Wednesday, December 10, 2008

Single global currency would save hassles

This looks like bit funny for the serious money money managers, but it makes some sense :). Read the complete article


Aditya NADIG :)

Single global currency would save hassles

Not only will a common GCC currency be good for Gulf states, it will also help the world move towards a single global currency, managed by a Global Central Bank within a Global Monetary Union.

The success of the euro shows that monetary union is the best way to ensure monetary stability.

The primary problem with the euro and currencies of other monetary unions is the multi-currency system itself where currencies fluctuate in value against each other.

If 16 countries can use the same currency, why not 192?

In addition to eliminating currency risk, the use of a single global currency would eliminate the current foreign exchange trading expense of $400 billion (BD151bn) annually, eliminate current account imbalances, eliminate the need for foreign exchange reserves (now totalling more than three trillion dollars) and bring other benefits worth trillions.

The Single Global Currency Association promotes the implementation of a single global currency by 2024, the 80th anniversary of the 1944 conference.

That's only 16 years away.

The world is moving towards a single global currency through the creation of monetary unions in Asia, North and South America, Africa and the Middle East and the expansion of monetary unions in West Africa, the Caribbean and Europe.

Visit, or go through the book, The Single Global Currency - Common Cents for the World.

Morrison Bonpasse,

President, Single Global Currency Association

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