MadameConcorde
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World Currency Unveiled At G8

Thu Mar 11, 2010 5:23 pm

The new World Currency Unit was unveiled at the G8 Summit at L'Aquila in Italy by Russian President Dmitry Medvedev

http://www.bloomberg.com/apps/news?pid=20601087&sid=aeFVNYQpByU4

Its value amounts to something between the US Dollar and the Euro. On the coin it says "Unity in Diversity".

http://img9.imageshack.us/i/coinq.jpg/

The coin designed by the same artist who designed the Euro was presented to the Heads of States and Government at the G8 Summit.

The sample of the first “test” currency from the international project for a new virtual global currency, given the draft name, “United Future World Currency – Eurodollar”, has been p presented as the exclusive gift to Heads of State and Government at the G8 Summit: Barack H. Obama, Dmitij Anatolyevich Medvedev, Gordon Brown, Nicolas Sarkozy, Angela Merkel, Silvio Berlusconi, Taro Aso, Stephen Harper, Josè Manuel Barroso, Fredrik Reinfeldt.

http://www.futureworldcurrency.com/D...p?DocumentAreaID=47&DocumentID=204

The final name and symbol for the new currency will be decided in a competition for children in 1000 schools throughout the world, organised by the Italian Museo del Tempo.

http://www.futureworldcurrency.com/D...p?DocumentAreaID=44&DocumentID=194

A single currency becomes the premise for an increasingly global planet. A virtual currency capable of speaking a single, comprehensible language to foster humankind's innate desire to go farther, to surpass boundaries, and move towards true principles of peace, freedom, brotherhood and understanding beyond issues of race, political and religious beliefs and party interests.

http://www.futureworldcurrency.com/Documents.asp?DocumentID=191

Author: Luc Luycx, Royal Mint of Belgium.

REVERSE: the Tree of Life, with five leaves symbolizing local tree species that grow in the five continents. The border inscription reads “United Future World Currency”.

Author: Laura Cretara, former artistic chief of the Italian State Mint.

   

They will need to find a place for the World Central Bank. The World Currency Unit will be the universal reserve currency. There will be no more use for Dollars or Euros. It seems they are really working to make it happen.

Now is this going to be accepted by all the countries in the world? That's a different story.
There was a better way to fly it was called Concorde
 
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DeltaMD90
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 5:27 pm

I doubt it as this will lower some counties' buying power. At least I think that's how it works...
Ironically I have never flown a Delta MD-90 :)
 
CPH-R
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 5:46 pm

Let's make one thing absolutely clear here: There is NO SUCH THING as a world currency, as the Bloomberg article makes quite clear.

It was a publicity stunt from mr. Medvedev, as an illustration to his previous calls for a single global currency.

Also, this from july 2009, and given that we haven't really heard much about it since (and trust me, the tinfoil hatters would go absolitely ape over this), I take it that it probably failed.
 
bhill
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 7:05 pm

Donno...the US Dollar has been working pretty well so far..  
Carpe Pices
 
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Dreadnought
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 7:15 pm

Quoting bhill (Reply 3):
Donno...the US Dollar has been working pretty well so far..

When we started to print dollars like crazy, that stopped being true.

I am reminded of this segment from the Hitchhiker's Guide to the Galaxy:

Quote:

MANAGEMENT CONSULTANT:
Since we decided a few weeks ago to adopt leaves as legal tender, we have, of course all become immensely rich.

FORD:
No really? Really?

CROWD MEMBERS:
Yes, very good move…

MANAGEMENT CONSULTANT:
But, we have also run into a small inflation problem on account of the high level of leaf availability. Which means that I gather the current going rate has something like three major deciduous forests buying one ship’s peanut. So, um, in order to obviate this problem and effectively revalue the leaf, we are about to embark on an extensive defoliation campaign, and um, burn down all the forests. I think that’s a sensible move don’t you?
Forget dogs and cats - Spay and neuter your liberals.
 
eaa3
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 7:21 pm

Adopting a world currency is probably a bit more complicated then Medvedev simply showing up with a sample and saying: "Hey guys. Here is the new world currency." It took decades of preparing for the euro to be introduced for example.
 
