Would you support a one world currency/bank?

[vhx]

http://www.theaustralian.news....25173126-12377,00.html

I have seen this being mentioned more and more in the news recently. About how we need a new world bank, or that a global currency is needed. If something like this were to happen, would anyone be against it or for it? If you are against it, would it take a complete economic collapse for you to agree to this? I guess the perk would be not losing billions/trillions to currency exchanges.

IMO this seems like it could end more on the bad side than good. We saw what happened when just our own banks started to fail and essentially hijacked the taxpayer. What would happen if the world bank was in trouble? Would we even be a sovereign country if our entire economy wasn't even handled by ourselves? Seems like we would be at the mercy of those in charge of it in terms of power and control. Look how that has worked out for us so far in just our own country... And if corruption were to happen on a global scale (as if corruption wouldn't be possible) then SWHTF.

Also one might have to worry about this evolving into a bigger deal. Afterall, didn't the EU start as a trade deal then turn into a currency unification, and now its basically turning into a government unification.

Thoughts?

 

[Fern]

No.

How would keep control over your country's monetary supply, and inflation etc?

Counterfiting might be more difficult under that too.

Fern

 

[StageLeft]

Wouldn't this be similar to when the world used to use gold and then paper money was just a representation of gold? Then eventually this gold standard was removed, so without clicking your link it sounds like a request back to the gold standard in some manner.

 

[sandorski]

Umm, a World Bank would be similar to the US Reserve. The US Reserve is not one of the Banks getting Bailed out.

Do we need one? Eventually, yes. Too early IMO. The Third World needs to be brought up to First World standards before a single currency makes sense. Then there are the Political, Social, and Religious issues regarding such an entity. Any attempts to establish a single currency at this time is doomed to failure.

 

[her209]

Electronic money is the only way to go.

 

[gingermeggs]

A whole host of Political, Environmental and Human rights standards would need to go along with such an idea, for it to fly'
I'm with "ski" on this one it's along way off- just hope it is well centered when it does finally eventuate.

 

[gingermeggs]

Originally posted by: her209
Electronic money is the only way to go.

so that's a yes?

 

[Schadenfroh]

Not a global bank / currency.

I would support a free trade pact / central bank / single currency with Canada, Japan and South Korea. Free trade being goods manufactured / grown / mined within the borders of said nation, not a company based in said country utilizing labor in Vietnam. There would have to be issues with subsidies worked out before such an agreement could be put in place, amongst many other things.

 

[magomago]

Originally posted by: gingermeggs
A whole host of Political, Environmental and Human rights standards would need to go along with such an idea, for it to fly'
I'm with "ski" on this one it's along way off- just hope it is well centered when it does finally eventuate.

Yeah I'll say not going to happen on that bolded part. Power that is concentrated will be abused, regardless of the scale. If one does come around, whoever the ones muscling everyone else into going along with the one world bank/currency will be the ones that benefit the most from it and influence it the most.

Having a 'one world anything' sounds nice in a utopian situation until you realize it will just be a vector for some countries to take advantage of others

 

[JS80]

Originally posted by: Skoorb
Wouldn't this be similar to when the world used to use gold and then paper money was just a representation of gold? Then eventually this gold standard was removed, so without clicking your link it sounds like a request back to the gold standard in some manner.

we *might* end up going to a semi-gold standard. no way in hell we can repay the deficit. we will force the world to "recap" us debt and currency and we will probably revert to semi-gold standard and the world will end 12/21/2012 and prove obama was the anti-christ.

 

[Double Trouble]

Absolutely no way. That would basically put our economy at the mercy of decisions made by idiots from other countries. We prefer to have stupid decisions made by home grown idiots, thank you

Seriously though, no way. Why would you put your economy and standard of living at the mercy of some entity that might be making decisions based on the whims of some crappy countries like China, India etc? Now a united US & Western Europe currency could work at some point.

 

[Andrew1990]

I would love a single currency except it would have a hard time representing worth when traveling. Every country has a different set of living standards and therefore pay standards.

 

[eilute]

Originally posted by: her209
Electronic money is the only way to go.

And visa cards work in some 170 countries.

 

[Modelworks]

That is a great idea. We can put the bank under the control of someone who really knows what they are doing, like the UN !

 

[eits]

zeitgeist anyone?

 

[Double Trouble]

Originally posted by: eits
zeitgeist anyone?

Ugh. A friend of mine kept telling me to watch that until I finally did. What complete and utter garbage.

 

[MikeyLSU]

yes and no.

I think eventually this needs to be done, but we may be still early for this to be implemented.

Basically it goes like this, I agree with the concept, but would I trust other countries to control the currency if the US had to just sit and listen? Probably not.

 

[TastesLikeChicken]

Not at this point. We are not ready to invest in credits so the Federation can build starships.

A one world currency would also require a one world government. We'll likely reach that point eventually but the time is not now, or the near future.

 

[palehorse]

Originally posted by: vhx
Would you support a one world currency/bank?

no.

 

[sandorski]

Originally posted by: Double Trouble
Absolutely no way. That would basically put our economy at the mercy of decisions made by idiots from other countries. We prefer to have stupid decisions made by home grown idiots, thank you

Seriously though, no way. Why would you put your economy and standard of living at the mercy of some entity that might be making decisions based on the whims of some crappy countries like China, India etc? Now a united US & Western Europe currency could work at some point.

Actually, this would prevent that. China's jerry rigging of their Currency is one of the main reasons they are so competitive. A Global Currency puts everyone on a level playing field.

 

[halik]

No way, it strips away each country's monetary policy, which is really bad in crisis. Just take a look at what's going on in euroland right now - a group of very heterogeneous economies will always struggle to find the proper cental bank policy.

 

[Craig234]

There's big pressure to move in this direction by those who would be enriched.

I would oppose it unless there was some way to prevent corrupt concentration of power.

 

[bamacre]

Originally posted by: Craig234
I would oppose it unless there was some way to prevent corrupt concentration of power.

We can't even prevent it here.

 

[rchiu]

Originally posted by: halik
No way, it strips away each country's monetary policy, which is really bad in crisis. Just take a look at what's going on in euroland right now - a group of very heterogeneous economies will always struggle to find the proper cental bank policy.

Hey, if one central bank policy work for New York and Alabama, why can't it work in a larger context?

The issue is really politics. Politicians want to have the freedom to ask for and do things that on the surface make his/her supporters happy. How much difference those policies make is highly debatable.

 

[ericlp]

Originally posted by: her209
Electronic money is the only way to go.

Well, that is the ONE world currency ... Do you really think china ships out billions of won for the loans they give us? No....

Digital money will be the global standard. I mean it is the global standard and in a scene we already have a one world currency. I wonder how much of it is in transit at any given second?