Is a World Currency Realistic? Global Money and DGC On NPR
July 12, 2007 by Mark
Filed under Personal Finance
In an interview on National Public Radio in the United States Benn Steil, an economist for the Council on Foreign Relations says most national currencies should be eliminated because they end up being manipulated by politicians, and do more economic harm than good.
It’s four minutes long and you can listen to it at NPR’s Internet site here: http://www.npr.org/ (http://www.gata.org/node/4692)
A long essay Steil wrote for the May/June issue of Foreign Affairs, “The End of National Currency,” can be found at that magazine’s site here: http://www.foreignaffairs.org/
“Benn Steil says most national currencies should be eliminated because they end up being manipulated by politicians, and do more economic harm than good.”
Who Is Benn Steil?
Senior Fellow and Director of International Economics
Award-winning writer, editor of International Finance, and cofounder of a transatlantic financial markets consultancy firm. Currently writing a book analyzing the historical relationship between money and national sovereignty and its importance in understanding contemporary globalization.
Expertise: Financial markets; securities trading; international finance.Experience: Cofounder and managing member, Efficient Frontiers LLC, financial markets consultancy (current); Editor, International Finance (current); member, European Shadow Financial Regulatory Committee (current); Director, International Economics Programme, Royal Institute of International Affairs (1992-98).
Source: Council On Foreign Relations
A one-world currency eh? No, thanks! Sounds like a horrid idea.
If “most national currencies should be eliminated because they end up being manipulated by politicians,” then just one currency in the hands of a few dominant bankers & politicians would be retarded. It would “do more economic harm than good” for the entire world all at once! That is unless you’re a banker or a politician. Think about it…
What makes this piece of CFR trash think global monetary tyrrany would be better (for the common man) than localized only country-wide, case-by-case monetary tyrrany? At least run-away inflation right now doesn’t take the entire world’s economy down - just a country or two. If the currency was global, the economic devastation would be global. How is that better?
At best: We could rectify all sorts of underhanded dealings and bring the nations of the world closer together. Down with nationalism!
At worst: It would give the world a common enemy, ultimately leading to a revolution and utopian world government. Like anything else, the worse it is, the better it ultimately gets.
I think it’s a win-win, even if it takes some time.