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Braybuddy
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 9:14 pm

It looks suspiciously like the old German pfennig . . .
 
UAL747
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 10:14 pm

Start reading the "Left Behind" series! Any good Southern Baptist, such as myself, knows that a one world currency is the sign that the anti-christ is here. I'm so scared of what's going to happen Sunday at Church. You should have seen it when the "One World Alliance" was unveiled! Pandemonium! (grasps bible NNIV version, edited for agenda).
"Bangkok Tower, United 890 Heavy. Bangkok Tower, United 890 Heavy.....Okay, fine, we'll just turn 190 and Visual Our Way
 
Rara
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 10:54 pm

Up to now, a world currency would have made little to no sense. The rationale for different currencies is that states, or economic areas, are able to let their currency depreciate in times of economic downturn, thereby losing buying power, but boosting their local economy. "Asynchronous shocks" is how economists call it, I think.

The rationale for a single currency, on the other hand, is increased stability and lower transaction costs. It makes sense in a single market with similar business cycles and a high degree of integration.

Recently, however, we've seen the whole world economy going through crisis at the same time, something that never happened before. If that becomes the norm, the introduction of a world currency may be nearer than we think..
Samson was a biblical tough guy, but his dad Samsonite was even more of a hard case.
 
gatorfan
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 10:58 pm

Ask the Greeks if they support a unified currency?
 
iakobos
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 11:11 pm

Quoting GatorFan (Reply 9):
Ask the Greeks if they support a unified currency?

Under one of those conditions, yes.

1/ all existing accounts are nullified and we (the State) start afresh with a reserve at least 80% of what we believe to be worth.
2/ we host and manage the currency counterpart in gold bullions, for the benefit of everyone of course.
 
gatorfan
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 11:15 pm

Quoting Rara (Reply 8):
Recently, however, we've seen the whole world economy going through crisis at the same time, something that never happened before. If that becomes the norm, the introduction of a world currency may be nearer than we think..

The only way a global currency would work is if you unified gov't as well. Partial integration where national sovereignty is retained eventually causes problems. Just look at the EU right now. You've got relatively responsible gov't making good fiscal and monetary policies whose coin has the same value as gov't where spending is out of control.
 
Fly2HMO
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RE: World Currency Unveiled At G8

Thu Mar 11, 2010 11:22 pm

I could maybe in the extremely distant future see "continental" currencies, but a single world currency? Hell no.
 
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DocLightning
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RE: World Currency Unveiled At G8

Fri Mar 12, 2010 1:47 am

I propose a change to the title of this:

"Loony Russian Premier's Wet Daydream of a World Currency Unveiled at G8."
-Doc Lightning-

"The sky calls to us. If we do not destroy ourselves, we will one day venture to the stars."
-Carl Sagan
 
tpa36r
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RE: World Currency Unveiled At G8

Fri Mar 12, 2010 6:00 am

Quoting UAL747 (Reply 7):
Start reading the "Left Behind" series! Any good Southern Baptist, such as myself, knows that a one world currency is the sign that the anti-christ is here. I'm so scared of what's going to happen Sunday at Church. You should have seen it when the "One World Alliance" was unveiled! Pandemonium! (grasps bible NNIV version, edited for agenda).

I laughed unbelievably hard at this. A great set of books BTW. Scare some of the things that are coming true IMO.
 
kiwiinoz
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RE: World Currency Unveiled At G8

Fri Mar 12, 2010 6:57 am

We don't yet have the level of globalisation and borderless trade for the benefits of this to outweigh the negative impact, particularly in poorer nations.

15 years from now, could be a very interesting proposition
 
TheCol
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RE: World Currency Unveiled At G8

Fri Mar 12, 2010 8:59 am

Quoting MadameConcorde (Thread starter):
A single currency becomes the premise for an increasingly global planet. A virtual currency capable of speaking a single, comprehensible language to foster humankind's innate desire to go farther, to surpass boundaries, and move towards true principles of peace, freedom, brotherhood and understanding beyond issues of race, political and religious beliefs and party interests.

  

  At the end of the day, we all know what is number one on the priority list.  

