Topic: One World One Currency. - page 3. (Read 525 times)

Forget about stealing. Politicians will always find a way to steal regardless of the currency.

I agree that the world should have a single currency. A number of problems will be solved by this. For one, there won't be currency wars anymore. Pointless attempts to devalue the ruble, for example, or to kill the USD as the global currency would cease. Furthermore, assigning subjective or arbitrary value to pieces of paper will also stop. All of this at the cost of ordinary people.

So far, Bitcoin is the most plausible choice as the world's currency. But with our human tendency to be in conflict with each other, I'm afraid it's just a matter of time before countries would hard fork into separate networks over disagreements on upgrades.

And who should issue that currency, control it and be able to print more of it?

Your idea sounds like a weird globalizers idea. They too talk about globalizing everything but in reality what they do is centralizing everything and gaining more control themselves. At the end of the day, fiat is centralized and because of that you cannot have a singular global currency.

We only have Bitcoin which is a singular global money but again because globalization is fake and everything is centralized, the adoption of bitcoin on large scale is not happening and local fiat will continue to exist.

I heard this word for so many times but I don't believe this situation will happen since each politicians in the world have their own agendas and for sure that they don't want to be controlled by certain countries who try to take the power and became regulator of this system.

You can see that even right now there are so many countries having conflict with other leaders have high ego and provably that if someone push to make this happen it might start a war between countries don't want this idea.

Although what you have written their is good but we are not living in fantasy world and world leaders provably don't want to make it happen.

This site has a good article towards this idea https://www.finextra.com/blogposting/20616/the-world-with-a-single-currency---what-are-the-pros-and-cons

Does this provide a wide discussion space or indeed the whole country must have a single currency that might provide full control for all.
I don't think it is necessary because it will make a difference that might limit the regulations of each country and what is already there now is much better than using the new method as you said.

A country has the direction of resource development and it is not possible to be equated all, it is not even possible that one or two countries must make the same policy in the process of developing a different country.
Ideas like this can be said to be quite risky because each country has a culture, custom, religion and different interests so that applying ideas like this will not be easy at all.

Your assertion and narrative are very brilliant, once there is one currency across the globe, it will reduce exchange rate between currencies of different countries, it will reduce the devaluations of currency, because it is the devaluation of a country's currency against another that brings exchange rate problems and it will also create economic stability because of reduce fluctuation of currency pairs. But there is a caveat to it, most of the first world countries will disagree with this assertion, because it is always believe that first world countries currency are always valued higher as against countries that are still developing, that alone keeps those first world countries at an advantage position which they've been enjoying for a very long time, so if you look at it very well, you will see that the idea is very good but most countries will disagree with it because of peculiar advantages they enjoy.

No, economic status should be allowed to continue to determine nations currency. Your view will only drive the world into economic chaos.

It can only work if the system of borders and different nations is abolished, which will remove the barrier of disparity and different economies.  Otherwise, it will be a disaster for the world if some countries are doing so well and others are doing so badly. Many nations are full of corruption and economic mismanagement, e.g. Africa. This can only encourage laziness and more idiocy among many nations and their leadership.

This will also crash the FX market, which is almost 10 trillion dollars daily market.

You've only outlined the benefits of having a single currency with respect to the exchange rate but haven't really talk about the fact that the world is very vast and experience development on a different level. Some are still not ready to embrace such possibility and others won't even want to watch it coming to fruition based on religious and societal differences.

The big cabals who take advantage of the exchange rate won't for any reason agree to a universal currency because it will mean that they can't extort from people with a very bad economy. Nations whose currency have remained strong and powerful will only opt that it be used as the world currency and will never want to expect a replacement of any other form of currency that will put an end to theirs.

