NationStates Jolt Archive

Okay, so at first I thought this was a joke, but I've heard on the news that people are seriously talking about forming a global currency. I saw a clip of members of ...I'm assuming the treasury department? saying to members of congress that they support the abandonment of the US dollar in favor of a global currency.


What the fuck is going on here?
Those officials should be arrested for treason. How dare they advocate the US giving up its power to some fucking unnacountable international body. That is god damn treason. These officials should be fired at the very least, and possibly tarred and feathered.

So, NSG, have you heard of this plan? Anyone have anymore info about it?

Do you support a global currency?

Isn't this just Michelle Bachman trying to sell everyone a rock that protects us from tigers?

Is this the new version of the famed UN or North America currency rant?

No, they aren't talking about a new global currency. They are talking about a new international reserve currency, SDRs or someshit.

There's a growing consensus that the dollar isn't suitable in this role anymore.

There's a growing consensus that the dollar isn't suitable in this role anymore.

Imagine...

Imagine...

I know. It's almost like the US is unwilling to live up to the promises it made.

With my limited knowledge about economics I don't think it would be a good idea. Isn't one of the advantages of having several major world currencies (dollar, pound, euro, yen) that these can sort of "compete" against each other and when one of them rises in value, the other goes down, resulting in a comforable eb and flow of importation and exportation of goods across the globe?

No, they aren't talking about a new global currency. They are talking about a new international reserve currency, SDRs or someshit.

There's a growing consensus that the dollar isn't suitable in this role anymore.

Hmm. That wasn't the gist of what I heard.

I know. It's almost like the US is unwilling to live up to the promises it made.

Eh?

I know. It's almost like the US is unwilling to live up to the promises it made.

...like repaying the debts... :rolleyes:

So, this "world reserve" would be a kind of Bretton Woods deal, with a virtual currency instead of solid gold standard: did I get it right?

Btw, I read yesterday on the newspapers that Argentina is considering converting its reserves from dollars to yuan ( :confused: I didn't think the yuan was convertible, shouldn't it be the renmibi?)

That is god damn treason. These officials should be fired at the very least, and possibly tarred and feathered.

I guess that, by the same standard, Truman should have been fired, tarred and feathered for having the US joining the UN. No wait, these guys are just considering it, while Truman did the actual thing... firing squad for Harry, then? :rolleyes:

I guess that, by the same standard, Truman should have been fired, tarred and feathered for having the US joining the UN. :rolleyes:

Nah. The UN is powerless, though is potentially dangerous. We still have veto power, so its useless 'cept as an aid organization. And Truman joined when the US was strong, not in a time of weakness.

I really don't get how a global or continental currency would be so terrible. Look at the euro. It's not as if their economies went down the shitter much (If at all ) earlier than ours. And the fact you think they should be shot just for not thinking the dollar will last (justifiably so) shows that you need some help.

I really don't get how a global or continental currency would be so terrible. Look at the euro. It's not as if their economies went down the shitter much (If at all ) earlier than ours. And the fact you think they should be shot just for not thinking the dollar will last (justifiably so) shows that you need some help.

I never said shot. I said tarred and feathered.

What got me all riled up was the fact that that would in effect take US monetary policy out of the US's hands, which is fucking unacceptable. And British pound has lasted, and I think its had its ups and downs.

A global currency would also be a giant step towards global government, which many people wouldn't stand for.

Isn't this just Michelle Bachman trying to sell everyone a rock that protects us from tigers?

Michele Bachmann. One "l" in Michele and two "n's" in Bachmann.

And a rock could protect us from tigers, if it was a very, very big rock... :p

Nah. The UN is powerless, though is potentially dangerous. We still have veto power, so its useless 'cept as an aid organization. And Truman joined when the US was strong, not in a time of weakness.

So maybe you wouldn't mind the US joining a world currency of sorts, provided that the US would hold veto power over the decisions of the "world central bank".

So maybe you wouldn't mind the US joining a world currency of sorts, provided that the US would hold veto power over the decisions of the "world central bank".

I would be less hostile to it, but still against it.

I guess that, by the same standard, Truman should have been fired, tarred and feathered for having the US joining the UN. No wait, these guys are just considering it, while Truman did the actual thing... firing squad for Harry, then? :rolleyes:

Truman deserved a lot of things, but not for that reason. He deserved it for:

1) Nuking Hiroshima and Nagasaki.
2) Permanently entrenching the military-industrial complex.
3) Further consolidating the imperial presidency.
4) Making the U.S.'s hyperinterventionist and aggressive foreign policy permanent.

