global currency

A SINGLE GLOBAL CURRENCY ... SALVATION OR MONSTER?

Over the years ... at least since Keynes’s proposals around the time of Bretton Woods if not before ... various proposals for a single global currency have surfaced, some based on a form of fiat currency, others based on commodities, energy or carbon.

This paper will argue that the whole principle of a single global currency is inherently flawed. In doing so I will not address the various forms that such a currency might take, rather the institutional structure which would be necessary to administer such a currency, whatever form it took.

For a single global currency necessarily implies a single global money supply. In turn, that would necessarily place the major single element of global economic control ... far beyond that currently exerted by the present World Bank or IMF (and is that not, on current experience, enough?)... within the hands of a single institution.

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Perhaps those who oppose neo-liberal globalisation and have spent long stretches of their lives grappling with the oligarchy ... in any or all of its various faces ... which globalisation has spawned, would do well to reflect that the cure to our problems will not be found by the creation of yet another and even bigger monster.

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