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World Currency

ClassicMacBook36
By ClassicMacBook36
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World Currency?  

29 members have voted

  1. 1. Would you want to have a world currency?

    • Yes
      7
    • No
      22

Posted

I am currently doing a project in my school about having a world currency, and I just want to know people's input on having one. 

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Posted
  • Author

What I mean by world currency is having one currency for the whole world.

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i guess it would be good in theory but horrible in practice. 

 

Having just one currency would create a whole slew of problems when it comes to controlling the value of the currency. 

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5 minutes ago, Volbet said:

i guess it would be good in theory but horrible in practice. 

 

Having just one currency would create a whole slew of problems when it comes to controlling the value of the currency. 

I agree with this. Basically, the economy of other nations would impact the value of the currency.

 

Right now, if the US economy is strong, the US dollar is strong (HIGHLY SIMPLIFIED). But if Burma has a recession... that's not gonna affect the value of the USD.

 

With a global currency, every place it's adopted will have an impact on the value of it. There are other impracticalities too.

 

I think if we were to ever adopt a global government, then it would be possible. But I'm talking hundreds of years from now.

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You could look into the difficulties in implementing and maintaining the Euro as a unified currency to include the problems stemming from countries that chose to opt out of the conversion.

 

i think if you did that you'd find What Dalekphalm mentioned occurring in addition to perhaps finding that some countries end up being winners and some being losers.

 

Lastly make sure you look at exactly how the Euro is regulated in the sense of who decides how many Euros to print.  

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Before a global currency can be implemented, you'd need a global government.  One planet, one government.  Otherwise a global currency will never work.

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Posted

We already have one. It is called Bitcoin

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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If you want an example of how unified currency works in practice among a decent enough sample size of countries with various levels of economic power, look at the Euro.

 

27 minutes ago, SamStrecker said:

We already have one. It is called Bitcoin

Dogecoin is superior. :B

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9 hours ago, dalekphalm said:

I agree with this. Basically, the economy of other nations would impact the value of the currency.

 

Right now, if the US economy is strong, the US dollar is strong (HIGHLY SIMPLIFIED). But if Burma has a recession... that's not gonna affect the value of the USD.

 

With a global currency, every place it's adopted will have an impact on the value of it. There are other impracticalities too.

 

I think if we were to ever adopt a global government, then it would be possible. But I'm talking hundreds of years from now.

That's the limitation with fiat currency.  IMO a world currency would work better if it were backed by something of despensible and tangible use.  Like grain, gasoline or another natural resouce for example.

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7 minutes ago, xentropa said:

That's the limitation with fiat currency.  IMO a world currency would work better if it were backed by something of despensible and tangible use.  Like grain, gasoline or another natural resouce for example.

 

Up until 1971, the US backed the dollar with gold and silver. Now it's value is staked against the debt the Federal Reserve accumulates.

 

The reason this change took place is because, during the 60s and 70s, the value of gold and other commodities became volatile which threatened to collapse the value of the dollar.

 

So while a backed currency has tangible value unlike a fiat currency, it essentially is the same thing as its worth is equal to whatever value we place on the backing commodity.

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No its not a good idea, not at all.

 

See currency for each country is good, because you get one dead beat bankrupt state, and yet your country is rich.

 

Makes no sense to have one currency.

 

GDP is good, inflation is bad.

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sounds an awful lot like crypto currencys , and well , we know how well those go

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i think before that will ever get implemented successfully we should get of money completely.

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