A global currency would also be a giant step towards global government, which many people wouldn't stand for.

The government we have now is deplorable enough; a global one would be worse. Much worse.

The government we have now is deplorable enough; a global one would be worse. Much worse.

Agreed.

Michele Bachmann. One "l" in Michele and two "n's" in Bachmann.

And a rock could protect us from tigers, if it was a very, very big rock... :p

I don't need your class to graduate!

I don't need your class to graduate!

Or alternately, you can just call her "dumbass." :p

...like repaying the debts... :rolleyes:

Well to be fair, the US isn't the worst offender. It's just not very good and happens to be the home of the current reserve currency. But really, pretty much every noteworthy country has pooched itself one way or another.

So, this "world reserve" would be a kind of Bretton Woods deal, with a virtual currency instead of solid gold standard: did I get it right?

I think so. I'm not sure anyone really knows how it should all be mapped out. Assuming that sort of thing happened then you'd probably go back to the era of capital controls and whatnot. I'd be tepidly okay with this as long as only sovereign governments acted as the intermediates. I think it would be a very bad idea to allow private banks to get their hands on it.

Btw, I read yesterday on the newspapers that Argentina is considering converting its reserves from dollars to yuan ( :confused: I didn't think the yuan was convertible, shouldn't it be the renmibi?)

It isn't. Or at least not very much and not easily. They are actually setting up swap lines with argentina to cut out the dollar middleman. No currency will be delivered as far as I know. (Renmibi is the currency, Yuan is the unit. Bit like sterling and pounds I guess).

Okay, so at first I thought this was a joke, but I've heard on the news that people are seriously talking about forming a global currency. I saw a clip of members of ...I'm assuming the treasury department? saying to members of congress that they support the abandonment of the US dollar in favor of a global currency.


What the fuck is going on here?
Those officials should be arrested for treason. How dare they advocate the US giving up its power to some fucking unnacountable international body. That is god damn treason. These officials should be fired at the very least, and possibly tarred and feathered.

So, NSG, have you heard of this plan? Anyone have anymore info about it?

Do you support a global currency?
To be fair, for a long time most major world currencies were all pegged to the dollar, which wouldn't be all that different, according to my bucket economics.

... I saw a clip of members of ...I'm assuming the treasury department? saying to members of congress that they support the abandonment of the US dollar in favor of a global currency.

And this happened somewhere yesterday?

Trust me, the only global currency any US official will be able to accept is... the US dollar.

Okay, so at first I thought this was a joke, but I've heard on the news that people are seriously talking about forming a global currency. I saw a clip of members of ...I'm assuming the treasury department? saying to members of congress that they support the abandonment of the US dollar in favor of a global currency.


What the fuck is going on here?
Those officials should be arrested for treason. How dare they advocate the US giving up its power to some fucking unnacountable international body. That is god damn treason. These officials should be fired at the very least, and possibly tarred and feathered.

So, NSG, have you heard of this plan? Anyone have anymore info about it?

Do you support a global currency?

First of all. Fuck no - it's a terrible Idea. As is one world government etc.

Second. The federal reserve is as federal as federal express. You wouldn't be giving up any power that you actually have since your country gave up that power in 1913... this is more about exporting your problem to the rest of the world.

The US needs to start printing it's own currency again - not get involved in the megalomaniacal machinations of international banksters.

How can we prevent the global currency to become the new Reichsmark or Zimbabwe Dollar?

How can we prevent the global currency to become the new Reichsmark or Zimbabwe Dollar?

By not calling it "new Reichsmark" or "new Zimbabwe Dollar"? :D

Well to be fair, the US isn't the worst offender. It's just not very good and happens to be the home of the current reserve currency. But really, pretty much every noteworthy country has pooched itself one way or another.
Meh. Iirc the US is on the line of Spain and Italy about repaying debts.


No currency will be delivered as far as I know. (Renmibi is the currency, Yuan is the unit. Bit like sterling and pounds I guess).

Oh. Ok.

By not calling it "new Reichsmark" or "new Zimbabwe Dollar"? :D
You lose one skillpoint in Reading and another one in Southampton :D

One world currency would be disastrous because poor people in underdeveloped countries would realize just how poor they really are. It would be Chaos. Therefore, I support it. :)

Fuck no. Absolutely not. Would be extremely difficult to regulate inflation and interest rates over 200+ countries, and would destroy the Forex markets. BLEUCH.

Maybe it depends on implementation. US would lose big, we wouldn't be able to sell bonds at lower interest rates then the rate of growth anymore.

Breton woods style system, with the IMF able to make loans to ensure countries can have some flex in their interest rates.