Would a single worldwide currency solve lots of problems? (Details )
I hear so much about how the value of each nation’s currency and exchange rates rise and fall in a reactive way to current events. The world’s economy can all fall to crap if some of the bigger,more powerful countries make economic mistakes. The EU used to provide financial security to the member nations. The greedy assholes running Wallstreet made a huge mistake, and the world has been in a bind since. (2008)
I hear of a nation’s currency being used as a weapon. After Putin annexed the Crimean Peninsula the world tried to devalue Russian money. This type of behavior could lead to world war. (I’m not saying sanctions aren’t a good option in certain cases. )
It seems a single currency, globally accepted, could add stability to the world. Each country could receive an amount of ‘credit’ of this money to use as they would normally use their own currency,or something.
With the Internet, it seems feasible. Kind of like my limited understanding of Bit coin.
So….
Is it even possible? Would it alleviate some of the problems in our world?
Observing members:
0
Composing members:
0
14 Answers
It won’t work because then no one stands behind the currency as the lender of last resort. Currency value is represented by the economy that backs it as a store of value.
The Euro is a good example of how difficult it is, just in a fairly homogenous interconnected area like Europe. The Greeks have to cede some of their fiscal sovereignty to the Germans in order to stay in the Euro club. So does Italy.
Now imagine theUS having to give up fiscal control to a few countries. Wouldn’t work.
^Well,I know it would take a lot of nations and people willing to compromise.
Some day, there will be a one-world currency, and it would appear to solve a lot, but the eye of a storm is usually always calm.
I can’t mod my question, but I suppose I should have added, hypothetically…..If there were a single currency, would it help?
Yes and one computer language and one spoken and written language.
^One form of measurement is feasible. But it still hasn’t happened for some reason.
No.
Not simply because of economic reasons zenvelo explained, but simply because no way in hell that every nation in the world would accept that. We are not that united. In fact, we are not united at all.
Also, if that one currency fails because of economical catastrophe, we are doomed. We won’t have any “ace in the sleeve”.
It’s safer to always have some extra solution in case plan A fails.
@RedDeerGuy1 One language policy doesn’t work either, for a whole list of reasons, considering way broader function and role language has than money.
Nah, our cash pounds all others into the dirt, keep your monopoly money to yourselves
In the U.S. and I imagine in other countries, the government is able to relieve economic problems by regulating the currency and interest rates. I don’t see how such a thing would be possible with a single worldwide currency.
@RedDeerGuy1 One computer language won’t do, because computer languages are designed for specific tasks. What works for high speed trading doesn’t work for theoretical design of a nuclear weapon.
The economist Paul Krugman recently wrote a book about the problems with the Euro, which would certainly applicable to any global currency. Here is a brief related article by Krugman from a few years ago.
One of the main economic reasons for the Greece in EU failure was a common currency but not a common economic basis for running a government. Unemployment, governmental kick-backs and corruption were all in the mix for Greece.
I doubt that a common currency could become a possibility in the absence of a common, worldwide government, The more I think about that, the less desirable I find it to be.
Answer this question 
Composing members:
0
