Do you think a "one world currency" is inevitable considering the recent financial collapse of so many countries?

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Single Global Currency Association

A Single Global Currency would likely have a new name which denotes its global use, such as "mundo", "global", or "eartha", just as the "euro" is currently for Europe. (See Feedback on SGC Names.)  It likely would not be the expanded form of any current currency, such as the dollar or euro or yen, unless those currencies opened up their central banks' governing boards to worldwide participation and agreed to change the name of the currency to one with more global meaning.

With the use of a Single Global Currency, there would be no more need for expensive currency exchanges nor expensive hedges against currency fluctuations.   Gone would be currency speculation and the risk of currency failures and balance of payment problems.  Such a currency would therefore be more efficient as a means of conveying true value, without consideration of the political winds of the day.  (See Why an SGC, and see our one-page FACT sheet.)

The Single Global Currency would be managed by a single global central bank, with representative governing boards for the people , governments and financial institutions of the world.

Implementing a Single Global Currency for international transactions AND as legal tender in participating countries, does not mean that other currencies cannot co-exist with such a Single Global Currency.   When the euro was being planned, it was anticipated that the pre-existing national currencies would continue to co-exist. However, such a plan was deemed inefficient and it was decided to abandon the old national currencies.  That was a decision made by the members of the eurozone members of the Eurozone and was not a mechanical requirement of monetary union.  Within a global monetary union, and with a Single Global Currency managed by a global central bank, there may well continue to exist several pre-existing national currencies and other national instruments which might be called currencies, such as complementary currencies (e.g. frequent flier miles, Canadian Tire Dollars or Ithaca Hour Dollars)

The Global Central Bank would be financed by whatever benefits will come from the printing of money and seigniorage.   Any surplus monetary benefits coming to the bank would be allocated to politically agreed-upon goals, such as the reduction of foreign debt or the eradication of disease or the support of family planning.

As it's thought by many economists that a Single Global Currency will be good for the people of the world and as many economists and non-economists expect a Single Global Currency "someday", why not obtain the benefits thereof sooner rather than later?  It will surely benefit all the people of all the countries of the world if there is a Single Global Currency, just as it currently benefits California and Maine to be in the same monetary union with the U.S. dollar, and for Germany and Portugal to be in the European Monetary Union with the euro.   "Let's start planning, NOW!"

Let's ask the thousands of economists who specialize in international monetary issues to study how the Single Global Currency will work and what is needed to implement it.   Enough has been studied and written about how the current exchange rate systems do not give suffcient stability to the international finance system.

Comments

Sun, 2016/06/26 - 12:42pm Re: Do you think a "one world currency" is inevitable ... #141
sanson's picture
Joined 2016-02-28
Votes: 6
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The idea behind the single global currency is incredible and i really appreciate it to the extent. Once i have written a story and my friend suppose to buy my assignment on this economic systems. Hopefully i feel every nations must implement this procedure to improve the economic status.

Tue, 2017/09/19 - 9:25am Re: Do you think a "one world currency" is inevitable ... #3380
willi's picture
Joined 2017-09-19
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Tue, 2018/11/27 - 1:09pm Re: Do you think a "one world currency" is inevitable ... #7591
jacobe389's picture
Joined 2017-10-16
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