One global currency and one world central bank?

[First]

Obviously it won't be happening anytime soon, though I wouldn't be shocked to see it at the end of our lifetimes, maybe 60-100 years from now.

And gold has been proven an inferior alternative to fiat. At this point it's abundantly clear when you look at 1) world economies' success with gold vs. fiat and 2) our growth rates and increased standard of living since getting off gold. Gold can have manufactured scarcity just as anything else can; the U.S. gov't personally controls a boatload of gold at Fort Knox, they purposefully don't flood the market, but they easily could. Again, notice how Peter Schiff's poorly thought out predictions have all failed to come to fruition with regards to the dollar; he said a year ago that the dollar would at least halve by the end of 08 because of an upcoming recession, yet the dollar has made significant gains since then. Despite multiple analysts holding Schiff's hand on the mistakes of the Depression, what inflation measures, and why the dollar could go up during this recession (which Schiff said simply could not happen, again wrong), he still clings to this beliefs. Oh well, it'll be funny seeing how kooky his $2000-$5000/ounce gold prediction ends up being next year.

 

[First]

Btw, some facts for the gold-first, economy-second thinkers; since the meltdown in mid-Sep. (Lehman et al) gold is down over $100 to $742/ounce while the dollar has gained 15% against the Euro since that time. Woops.

 

[sandorski]

Originally posted by: BansheeX

Originally posted by: sandorski
negative

Positive. In fact, you're seeing shades of it now with the American dollar as the reserve currency, which it gained under gold but retained after abandonment in 1971. Countries that peg their fiat to our fiat intentionally debase their own currency to maintain stable exchange rates for their export sectors, effectively causing global inflation that sends commodity prices, including gold, skywards in all fiat denominations.

Gold is money, always has been. Whether governments choose to monetize it or not is another matter entirely. I recommend "Gold - The Once and Future Money" off Amazon if you want to learn more, you clearly haven't a clue.

Gold is not a Currency.

 

[bamacre]

Originally posted by: Evan
Btw, some facts for the gold-first, economy-second thinkers; since the meltdown in mid-Sep. (Lehman et al) gold is down over $100 to $742/ounce while the dollar has gained 15% against the Euro since that time. Woops.

Gold is down because it is, or at least was, overvalued.

This however will not continue, as the printing presses have been going 24/7, and compared to the dollar, gold will start climbing when all these new dollars come home to roost.

Comparing the dollar to other fiat currencies? Pffft, who cares?

Gold isn't a perfect system, and it alone, i.e., without freer market conditions, isn't the answer, but it protects people from bad government, something these days is plentiful.

 

[First]

Originally posted by: bamacre

Originally posted by: Evan
Btw, some facts for the gold-first, economy-second thinkers; since the meltdown in mid-Sep. (Lehman et al) gold is down over $100 to $742/ounce while the dollar has gained 15% against the Euro since that time. Woops.

Gold is down because it is, or at least was, overvalued.

This however will not continue, as the printing presses have been going 24/7, and compared to the dollar, gold will start climbing when all these new dollars come home to roost.

Comparing the dollar to other fiat currencies? Pffft, who cares?

Gold isn't a perfect system, and it alone, i.e., without freer market conditions, isn't the answer, but it protects people from bad government, something these days is plentiful.

How is it not relevant that our fiat currencies compete well with other currencies. That's the whole point. :roll:

And no, as has been explained before, gold doesn't do any of that, and it's exactly why the entire world is off it.

 

[jonks]

I'd support it only if they also financed a superhighway from Mexico to Canada and named it the Ron Paul Expressway

 

[shiner]

Originally posted by: Sinsear

Originally posted by: TallBill
We should pay local, county, state, federal, continent, and global taxes.

All paid in the new worldwide currency the "Eartho"

How much Bachelor Chow can you buy for 5 Earthos?

 

[mxyzptlk]

I wish there were a United States of Earth, where the relationship between state(what are now nations)/federal authority was right about where is now, or maybe slighty more in favor of the states. Same Bicameral legislative body with both proportional representation and a senate with equal representation for all the states. Free trade between the states, freedom for the population to move about as they please. no need for state militias really, you're not going to blow up your neighbor because you have a disagreement. Go through the courts like you're civilized. A constitution/bill of rights that applied to all of mankind would be nice for sure. Complete separation of church and state, but still freedom for whatever wacky, flying spaghetti monster you want to worship.

I'm just vomiting out ideas here, but why wouldn't it work? If I could, I'd try to avoid the two party system we have in the US now though. More parties would be better imo.

 

[BansheeX]

Originally posted by: sandorski
Gold is not a Currency.

I said it was money, not currency. But currency units can be fixed to a specific quantity of gold.

Gold is down because it is, or at least was, overvalued.

Gold is down because hedge funds are exploding and that results in assets on margin being involuntarily liquidated for dollars, by definition increasing the demand for dollars. Once that ends, expect the dollar to simply tank in the coming years as they are sold old off for real things while they're still worth something, there isn't a chance in hell anyone but the Fed is going to want to buy our bonds at rates this far below (real) inflation.

