One World Currency

I'm going to say it again and again. There will never be a one world currency. The reason being is that it would upset too many large institutions and people who make money off of it.

You are correct in stating that there is a huge profit motive in foreign currency exchange - True enough. However, what we have witnessed over the past century is a major centralization of power, especially in the banking industry. There are 4 mega-banks right now in the United States, and they tower over their next nearest tier of mid-sized regional banks. The 4 mega-banks are Bank of America Merrill Lynch, Chase, Citigroup, and Wells Fargo.

The trend in banking right now is more and more centralization and big banks gobbling up smaller banks. Consolidation is the trend.

Also, cashless transactions are all the rage. Banks are heavily pushing and providing incentives for banking to go electronic and cashless. Online banking, credit and debit cards, ATM machines, online Bill Pay, etc. are all relatively recent trends that have radically transformed the way people operate in this digital economy.

As the Fed Chair recently pointed out, our banking structure is woefully inadequate for modern society. We are trying to operate a modern technological society using an antiquated and outdated banking system.

It is not that big of a leap of faith for me to believe that centralization and consolidation of the banks will continue, both domestically and internationally, until soon you will have only a single banking institution - either state-run or in private monopolistic form - to which everyone will belong.

And, given the ever-increasing trends towards a cashless society, the dollar will be transformed into a global digital currency. In some respects, we are already almost there. More and more economic transactions are digital.