Forum > Beware of Global Currency

Beware of global currency!

The good news is, finally, after all these decades, the corrupt, coercive, fraudulent, loan sharking central bank known as the Federal Reserve, will finally be abolished! The bad news is, it's going to be replaced by a GLOBAL central bank! With all of the same evils as the Fed, plus more! (Since we call the Federal Reserve the Fed for short, perhaps we should call the global central bank the Glob for short.)

One article on the subject is at: http://theeconomiccollapseblog.com/archives/shocking-new-imf-report-the-u-s-dollar-needs-to-be-replaced-as-the-world-reserve-currency-and-that-sdrs-could-constitute-an-embryo-of-global-currency (The comments following that article also contain some valuable insights.)

What's wrong with a global currency can be seen in the history of the Federal Reserve, which is already far too much concentration of power. By controlling interest rates, the Fed controls the amount of currency circulating. In the 1930s the Fed raised interest rates and caused the Great Depression. In the 1970s the Fed kept rates low and caused high inflation. You can be sure that the Federal Reserve Board told their Wall Street pals ahead of time which way they were going to go so their pals could position themselves to profit from the coming shifts.

Also in the 1930s, many local governments started issuing local currencies so their local economy could keep functioning in spite of the shortage of money. The U.S. government responded by making it illegal for local governments to issue currency. They had created a Depression, and by God, they were going to make sure nobody is allowed to escape it!

Any global currency will work the same way, only worse. A global central bank will issue the currency, LOANING in into circulation, of course, just like the Fed. This will put everyone in the world in debt to the central bank, making every last human a slave in their global plantation. When they decide to have a Great Depression, nobody in the whole world will be allowed to escape it! No country, state, county, village, or anything will be allowed to create a local currency to enable any economic activity without the permission of the global central bank.

Free trade of multiple currencies on open markets is ESSENTIAL to world economic stability. When Japan started selling millions of cars in America, billions of dollars flowed to Japan. They piled up. Something had to be done with them. So, they were traded in currency markets. Dollars were exchanged for yen. Dollars were plentiful, so their value went down. Yen were scarce, so their value went up. This made the price of Japanese labor come up close to that of American labor, eliminating the price disparity that had caused so much havoc in the economy.

A global currency would completely eradicate this stabilizing mechanism in the world economy. When China floods the world with cheap products made by slave labor (the only kind of labor China uses) with a global currency, there will be no price adjustment made like there was with Japan. Instead of a free market in currency raising Japanese wages to Western standards, the one world currency will lock China's price advantage in place and force the rest of the world down to match China's draconian pay scale!

A global currency is even more inappropriate now that we have computers to make calculating exchange rates so easy. Never in the history of the world has it been easier to accomodate numerous currencies. You can already go almost anywhere in the world, pay with a credit card, and automatically, the merchant is paid in his local currency and you receive your monthly statement in dollars. We DON'T need a global currency to facilitate trade! We're getting a global currency rammed down our throats at the time in history when there's the LEAST use for it, and MOST reason it should be avoided!


Here are some articles about a new global currency issued by a global central bank:

http://www.thenewamerican.com/index.php/economy/economics-mainmenu-44/4262-imf-report-promotes-world-currency

http://theeconomiccollapseblog.com/archives/bancor-the-name-of-the-global-currency-a-shocking-imf-report-urges-the-world-to-adopt

http://en.wikipedia.org/wiki/Bancor

http://en.wikipedia.org/wiki/Triffin_dilemma


Another candidate for a global currency is the SDR - Special Drawing Rights. It's a basket of currencies (currently 44% dollars, 34% euros, 11% pounds, and 11% yen) offered by the International Monetary Fund to serve as a global currency. It's been available for almost fifty years, but attracted very little interest.

Also being offered as a global currency is the WOCU - WOrld Currency Unit. It's a basket of 20 currencies offered by the WDX Institute in London. It's pretty new, but it's also attracting little interest.

In both cases, it seems that international traders don't want to bother exchanging their currency for a global currency and then exchanging that for the currency of the other country. In theory, the business people of both countries would agree to pay or be paid in SDRs or WOCUs because they know its value over time will fluctuate less than either of their currencies. But if ALL of the major currencies are inflated to try to pay the debt the politicians keep loading on us (as is happening now), then any currency based on a basket of those currencies will also lose its value.


More info on the WOCU can be found at:

http://en.wikipedia.org/wiki/Wocu

http://www.wocu.com/

http://www.wdxinstitute.org/

http://www.menwithfoilhats.com/2010/05/new-world-currency-launched-on-911-will-fit-neatly-in-your-pocket/

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