Shoutbox

Americas credibility have been decreased by rating agencies and the worth of the dollar and other currencies of the world sinking down.

At the moment leading people of the world are discussing to find good solutions for this kind of problems. They came to conclusion to consider a "one world currency".

I am personally thinking that a one world currencly will makes the world better because more simplity of money and services, an increased global economy, better conditions for people worldwide, and a decreased barrier between poor and rich.

What do you think about a one world currency?
How it can help people and companies worldwide?
Do you think there are already any companies, websites and other businesses in the world are using one world currency?

No, horrible idea. This was already attemped with the euro, and look at where they are now. Last I checked, UK still has their Pound, and their economy is doing just fine

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Originally posted by MeEtc
Last I checked, UK still has their Pound, and their economy is doing just fine

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Not really, but we're not so fucked if another country goes tits up

But even with the Euro, although the bank notes are uniform, the coins have one side reserved to represent the individual countries within Europe.

The closest historic equivalent to one currency seems to be gold, as far as i understand. 

we should all use cookies as currency

quote:

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Originally posted by MeEtc
This was already attemped with the euro, and look at where they are now. Last I checked, UK still has their Pound, and their economy is doing just fine

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Errr.

Sorry but this made me laugh... no offense though, but such a thing is typically something someone from 'over the ocian' would say, spoon fed by governement, television, and other populistical media without understanding how things work here.
(And don't forget the US is in far more debt than any European country btw).

The Euro currency is not to blame for the economic crisis at all! On the contrary! It is exactly because of the Euro and/or Europe that not more European countries are in trouble.

In fact, the 'crisis', or better: the regression, some countries experienced in Europe actually began within the US and because of how the US handles its economics and bank finances (eg: realestates, etc). And because everything is connected (especially with banks and multinationals), it trickled down to Europe too. The Euro is not to blame at all.

That said, and although something can be said about a global currency (as it does have some benefits), one world wide currency would indeed be a horrible idea imho though. Not to mention one world governement....

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Originally posted by Chrono
we should all use cookies as currency

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hell yeah

... wait.... would that mean it would be illegal to eat cookies (you know... destroying money and all)?

* CookieRevised goes hiding from the feds

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Originally posted by Chrono
we should all use cookies as currency

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Internet cookies?  Or real cookies?

But then maybe people would argue about what ingredients to put in the cookies - chocolate chips?  nuts?

To be honest lets ditch all forms of currency. Money is irrelevant when all is God's Property. It is his plan and our barbaric currency causing international pandemics. Without currency there is no sense of entitlement, and maybe, just maybe Africa can be a place I call home, again.

-Wayne Gretzsky

Countries such as the U.S are purposely lowering the value of their currency to spark more economic activity and to increase exports.

My country was the only developed country in the world that didn't feel the effects of the GFC, but now we are being raped because the Australian dollar is worth more than the U.S dollar and our economy relies on exports.

A 1 world currency would make things 10x worse because countries rely on the ability to print more money if things get tough, but that wouldn't be allowed under a single currency considering all the other countries in the world would then suffer from the printing of money for just 1 countries benefit.

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The Euro currency is not to blame for the economic crisis at all! On the contrary! It is exactly because of the Euro and/or Europe that not more European countries are in trouble.

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It isn't to blame but it certainly isn't helping. We basically saw the domino effect. Greece was tied in with the rest of Europe via the Euro and as Greece went further down the drain it slowly started dragging other Euro countries with it.

I'm surprised that they didn't kick Greece out of the Euro in the end.

Too bad it took me two days to notice this thread.  This is of interest to me because I have worked in the US financial sector (granted not directly, on the IT side) for many years and some of this crisis happened pretty close to home.  I think I have a fairly good grasp of the global economy (even though I can't refute the charge of being "over the ocean") and here it goes:

1) MeEtc is correct noting the euro is part of the problem and Discrate is correct in noting the reason why.  One size does not fit all when the GDP and the size of the economies are very diverse.  It's a great goal to get there, but the reality and goals are two different things.  To be honest, I am surprised that there still are countries trying to join the euro zone.  They are still betting on the single currency spurring foreign lending and investment, an idea which really should have gone out the door with the Greece fiasco -- that is *exactly* what happened and they spectacularly abused it.  If anybody controlling large sums of money has half a brain left, this shit will never work again and the newcomers to the euro zone will only experience the negative effects of the common currency restrictions on managing their own economic policy effectively.

2) Cookie is correct that the mess was triggered by the US real estate backed securities crisis (which is not to say it wouldn't have happened otherwise a couple years later).  As for the charge about the size of the US debt, he's also correct there, but this is all you really need to know.  Let me know which euro zone country can pull that off.  I'm aware both of those are 2010 articles, but nothing has really changed since then.

This takes us back to the original poster's "one world currency." I believe I know what we are talking about and it's not quite that.  There is no credible proposal of a single global currency and it would never work.  What *has* been proposed is a global reserve currency index.  What that means is some kind of a virtual money unit, the exchange rate of which would be based on the blended composite of all currencies that make it up, on any given day.  This idea was proposed by by China, Russia and others several years ago, and it would offer greater immunity for everyone to any one country's problems.  However, it doesn't seem to have gained any traction whatsoever.