Coming Soon: A Global Electronic Currency

Do you think it's possible that all currencies will be abolished and replaced with a global electronic currency??? Credit cards, debit cards and checks can now be instantly and electronically deducted from your account.

Some people think that the Euro will eventually take over the dollar, but I believe that both will eventually be abolished and replaced with a global electronic system.

What do you think about a global electronic system?
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I'm all for it. Think about how many trees we could save, honestly.

It would also put out the drug dealers for good. If money is electronic, it will be very difficult to proceed with drug transactions.

An electronic currency would definately put a dent in the black market. It's pretty easy to launder hard cash, but if hard currency is abolished, then it would be harder to launder dirty electronic transactions, though I'm sure it will still be possible. Where there's a will, there's a way.

Not that easy.

Besides the currency only acounts to about 38% in the U.S, the rest is in electronic currency anyway.

If we do get global currency, then it means that every country is equal to others at least in terms of industry, which in reality isn't true. So you would end up having a burger in U.S. costing 5 bucks, while in Libia, it would cost a lot more, because it is much tough to get one there than here. This means that money in U.S. is worth more than in Libia, so we have two unequal currencies, therefore we would have the same situation as now, only the currencies are called the same.

You get what I am saying?

Surf

Your question is two-fold. There already is global electronic currency fo sorts in that method of fund transaction has been in full use for the better part of a decade. as to whether or not this is indicative of a one world currency, no, not for a very long time. Market trade and its health is highly dependent on fluctuating currencies.

Originally posted by surfup
Not that easy.

Besides the currency only acounts to about 38% in the U.S, the rest is in electronic currency anyway.

If we do get global currency, then it means that every country is equal to others at least in terms of industry, which in reality isn't true. So you would end up having a burger in U.S. costing 5 bucks, while in Libia, it would cost a lot more, because it is much tough to get one there than here. This means that money in U.S. is worth more than in Libia, so we have two unequal currencies, therefore we would have the same situation as now, only the currencies are called the same.

You get what I am saying?

Yes, I understand what you're saying. Let's call our electronic currency "debits" (for lack of a better word). To start off:

• A Dollar might be worth one debit.
  
• A Euro might be worth 95% of a debit.
  
• A Yen might be worth 87% of a debit.
  
• A Chinese unit might be worth 22% of a debit.
  
• A Ethopian unit might be worth 3% of a debit.
  
• And so on.....

But when all these currencies are abolished and replaced with a global electronic debit-system, then debits will buy more if you are in certain parts of the world. For example, in the United States, it might cost you 10,000 debits to buy a Chevy Cavalier, but in Egypt, it might cost you 15,000 debits to buy that same car.

Your location on the planet would determine the value of your debits. Isn't that how it is now with the dollar??? In Alaska, it is common to see people earning $40 an hour, but in Louisiana, it is common to see people working for $7 an hour -- the only difference is their location, but the dollar remains the same.

In an electronic debit system, where all currencies are abolished, we would probably see a financial equilibrium all over the planet -- sort of like when it rains, the water eventually settles to the lowest point. Financially speaking, certain places on the planet are going to be higher or lower than other places. That's the way it has always been.
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Originally posted by SomewhereinBetween
Your question is two-fold. There already is global electronic currency fo sorts in that method of fund transaction has been in full use for the better part of a decade. as to whether or not this is indicative of a one world currency, no, not for a very long time. Market trade and its health is highly dependent on fluctuating currencies.

The world will have to have a reason to adopt a global electronic currency. IMO, a global currency will eventually be a savior of sorts. When currencies begin to faulter, then that will be the perfect opportunity to salvage what is left by implementing a global electronic currency. It will end up being the financial savior of the world!!!

Most currencies aren't backed by precious metals anymore, so what does it matter if they are abolished and replaced with a global electronic system? As long as you can make a payment or a purchase, then nothing will have changed, except for the convenience that is provided to you in the electronic system.

its definately one of those 'when' instead of 'will' questions

Posted by Asclepius
its definately one of those 'when' instead of 'will' questions

Agreed. It's just a matter of "when."

Situation like this comes to my mind:

And after many days traveling through the Jungle we finally reached this goddamned archaic village. The chief of the tribe kindly welcomed us offered to buy some tools from the local woodworker.

Finally, I thought, without equipment our journey is useless anyway. So I gone to a woodworker and pointed with my finger to everything that looked more or less useful.
Alright, he responded and looked to me blankly, with what are you going to pay?

-Here, take my credit card.
-Is it a new kind of dollar?
-Not exactly, just take a few debits from my account.
-What is the account?
-It’s where my money is stored.
-I don’t see any accounts here!
-Use the card to access it!
-Oh, now I see, you should be speaking with our shaman if you want to access any “accounts”...

