The Single Global Currency - Common Cents for the World
P.O. Box 390, Newcastle, ME 04553, USA 207-586-6078 www.singleglobalcurrency.org
"A global economy requires a global currency."
(Paul Volcker, former U.S. Federal Reserve Chair.)
Notes from Informal Discussion, Thursday, July 14 at 2d Annual Single Global Currency Conference.
Participants:
Ratnam Alagiah, Harvey Arbelaez, morrison bonpasse, John Edmunds, John Huang, John Marthinsen and Celali Yilmaz
- Who will benefit from the implementation of the Single Global Currency (SGC)? People in high-currency risk countries. Law enforcement agencies? FBI? Auditors? Lending organizations? The World Bank?
- How consider the political, cultural and other aspects? Develop connections with other professional/academic associations to explore these issues. Reach out to political scientists, and psychologists, behavioral economists.
- How important is the peoples' love of currency or the sovereignty of money? Is stability of money more important than the loyalty to the national images on the bills and coins?
- To what degree does a successful monetary union require political union?
- An SGC Benefit: Having a single measurement of economic activity anywhere in the world. Multi-nationals, and those investors seeking to measure their performance, would benefit.
- Perceptions vs. Reality. What do people really think of currency or money?
- When will the "Tipping Point" be reached? (It was reported that illicit drugs are now being priced in euros rather than dollars. When will oil be priced in euros, and what will be the effect on the dollar? When will people see the need for a single global currency?)
- One way to enable people to see the benefits would be to have multinational companies restate their financials in terms of a single unit of account which might be composed of a basket of currencies and commodities.
- Seniorage. There is seniorage to share with a monetary union, but not with "izing", as in "euroizing" and "dollarizing".
- The changing functions of money, with changes in technology. Measurement. Store of value.
- How would the Single Global Currency relate to the work of Jeff Sachs and developing countries?
- Who is now hedging currencies the most? Small importers? Futures traders?
- Who speaks for investors around the world? American Association of Individual Investors?
- What about reserve requirements with a single global currency? No more need for foreign exchange reserves, but there would be a need for reserves of the Single Global Currency Unit currency to ensure liquidity of banks around the world.