The sad thing is that none of us loose any sleep over that fact.

Quoting CPH-R (Reply 2):
It was a publicity stunt from mr. Medvedev

  

Putin and his cronies want to make it look like they are running the show. Even though they aren't pushing the intimidation factor, the Russian people seem to eat up that kind of publicity.
No matter how random things may appear, there's always a plan.
 
AverageUser
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RE: World Currency Unveiled At G8

Fri Mar 12, 2010 11:53 am

Quoting Dreadnought (Reply 4):
When we started to print dollars like crazy, that stopped being true.

The ECB think they can resist not printing Euros like crazy but they're mistaken, they will have to print like everyone else does. If you have any fixed property or gold, hold on to it....
 
Rara
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RE: World Currency Unveiled At G8

Fri Mar 12, 2010 8:14 pm

Quoting GatorFan (Reply 11):
The only way a global currency would work is if you unified gov't as well. Partial integration where national sovereignty is retained eventually causes problems. Just look at the EU right now. You've got relatively responsible gov't making good fiscal and monetary policies whose coin has the same value as gov't where spending is out of control.

Yes, but what the alternative be, if Greece wasn't in the Euro zone? State bankruptcy and extreme devaluation of the Greek drachma, most likely. Fair enough. But what if companies from other European countries have invested heavily in Greece and have a lot of stakes in the Greek economy? Then their investment is lost, they write off their investments, lose profits, and thus all other countries suffer from bankruptcies, less taxes and increased unemployment. That's what integrated economies are all about - it becomes, all things considered, costlier to "lose" a country than to cover some of their debt by taking hits on your own currency. If it happens to Sierra Leone, we could care less. If it happens to Iceland, we notice it. In the case of Greece or Spain, we may not be willing to accept it.

In other words, a unified government is not a prerequisite for a global currency to be advantageous, but a truly integrated market is. Since market integration is happening with an ever quicker pace, again, it may be sooner than we think.
Samson was a biblical tough guy, but his dad Samsonite was even more of a hard case.
 
flyingwaeldar
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RE: World Currency Unveiled At G8

Sat Mar 13, 2010 2:48 am

Quoting Rara (Reply 8):
the introduction of a world currency may be nearer than we think..

But will it happen before 2012 when the whole world goes down the crapper?  
 
bill142
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RE: World Currency Unveiled At G8

Sat Mar 13, 2010 4:55 am

Quoting Fly2HMO (Reply 12):
I could maybe in the extremely distant future see "continental" currencies, but a single world currency? Hell no.

I agree that, that's a more likely outcome. As the economies in Asia develop and as ASEAN grows into a more EU like organisation I see this becoming a possibility in Asia most certainly. But it's still a long way off if at all.


A virtual currency, much like the Euro was before notes and coins went into circulation could be a possibility for a reserve currency give that its not going to be influenced by a single economy.
 
AverageUser
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RE: World Currency Unveiled At G8

Sat Mar 13, 2010 10:52 am

Quoting Rara (Reply 18):
Yes, but what the alternative be, if Greece wasn't in the Euro zone? State bankruptcy and extreme devaluation of the Greek drachma, most likely.
Quoting Rara (Reply 18):
Then their investment is lost, they write off their investments, lose profits, and thus all other countries suffer from bankruptcies, less taxes and increased unemployment.

Greece would not be in this dire position without the burning political urge of the euroelite to put the cart before the horse (as Soros says) when they decided the Euro must be no matter what the consequences might be. The elite took the risk, and lost. There's no need to be apologetic for them.

Soros on the Euro: http://www.ft.com/cms/s/0/88790e8e-1f16-11df-9584-00144feab49a.html
 
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fca767
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RE: World Currency Unveiled At G8

Sat Mar 13, 2010 1:28 pm

Quoting TheCol (Reply 16):
Putin and his cronies want to make it look like they are running the show. Even though they aren't pushing the intimidation factor, the Russian people seem to eat up that kind of publicity.

No-one should be running the show, I think that's how it should be...

Like you need competition...to keep things fair...can be said for countries aswell as supermarkets...never have one brand for chocolate...etc.

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