How is it not relevant that our fiat currencies compete well with other currencies. That's the whole point.

But we're not really competing, are we? Do competitors copycat their competitor's inflation with pegs?

What do you think would happen if China depegged? We're both capable of consuming, but who's capable of manufacturing goods? Most of our manufacturing base is lost, and we haven't any savings to rebuild it. The money we borrowed from foreigners in this perverse system was all spent on consuming their production rather than invested and repaid with manufactured products ourselves. They have to continually loan us more and more money to keep this going. And as they continue to feel the effects of soaking up our inflation, they'll see how foolish they've been and how much worse it will be for themselves to continue.

 

[First]

Originally posted by: BansheeX

But we're not really competing, are we? Do competitors copycat their competitor's inflation with pegs?

The U.S. dollar's value in relation to other currencies is exactly how you determine whether the dollar is "strong" or "weak". Again, that's the whole point and has nothing to do with pegs now that the yuan isn't anymore (well, technically). There isn't "competition", per se, between countries, that's a common misnomer in international economics discussions.

What do you think would happen if China depegged? We're both capable of consuming, but who's capable of manufacturing goods? Most of our manufacturing base is lost, and we haven't any savings to rebuild it. The money we borrowed from foreigners in this perverse system was all spent on consuming their production rather than invested and repaid with manufactured products ourselves. They have to continually loan us more and more money to keep this going. And as they continue to feel the effects of soaking up our inflation, they'll see how foolish they've been and how much worse it will be for themselves to continue.

Yeah, sure they will. You claim we should have a manufacturing base as if your reasoning is backed by precedent proving a service-centric economy can't be more successful. The last 30 years says you're living in the previous 30. Fact is the U.S. dollar continues to gain and you and Schiff continue to get it wrong. The world has flocked to the U.S. dollar as reserve currency, as predicted by people in the know, and contrary to Schiff's claims, the world has intensely felt our domestic pain. This is exactly why we abandoned Bretton Woods in the early 70's; a post-Mao China and emergence of the Asian tigers generally led to a global reality that was simply unmistakable. Our relative fiat strength is ALL that matters because there are no other planets pegged to gold currently competing with Earth. Relative fiat evaluation (since every single world currency is fiat) is all that matters.

 

[IceBergSLiM]

oh the nwo is coming and you can't do shit about it.

 

[imported_Lothar]

Originally posted by: TallBill
We should pay local, county, state, federal, continent, and global taxes.

If federal income tax is capped at 35%, what will be the cap on continent and global taxes?

I currently pay
2.56% county >> 4.75% state >> 35% federal >> ???% continental >> ???% global

 

[imported_Lothar]

Originally posted by: BansheeX

Originally posted by: sandorski
negative

Positive. In fact, you're seeing shades of it now with the American dollar as the reserve currency, which it gained under gold but retained after abandonment in 1971. Countries that peg their fiat to our fiat intentionally debase their own currency to maintain stable exchange rates for their export sectors, effectively causing global inflation that sends commodity prices, including gold, skywards in all fiat denominations.

Gold is money, always has been. Whether governments choose to monetize it or not is another matter entirely. I recommend "Gold - The Once and Future Money" off Amazon if you want to learn more, you clearly haven't a clue.

Platinum > Gold.
Silver > Gold.

'nuff said.

 

[mxyzptlk]

Originally posted by: Lothar

Silver > Gold.

'nuff said.

That's not the way they stand at the Olympics.

 

[DarrelSPowers]

There's never going to be a worldwide currency until we start doing business with other worlds...

which would KICK ASS!!!

 

[BansheeX]

Originally posted by: Lothar

Originally posted by: BansheeX

Originally posted by: sandorski
negative

Positive. In fact, you're seeing shades of it now with the American dollar as the reserve currency, which it gained under gold but retained after abandonment in 1971. Countries that peg their fiat to our fiat intentionally debase their own currency to maintain stable exchange rates for their export sectors, effectively causing global inflation that sends commodity prices, including gold, skywards in all fiat denominations.

Gold is money, always has been. Whether governments choose to monetize it or not is another matter entirely. I recommend "Gold - The Once and Future Money" off Amazon if you want to learn more, you clearly haven't a clue.

Platinum > Gold.
Silver > Gold.

'nuff said.

Platinum is not very malleable, nations have abandoned coinage with it for this reason. Silver can tarnish and is a better electrical conductor than gold. Both platinum and silver are consumed in greater amounts in industry, giving gold superior monetary volatility. Lastly, the color and density of gold is almost impossible to counterfeit even when alloyed for scratch resistance.

 

[Polish3d]

One world govt shouldnt (and IMO wont) occur until we begin colonizing the solar system

 

[halik]

No,
you'd have the same problem as EU is having - one monetary policy for a whole bunch of regions that face completely different economic climates.