So long dollar? Au revoir euro? Hasta luego peso?

In 2009, I am as much a citizen of planet Earth as I am a citizen of the United States.

So with our open international economy, wouldn’t it make sense to use one currency?

Am I crazy? No, I’m not.

In fact, a United Nations panel of economic experts are “pressing for a new global currency reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate their economies.”

“A new global reserve system that may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity,” the panel said.

The commission, led by US economist Joseph Stiglitz, a frequent critic of globalization and unbridled free markets, is primarily aimed at finding solutions for developing countries.

“Developing countries are lending the United States trillions dollars at almost zero interest rates when they have huge needs themselves,” Stiglitz noted. “It’s indicative of the nature of the problem. It’s a net transfer, in a sense, to the United States, a form of foreign aid.” (Source)

But the United Nations is just a separate international entity with no policy making responsibility right? Obviously, since the UN told George Bush not to invade Iraq and he did  anyway. But Sarah Palin doesn’t know what the Bush Doctrine is, Palin ’12, I digress.

But the movement for a single global currency isn’t limited to just the UN. In light of the global economic crisis that started in America, world leaders are trying to restructure the international markets to stabilize future swings, many believe a global currency is a good step.

French President Nicholas Sarkozy, English PM Gordon Brown, and EU honcho Jose Manuel Barroso are talking up an international summit to discuss an “urgent overhaul of the world’s financial architecture”. Sarkozy and the EU leaders will call for “globally coordinated regulation of the financial industry, elimination of tax havens and a compensation system in which traders are not rewarded for dangerous risk-taking,” among other things.

"F#@KING Americans!"

Further, Sarkozy says about currencies, How many should there be? What should the agreement between these great currencies be? Should we organize a discussion?” (Source)

But it is not just the big bad European Union calling on reform possibilities.

China is calling for a new global currency controlled by the International Monetary Fund.The comments, in an essay by the Chinese central bank governor, reflect Beijing’s growing assertiveness in economic affairs. Gov. Zhou Xiaochuan’s essay did not mention the dollar by name but said the crisis showed the dangers of relying on one nation’s currency for international payments. In an unusual step, the essay was published in both Chinese and English, making clear it was meant for an international audience.

“The crisis called again for creative reform of the existing international monetary system towards an international reserve currency,” Zhou wrote. (Source)

Benn Steil writes in an article entitled Goodbye US Dollar, Hello Global Currency, “The right course is not to return to a mythical past of monetary sovereignty, with governments controlling local interest and exchange rates in blissful ignorance of the rest of the world. Governments must let go of the fatal notion that nationhood requires them to make and control the money used in their territory.” (There are a lot of good links in that article that further this conversation worth reading FYI)

Of course this debate will ignite fears of biblical prophecy of the ‘end times’. Revelations 13:15-18 reads, He (the false prophet or antichrist, or Barack for many idiots), so that it could speak and cause all who refused to worship the image to be killed. He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name.  This calls for wisdom. If anyone has insight, let him calculate the number of the beast, for it is man’s number. His number is 666.” I don’t know how exactly that translates to a world currency fear but whatever.

The global currency proposal also draws more fears that religious concerns.

You can make a fair argument by saying a global currency is at the very core of government’s plan to dominate the world. Control money and you control the destiny of states, you eliminate national sovereignty. A.W. Clausen, president of Bank of America once observed, The control of money and credit strikes at the very heart of national sovereignty.”

Further, Georgetown professor Carroll Quigley notes, the goal of the banking families and their minions consists of “nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole…controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences.”

That might be a little over the top but it serves as a fair argument for any opponent of a global currency.

Will it ever happen? Who knows, we’ve seen more international change in fifteen years, let alone the past fifteen months, than perhaps any period in history. I would not be against a new currency, I’m open to change and progress, and I don’t worry about money anyway- It is just paper when it comes right down to it.

Any thoughts on the matter? Comment or shoot me an email.