There is an aricle on MSNBC written by John W. Schoen, Senior producer, that discusses the pros and cons of a global currency. It starts out with:
With the value of the dollar jumping up and down against other countries’ currencies, what if the world just agreed to use the same currency? It sounds like a simple idea. But like many simple ideas, it would come with all kinds of unintended consequences.
Then he goes into the cons about a global currency such as losing the ability to devalue your own currency for competetiveness. Then he explains the problems of the EU with having a single currency. Then it takes a left turn and states this:
Unless and until the world had a single government to maintain uniform fiscal and monetary policies, it’s hard to see how any independent body would be granted sufficient powers to make a workable global currency — especially in times of global recession when the most painful choices are required. (This is what ultimately began the collapse of the gold standard in the 1930s.)
And as long as the global economy consists of a collection of local economies governed by multiple countries, a single global currency would do little to eliminate the resulting imbalances that result from the different economic policies pursued by those sovereign nations.
So he takes us from a global currency would be bad to a global government would solve everything. A global currency cannot exist without a global governemnt in place to enforce it. America is the greatest free state in the world. We will not give up our soveriginity to help ease the economy, or would we?
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