more appealing. Several articles and books have shown how asset values began rising in Europe in direct relation to the increasing likelihood that the euro would actually be launched.