Re: Should we have a World Currency?
Even if we entertain the idea for a global currency, is it still going to be a fiat currency. So we haven't really changed anything just a new design.
If this new currency is backed by commodities then we have a problem because not all countries produce the same. But it could turn out to be a healthy competition, we know that's not going to happen.
If it is backed by gold reserves of each country but that would mean all gold mines will have to be nationalised. In US all gold mines are owned privately by south Africa's Gold monopolists. It gets mined in US and goes to South Africa.
MY personal choice would be 'back to Batter system and commodity or precious metals exchange'. And I mean it should be individual based system. Parties involved in the transaction should come to an independent agreement.
But that mean we will need loads of trust and honesty.
Well this is my opinion, who knows what will work.
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