Agnis,

You make a good point.

When Rome controlled the entire world, it only included the known world, yet the history books still reflect that Rome did, indeed, control the whole world. However, many small tribes from around the world were not under the control of the Roman empire.

Whenever the global electronic system replaces all national currencies, it will only include the known civilized world. which excludes small tribes that are able to survive outside of our modern economic system. However, those types of self-sustaining tribes are rapidly vanishing each decade, as they become hooked on the economic convenience of trading with the world's economic marketplace. How many tribes do you know of that don't use modern metal swords or knives???
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the system is pretty much in place just look at this site,
www.paybytouch.com...

Thanks noctu for the link:

Snip....

pay with just a touch of a finger, really

Imagine this. At checkout, you place your finger on a small scanner. Instantly, you see a list of your payment accounts on a screen: checking account, credit or debit card. You select one of them using a familiar keypad, approve the amount of the purchase, and you're done. No cards, checks, cash — or hassle.

It looks like a machine that reads and identifies a person by their fingerprints. A lot of banks now require people to leave a thumbprint if they want to cash a check -- because a thumbprint can't be forged!!!

Biometrics has come a long way. In the old days, if a cop found a fingerprint at a crime scene, it was pretty much useless unless there was a suspect to compare it to. It was a time consuming job to compare fingerprints. However, today computers can compare thousands of fingerprints is seconds. The computer will compare fingerprints that were obtained at a crime scene to all of the fingerprints that are in the database. Recently, congress ordered that all Federal agencies consolidate their automated databases of fingerprints. Shortly thereafter, the states should be consolidated too.

There are other forms of biometrics too, but fingerprints are pretty well known. Biometrics will also help to reduce identity theft.
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Quote: "Global Electronic Currency??? Credit Cards, Debit Cards and checks can now be instantly and electronically deducted from your Account."

We already have an early & evolving form of this - I can't wait until more businesses go "On-Line"! I LOVE to shop over the Web!

I know that some of the Religious Extremists will start talking about the "Mark of the Beast" or other such Non-sense but really - using Logic - I can come up with SO MANY Reasons that Electronic Currency & Electronic Transactions are SO Much Better than using the FAKE PAPER Money that we use now! Using Electronic Systems is so much more PRECISE. I mean really enough already with Paper & Coins! Isn't THIS a much better way of storing "Dollars & Cents" in an Account -> $ xxx.xx - in addition you are able to store "Values" in Memory for quite a long time actually! Plus we are now able to use ADVANCED ENCRYPTION for Security!

I mean think about it - "Currency" - in our case the "Dollar" is really just a Method of Evaluating VALUE in certain things. It works in a Market Fashion. Values go UP & DOWN - so people try to PROFIT by Buying - Selling & Trading! That is how Business WORKS!

Posted by Seraphim_Serpente
Snip...
I can come up with SO MANY Reasons that Electronic Currency & Electronic Transactions are SO Much Better than using the FAKE PAPER Money that we use now!

Yeaa, what is our paper money really worth??? If it can no longer be redeemed for gold or silver from the issuing government, then what determins the value of the currency??? The Gross Domestic Product???


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Of course, people will probably argue over trivial things, such as the name of the currency.

At which point, I will come in and name it after myself to settle the argument.
Otherwise, I fully support the implementation of the Ryan. XD

Hey, Yxboom...thank you for the prediction or insight!

So, what's your take on the stock market?...is it even worth investing money via this method.?

if (when) the Stock Market crash (soon)...that would probably be the trigger point, which would lead to Global Currency...

It really would'nt do a thing as far as the drug dealing, criminals are concerned. They will just transfer funds between accounts. Say its a loan or something close to it, and still be getting away with murder.
But as far as saving a tree, great idea for the entire world. Think of all the people that could no longerbe able to lie about tax stuff ect....

Quote: "then what determines the value of the currency"?

Simple - Perception! You either want to use it or not! You either believe that a $100 Bill is actually equivalent to $100 Dollars or not! That is why they keep putting more & more fancy Holograms & Colors & WaterMarks on it every few years!

Posted by Seraphim_Serpente
Snip...

Quote: "then what determines the value of the currency"?

Simple - Perception! You either want to use it or not! You either believe that a $100 Bill is actually equivalent to $100 Dollars or not! That is why they keep putting more & more fancy Holograms & Colors & WaterMarks on it every few years!

There is a lot of truth in what you just said!!!

If our currency isn't backed by gold or silver, then the only thing keeping it afloat is the "faith of the people" in the currency!!!

If something were to happen where people on a global scale were to "lose faith" in the Amerian dolllar, then the value of the dollar would plummet and, conceivably, it could become worthless.

Conversely, people would never lose faith in the value of gold.

But people would lose faith in a paper note!!! And that is my prediction.
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