WND:Goodbye U.S. dollar, hello global currency

[Kytro]

WorldNetDaily: Goodbye U.S. dollar, hello global currency

The director of international economics at the Council on Foreign Relations has launched a scathing attack on sovereignty and national currencies.

Benn Steil, writing in the current issue of CFR's influential Foreign Affairs magazine, says "the world needs to abandon unwanted currencies, replacing them with dollars, euros, and multinational currencies as yet unborn."

In the article, "The End of National Currency," Steil clearly asserts the dollar and the euro are temporary currencies, perhaps necessary today. He argues "economic development outside the process of globalization is no longer possible."

His inevitable conclusion is "countries should abandon monetary nationalism."

Steil tempers his embrace of one world currency, writing, "Governments should replace national currencies with the dollar or the euro or, in the case of Asia, collaborate to produce a new multinational currency over a comparably large and economically diversified area."

He concludes: "It is the market that made the dollar into global money – and what the market giveth, the market can taketh away. If the tailors balk and the dollar falls, the market may privatize money on its own."

The "tailors" Steil has in mind are the world's central bankers. He advises that the U.S. needs "to perpetuate the sound money policies of former Federal Reserve chairmen Paul Volker and Alan Greenspan and return to long-term fiscal discipline." In our current era of large and growing trade imbalances and over $35 trillion in GAAP (Generally Accepted Accounting Principles) accounted federal deficits, these targets appear unlikely.

From a globalisation point of view, I tend to agree. Then again I don't think nationalistic attitudes are really a positive

[RMNIXON]

NO!

Lets try this when we can all agree on how to run our respective economies. Until then it is just an excuse for the strong currencies to prop up the weak and benefit the wasteful governments.

[Kytro]

Originally Posted by RMNIXON

NO!

Lets try this when we can all agree on how to run our respective economies. Until then it is just an excuse for the strong currencies to prop up the weak and benefit the wasteful governments.

I'm not sure how strong curriences will be propping up the weak if there was only 1 currency.

Wouldn't the price of goods and services be adjusted to local conditions via the market?

[7960]

Originally Posted by Kytro

WorldNetDaily: Goodbye U.S. dollar, hello global currency



From a globalisation point of view, I tend to agree. Then again I don't think nationalistic attitudes are really a positive

if globalization is your goal then you're right that this is best

but globalization is bullshit, national sovereignty is important, and the idea that *any* problem can be solved by creating a single currency is laughable.

[SpicyMcVoodoo]

Does this mean the rapture is coming?

[7960]

Originally Posted by SpicyMcVoodoo

Does this mean the rapture is coming?

there's still a sticker on the light pole at the end of my street that says "Rapture is coming - 1987"

so I doubt this is it *again*

[Kytro]

Originally Posted by 7960

but globalization is bullshit, national sovereignty is important, and the idea that *any* problem can be solved by creating a single currency is laughable.

While I ma not sure about solving any problems (other than ease of transaction) I don't see national sovereignty based on geography as anything more than hangover from when travel was much harder.

It will go eventually.

[Kytro]

Originally Posted by 7960

but globalization is bullshit, national sovereignty is important, and the idea that *any* problem can be solved by creating a single currency is laughable.

While I ma not sure about solving any problems (other than ease of transaction) I don't see national sovereignty based on geography as anything more than hangover from when travel was much harder.

It will go eventually, globalization is inevitable. The more people communicate, the more people travel the less important geographical origins will become.

[7960]

Originally Posted by Kytro

The more people communicate, the more people travel the less important geographical origins will become.

People have spent the last 50 years communicating and traveling more than any other time in history. People have not, and IMO do not want to give up their nationality just because travel is easier.

[Kytro]

Originally Posted by 7960

People have spent the last 50 years communicating and traveling more than any other time in history. People have not, and IMO do not want to give up their nationality just because travel is easier.

What people want is irrelevant to a point. Advances in rich communication will begin to break down cultural barriers, eventually language will be eliminated as a barrier and further advances in technology could see even greater communication.

While all this is really in an early stage, the more people know, the more the move around, the less they will care about national identites and the more they will care about cultural identites. At some point these identities will cease to be locked into geography.

It would be made completely irrlevent in very short order if travel became as easy as communication.

[Linzyhop]

a global currency is not going to happen in our lifetime.

I remember in my global economics class when I was a freshman in college and we were debating if the Euro was going to work. They had just introduced the timeline of 3 years for changing over the European currencies to the Euro and only certain countries could even qualify to partake in the Euro. One of my professors swore up and down it wouldn't work, and today it does. although the UK and Ireland don't participate and probably won't for many years.

I can see a major world power currency in our lifetime, but not a global one. The economies of all the 2nd and 3rd world countries wouldn't be able to support it. they would collapse under themselves.

[7960]

Originally Posted by Kytro

What people want is irrelevant to a point. Advances in rich communication will begin to break down cultural barriers, eventually language will be eliminated as a barrier and further advances in technology could see even greater communication.

While all this is really in an early stage, the more people know, the more the move around, the less they will care about national identites and the more they will care about cultural identites. At some point these identities will cease to be locked into geography.

It would be made completely irrlevent in very short order if travel became as easy as communication.

and then we will eliminate poverty and people will machines will rearrange atomic structure to make anything we need and then we'll fly around space in these

[ballz2wallz]

Originally Posted by SpicyMcVoodoo

Does this mean the rapture is coming?

But you have to admit, a Biblical prophesy of this happening is pretty dang prophetic.

[RMNIXON]

Originally Posted by Kytro

I'm not sure how strong curriences will be propping up the weak if there was only 1 currency.

Wouldn't the price of goods and services be adjusted to local conditions via the market?

Yes, the prices. But who is going to control global printing and distribution of the actual money? Keep inflation under control? I don't think the world will sign off on our Federal Reserve to do that?

[Kytro]

Originally Posted by 7960

and then we will eliminate poverty and people will machines will rearrange atomic structure to make anything we need and then we'll fly around space in these

Guessing what will happen to far into the future is very hard to impossible

[Kytro]

Originally Posted by RMNIXON

Yes, the prices. But who is going to control global printing and distribution of the actual money? Keep inflation under control? I don't think the world will sign off on our Federal Reserve to do that?

Maybe not right now.

People seem to think the speed of change is linear, a quick glance at history negates this.

[thomez]

Originally Posted by Kytro

While I ma not sure about solving any problems (other than ease of transaction) I don't see national sovereignty based on geography as anything more than hangover from when travel was much harder.

It will go eventually, globalization is inevitable. The more people communicate, the more people travel the less important geographical origins will become.

here's a good read (not taking a side, just showing you it is out there)

Why the World Isn’t Flat

[7960]

Originally Posted by Kytro

Guessing what will happen to far into the future is very hard to impossible

Originally Posted by you

What people want is irrelevant to a point. Advances in rich communication will begin to break down cultural barriers, eventually language will be eliminated as a barrier and further advances in technology could see even greater communication.

While all this is really in an early stage, the more people know, the more the move around, the less they will care about national identites and the more they will care about cultural identites. At some point these identities will cease to be locked into geography.

It's not stopping you

[Kytro]

Originally Posted by 7960

It's not stopping you

I said too far. One can speculate about technologies to a point. I'm really talking about the next 50 years (other than ultra-fast to instant travel).

I am a futurist, and subscribe to the idea of a technological singularity

[SpicyMcVoodoo]

Originally Posted by Kytro

I said too far. One can speculate about technologies to a point. I'm really talking about the next 50 years (other than ultra-fast to instant travel).

I am a futurist, and subscribe to the idea of a techn