When I've always thought about a thing as this, I've always considered that Bitcoin can effectively serve as a universal currency but then, it still has it own limitation and so it's not possible to make use of it as a form of a world currency. Bitcoin can serve in international transaction while the normal fiat that is used locally can serve for local transactions. There's no need to displaced what's currently available. Every nation should work on her economy so as to make it more stable and In the process help boost the power of her currency.

in simple term, the word can not use one currency. each country has authority and control of their currency including rules and regulations and will not like to be controlled by any authority or government. even if the world use one currency as you claim, i don't think it will help in solving any problem there will still be tax payment, transaction fee will still be included, so nothing will be totally free. already we have bitcoin which is used by many country and is widely accepted so there is no need to worry much about having one currency.

Another thing is that having one currency means that all country is equal. one thing you should know is that the value of a currency of any country is determined by the growth of that country. so there is no how it can be possible.

I'm not sure, some people get benefit by trading forex.

It will reduce the cost for changing one currency to another one, but that's how the way money changer makes money. People who run money changer business will not get benefit because it kills their business.

It's wrong to say using the same currency means the price of goods and services will be same in every countries/states/cities, it's all about supply and demand.

As I said above the price of goods are different in every countries, what you said is called as transfer pricing and it won't stop just because all countries use the same currency.

Of course they will be very careful and skeptic against other countries, example a country with lowest corruption rate, they will not want to see other countries are corrupt because it would affect the currency's value.

Single world currency might sound so convenient, it will eliminate all problems with exchange rates, reduce the cost of transactions, and make trade and pricing more transparent. However, it will also face some challenges . One of which is  that countries would give up their control over monetary policies, that will make them hard to solve their own economic problem if they need to. Besides, one currency adoption would be extremely costly and cumbersome under the prevailing divergent economic conditions among the member countries. The costs of lost economic flexibility and implementation costs are its disadvantages. Given that the benefits of this idea are pretty obvious, such risks are too high.

i get the sentiment and maybe this is the ideal situation i am sure these third world countries will support this notion but realistically speaking now it is almost impossible to have all banks of each country to issue a single currency considering the difference in economic situation of each country plus the difference of inflation rates

not to mention that a country holds their currency as part of their identity and makes sure that their culture reflects onto their currency it would be pretty difficult to have the entire world adjust to this kind of system let alone start using it

human in general have different cultures to each other, the main reason there are many currency because they want to create their own and control their own.

this one world one currency thing can be achieved when the world has become melting pot basically a world where there is less to no more racism and culture difference is normal, then people will care less about difference and actually strive for a good economic system.

as of now it's still kinda hard, but moving forward I'd expect the entire world to go on that path.

Your opinion is very correct. The impact of single currency to the world economic stability will be very significant. I believe that time will comes when the world will consider using single currency and if this happen it have many positive impact to enhance the economic stability of many countries especially the developing countries. Using one currency in the whole world will also bring more unity and peace to the world because no country will have a dominant currency over the other which posed serious economic challenge to weaker economy in terms of exchange rate. So on this note, I believe that the developing countries will be at leverage if the whole world consider to use a single currency because there will be a uniform exchange rate which will help to revive weaker economy.
One currency will help to minimize corruption and money laundry because there will be a general universal economic policies that will make it more difficult for corrupt leaders to loot their national treasury so easily as it is in so many developing nations in the world today.

I believe if every country in the world use one currency it will really help the world at large and every nation will benefit from it, there are some benefits or reasons why the world should have a single currency which are.

A. When the world have a single currency it will remove or eliminate exchange rate fluctuations there by making international trade and investment more productive and competent and how can this be achieved it will simply remove the risk and Instabilities connected with fluctuating exchange rates.

B. When the world have a single currency it will reduce the cost in making transactions because there will be no more conversion of currency to another currency and this will really benefit business men and women and also travelers, some time when you travel to another country you fine out that the money with you that you think is big is actually small when converted to that county's currency you travelled to, having one currency will make for easy money transaction between two people in different nations.

C. Having a single currency will also help in enhancing price transparency it will be difficult for a business man to import goods into a country and increase the price x 10 of what he bought it, having a single currency will help to reduce price of some specific items globally.

D. Having a single currency will help to unit the world more and every nation will be his brothers keeper and it there will be a global monetary policy this will help prevent corrupt politicians from stealing.