Friday, 3 April 2009

Are we moving toward a global currency?

There seems to have been a recent spate of articles discussing advocates of a global currency. This concept has been discussed for decades, if not longer.

The president of Kazakhstan Nursultan Nazarbayev recently outlined a proposal for a world currency. His "acme-capital" has been endorsed by Robert Mundell who was behind the euro. There may be some sense to this if the acmetal is actually backed by, or better, made with, a precious metal.

A United Nations advisory committee has recommended international monetary reserves be changed to a system not dependant on US dollars. China had previously made a similar request as has Russia. The proposal is to use something similar to the previous
European currency unit [Ecu], that was a hard-traded, weighted basket.

...The SDR [Special Drawing Right] and the old Ecu are essentially combinations of currencies, weighted to a constituent's economic clout, which can be valued against other currencies and indeed against those inside the basket.
Russia suggests that at least part of the weighting be gold.

Granted, all these articles are somewhat related to the UN report. There may be some real concerns about the US dollar, though it is likely the UN will use any excuse to internationalise and seek increased control over national sovereignty. This may be especially true if control over money transfer allows opportunities for the UN to increase the size of its own coffers.

Personally I think any commodity should be traded in any currency by agreement on the 2 parties.

I wonder whether there would be less complaints that
the current system contributes to global instability, it contributes to the insufficiency of global aggregate demand
if the reserves were held in commodities rather than promissory notes from people with inadequate integrity.

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