One World Currency, page 1
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reply posted on 24-1-2005 @ 03:18 PM by vincere7
“What about the world? What will happen? Mainly because of the political constraints, the fact that countries will want to do their own thing, I don't really see a world currency any time soon. I don't think it's feasible. I don't really see how the adjustment burdens could be coordinated, or that there is a willingness to do that.” Maurice Obstfeld professor of economics at the University of California at Berkeley

The majority thinking behind the prophecy of Daniel's 70th week is that when the EU reached ten nations (now they have 25) they would in fact control the world economically within the next 10 years. This of course is not possible. The three dominant currencies is the Dollar, Yen, and Euro. I see the Yen and Yuan merging. The russians will merge with the EU. Before the United States merges with the EU many political and cultural changes would have to be embraced for this to happen, specifically cultural on the part of corporations and the senate. Also currenly language is a barrier. No empire in history successfully assimilates without embracing language (more than one) within it's culture. Not to mention the mere fact of our constitution would require amendment.

"One world, one currency" could exist in a dictatorship or a world empire, but I couldn't imagine a world democracy with a single currency. I couldn't imagine that system." Robert Mundell who is the father of optimum currency areas and has written extensively on the history of the international monetary system and played a significant role in the founding of the euro.

When theorists speak of the beast coming to power or anti-christ they are speaking of a time that does not yet exist on this planet nor will for some time.


reply posted on 24-1-2005 @ 07:49 PM by p a v e l
As the resident businessman (currently a student, Bachelor of International Business) I have quite a bit to say about this discussion, even though ironically I despise business with a cold-hearted passion (but that's another story, I'm afraid).

First, a one-world currency would effectively result in a one-world government - if not immediately, then soon after such a hypothetical amalgamation. This is simply because everything relies on money, and that includes things like politics and defence. When you have one currency (and by assumption, free trade), boundaries between governments will begin to smear because of the free flow of resources (factors of production).

Second, a few things about vincere7's post. Hmm...yuan and the yen would not merge any time soon, because China and Japan are very very different. As different as two countries could be, except for some basic language and cultural overlaps. As well, they don't particularly like each other. The Japanese economy is now locked in what seems to be perpetual stagnation (due to stubborness to change, mostly), and China is in a remarkable (and potentially globally catastrophic) run-away economic growth.

As for Russia and the EU, that's a very interesting question! I once asked a professor that myself. The answer I got is that the world right now would never allow Russia to enter the EU, because that would make the Union far too powerful, upsetting whatever global balance we have left.

The interesting thing about a world currency is that it would make capitalism as we know it obsolete. We rely on a complicated system of currency differences and tariffs for trade. Some currencies are weaker than others, and this balances out the trade (import/export) balance in the world. With one currency, you would have a global free trade area, making this system obsolete. It's very unlikely such a system could work with current population levels (too high) and production levels (too low).

Indeed, one world currency is unlikely to exist in the world we're living in right now. One thing that would result in one world currency and make it viable is a global catastrophe, whether climatological or human-induced. Both of these possibilities seem more likely every passing day. I think, either way, by the time we have a one-world currency, terms like "EU" and "yen" will be studied by historians rather than economists.


reply posted on 24-1-2005 @ 09:15 PM by vincere7
The merging of Yen and Yuan or locked exchange rates is not my personal assumption and in no way did I attempt to sell this as anything that would happen soon, but rather these are the thoughts of experts in the field, professors, not amateurs who pretend to drag out their high wisdom. These are the theories of men Such as Professor Mundell who was part of forming global economies while you were probably in diapers. And before you attack the "theory" just note that Mundell is partly responsible for putting the Euro into action, which many said, "nice theory," thirty years ago. If China does not merge with Japan they will merge with the U.S. in the future as we are her biggest trading partner. I think the choice of Japan according to the lines of Mundell and other "experts" in the field are more accurate.

The fact of the matter is there won't be a one world currency and anyone who pushes that nonsense lives in a fantasy realm. There will be Currency Areas where a nation controls a section of the globe currency wise, but will the Dollar merge with the Euro? Absolutely not. Even if it did there would be no reason to ASSUME the United States of America would delegate the role of government based on a financial overhaul to a foreign soverign. To make such a statement shows the lack of understanding not only of law and government but culture in general. Paper and coin will not exist before any merger of the sort took place.

The whole argument of the Euro is for proving that the beast or anti-christ will emerge quickly (within the next ten/ twenty years) and is a false theory as we can clearly see economically this isn't possible.

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