Talk:World currency

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Contents

[edit] Reserve Currency edit

Just wanted to emphasize that the dollar remains a large portion of global currency reserves. --67.164.94.98 (talk) 01:40, 28 March 2008 (UTC)

[edit] NPOV issues

Contrary to the statement in the entry,"Global Currency" that there will never be a global currency, the world WILL see a Single Global Currency, managed by a Global Central Bank, within a Global Monetary Union. The remaining questions are When and How smooth will the transition to that 3-G world be.

Paul Volcker has said, "A global economy requires a global currency", and Nobel Prize winner Robert Mundell has long advocated for a global currency. The establishment of the euro has shown the benefits of a common currency.

See the website of the Single Global Currency Association at www.singleglobalcurrency.org for more information. In April, the Association will publish the book, "The Single Global Currency: Common Cents for the World". Our goal is a Single Global Currency by the year 2024. morrison bonpasse President Single Global Currency Association Newcastle, Maine morrison@singleglobalcurrency.org

—Preceding unsigned comment added by Morrisonbonpasse (talk • contribs) 16:36, February 18, 2006

This article reads like an original research opinion/position paper. The whole thing starts with "this will never happen..." and goes on to argue that position. Salvageable? Non-WP:OR material on the concept available? Weregerbil 16:16, 26 February 2006 (UTC)
Agreed that the article is far from neutral and needs major rewriting. Nevertheless, this is an important topic that needs an article. —Lowellian (reply) 23:33, 14 March 2006 (UTC)
I've completely rewritten the article. It is now more neutral and does not read like a position paper. —Lowellian (reply) 01:01, 15 March 2006 (UTC)


Very nice work, Lowellian. The article is much more appropriate for inclusion in an encyclopedia now. --Happy-melon 19:42, 15 March 2006 (UTC)

[edit] Fixing the example

In the "economical difficulties" section, the following example is presented:

As an example, consider a hypothetical Country A that is a petroleum exporter and a hypothetical Country B that is an oil importer. If the price of oil goes up, this is an advantage for Country A, and a disadvantage for Country B. If the oil price goes up, this stimulates the economy of Country A; to avoid "overheating" the economy, Country A's central bank would support increasing the interest rate of Country A. At the same time, Country B's economy is damaged by the increased price of oil, and Country B's central bank would seek to lower the interest rate in order to stimulate the economy. However, Country A and Country B would be unable to do this if they shared the same currency.

I believe this needs to be fixed. First of all, no explanation is made of what Country A does with the money it receives for oil, or where Country B finds the money to continue buying gold from Country A. How the money "stimulates the economy" of Country A is also unclear - is there any reason the money couldn't be reinvested in Country B instead, resulting in a trade deficit for Country B?

And what's "overheating the economy" supposed to mean? Some people use it as a synonym for inflation, while others believe there is a bona fide problem with strong economic growth, inflation or no.

And Country B's economy is "damaged"? How so?

Note that this example implicitly assumes a free market for both goods (oil, at least) and investments. It also seems fairly trivial to tax investment in a country or subsidise it to achieve the same effect as higher respectively lower interest rates ...

RandomP 14:41, 2 June 2006 (UTC)

This is too much simple an example. You could add that Country A is a chocolate importer and B a chocolate exporter. And if you added this, you could tell that both countries would benefit of the single world currency. —Preceding unsigned comment added by 80.118.66.176 (talk) 13:37, 9 September 2007 (UTC)

I wrote this example, and I would like to argue in favour of it.

The orgiginal example was more spesific, it was generalized by another person, not changing the meaning though. I belive what is written is correct.

In the original example I used my homecountry Norway as an example state. Norway is a well developed economy, and because the oilmoney is spread on many hands is boosts practicly every industry in the country (widespread money equals widespread spending). I dont think it to be neccesary to go more into why the oil money is an advantage for the economy. Because of the strong economy Norway has in many periods had higher interest rate then EU and USA to keep the pressure on the economy down.

I dont understand at all why I need to explain why oil importers have a disadvantage when the oil price go up. To subsidice oil does not on a country level help on the disadvantage from increased oilprice, it only reallocates it.

By «overheating the economy» I mean the situation you are in when the unemployment is so low that increased spendings (increased GNP) trigger a relatively high level of inflation (caused by increased salaries). This happens when the unemployment is on the level with this country's «natural rate of unemployment». This is indeed where my country is today, and for Norway today it is important to use the interest rate to actively control the economy. And the needs are indeed different from many other counties in Europe. Few other countries have a similar unemplyment rate.

Books could be written on this, which is exacly why I like small «on the spot» examples, trying to explain some of the effects that it usually takes a major in economics to understand. —Preceding unsigned comment added by 83.243.145.232 (talk) 23:03, 15 December 2007 (UTC)

[edit] Other Arguments

Many Christians believe that a single world currency is a sign of the End Days, when the world is united under a One World Order.

Sorry, I am Christian and have lived my life in pedominantly Christian countries. I have never heard of this nonsense. Until this is clarified I have changed "Christians" to "Americans" which seems closer to the truth... —Preceding unsigned comment added by 195.128.251.95 (talk • contribs) 23:24, 16 May 2007

I am not familiar with this either. Checked the often misquoted Book of Revelations also. No such direct reference. Maybe an absurd contextual interpretation could be construed to support such statement. If that has to go in, then have it say "SOME" Christians...Americans (and not just people from the U.S.) may believe this but a European or Asian could believe it as well.BaileytheDog 16:49, 12 June 2007 (UTC)

As a comment on «Arguments for a global currency». Many of these are not more then half true, and the way to argue is immature. One of the arguments is just completely wrong: «eliminates the risk of currency failure..........». By saying this the author seemingly dont see that money can become worthless, like it was in Germany in the twenties, and how it still occurs in many developing countries from time to time. The whole idea of anything being "safe", in other wordshaving stable value under any circumstance is wrong, and the value of money is indeed no exception.

People tend to forget that the value of money is not safe, because the money politics has come a long way the last century, and the stabilizing effect from a modern and effectivce money policy. How many knows that the gold standard ceased to excist just over 30 years ago? People just go spending their money on useless or usefull things in their everyday life, without even knowing the basics of the money system and its history. —Preceding unsigned comment added by Jahege (talk • contribs) 23:25, 15 December 2007 (UTC)

[edit] Single interest rate

I don't get it. Why having a single currency imply having a single interest rate? Is every entity supposed to offer the same interest rate within the same country? If not, why should the countries do it? Sure, money would have different value on different countries (a BigMac could cost 1 BigMacSingleCurrencyDollar in NY and 1.45 in London), but it's roughly the same when compared to Dollars, Euros or BigMacs today. And if a country wishes to pay higher interests it can do so, just as it does now if you list the values in Dollars. —Preceding unsigned comment added by 201.17.48.220 (talk) 01:04, 26 March 2008 (UTC)

[edit] Faith-based and Religious Objections

Can we delete this bunch of crap? I have never heard of it and it seems to be quite American-Evangelist-Conspiration-Theory like.. I'll delete it if no reference is given :) Karibou (talk) 17:28, 23 April 2008 (UTC)