It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
Head of market analysis for Schneider Foreign Exchange Stephen Gallo told CNBC yesterday that the financial crisis will lead to the creation of a global central bank and a global single currency within 15 years.
Goodbye, dollar. So long, euro and yen. Hello, dey!
Dey? It's a proposed combination of the three currencies, which could eventually form the basis of a global currency.
A worldwide money won't emerge any day soon. Still, it's a longtime dream of some economists, who point out several advantages to simplifying the jumble of nearly 190 currencies.
For starters, the world trades about $1.2 trillion worth of currencies a day. If that market disappeared, it would save companies and individuals hundreds of billions of dollars a year in foreign-exchange and hedging costs.
Another benefit: no more national currency crises, which have riled Argentina, Mexico, Thailand and Russia in recent years. No country would have a balance-of-payments problem or need to maintain reserves of foreign assets, such as currency or bonds, to counter dramatic fluctuations in the market.
The end of currency fluctuations would also stabilize international business. Manufacturers on both sides of the Atlantic, for example, would no longer have to adjust to huge changes, such as the slide in the value of the euro from $1.17 initially in 1999 to 83 cents two years ago then back up to about $1.22. The value of stocks and other assets in countries now subject to high currency risks and inflation would also soar hugely as investors became more reassured of values.
Originally posted by survivalsurfer
15 years ?! What a joke, it has to happen now.
What makes you think that private banks will control anything, to me it seems obvious that they are totally out of control and their recent orgies of greed are but the nails in their coffin.
A worldwide, democratically controlled, INTEREST FREE world currency, would save our collective ass from bankruptcy,
It always amazes me that a lot of the folks who are into ATS, UFOs and Aliens seem to be totally incapable of thinking and feeling globally...! We are human beings folks ( more or less ) and we live on the same old planet.