Originlaly posted in our forums and moved to the blog.
Many of the problems of the existing multi-currency international financial system will be remedied with the implementation of a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union.
The benefits of a Single Global Currency will be substantial:
– Annual transaction costs of $400 billion will be eliminated.
– The need for foreign exchange reserves will be eliminated and the
existing $3 trillion reserves can be used for more productive purposes.
– Worldwide asset values will increase by about $36 trillion due to the
reduction in currency risk.
– Worldwide GDP will increase by about $9 trillion.
– Global currency imbalances will be eliminated by definition.
– Currency crises will be prevented.
– Currency fluctuations will no longer hamper international trade and
– Currency speculation will be eliminated.
Such gains are realistic and attainable if the world decides to pursue them. The monetary unions of Europe, the Caribbean, Africa and Brunei/Singapore have shown the way. If 13 countries in Europe can prosper within a monetary union, and that number will increase to 22 within a few years, then why not most of the 192 members of the United Nations?
The goal of a Single Global Currency should be announced by the world’s financial leaders, including the IMF. Research and planning should begin now to implement a Single Global Currency by 2024, the 80th anniversary of the Bretton Woods conference.
For more information, see www.singleglobalcurrency.org, the website of the Single Global Currency Assn.