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Sebastian Helenius

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A Single World Currency and a World Central Bank - For or Against?

The debate is in the headline. Any opinions?

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    Eric Henry

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    Aug 20 2012: On paper, yes. I would advocate for a single currency, with a single "system" to govern its development. However, contrary to a few of the comments on this discussion, I don't see any practical way this will happen in the foreseeable future. There will be no "New World Order" or global "mark of the Beast" in our lifetimes. There is no secret UN plan or capability to create a world government, with a world economy run by a single small group of world leaders. As such, there will be no world currency or world central bank.

    The Eurozone can't even get 10% of the world's countries, with a comparatively common set of cultural principles, to put aside their national interests and cooperate for the long term in creating an economy with a single governing body and currency.

    Who is going to get countries as disparate as China, the U.S., Brazil, Greece, Nigeria, and Iran to agree to such a scheme? The negotiations about the logistics of the pre-meetings to initial concept meetings that must precede a meeting of those with the power to negotiate who will represent their countries at the real planning meetings will take years. The world is not unified enough in any respect to accomplish something so bold as a single currency, with a single governing body, much less a world government.

    I think the best we can hope for is free-floating market-driven exchange rates between currencies and something akin to a Geneva Convention establishing some common principles for economic standards and regulations. Even that is likely something not to be achieved in the next couple of decades.

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