Nobel-prize winner backs world currency.

[EarlyBird]

From correspondents in Astana, Kazakhstan | March 11, 2009
Article from: Agence France-Presse

KAZAKH President Nursultan Nazarbayev has won backing for his plan for a single world currency from an intellectual architect of the euro currency, Nobel-prize winner Professor Robert Mundell.

Nazarbayev, speaking at an economic forum in the glitzy new capital he has built on the Kazakh steppe, defended his proposal for the "acmetal'' world currency saying it might "look kind of funny'' but was not.

And he received intellectual support from the Canadian economist Prof Mundell, who helped lay the intellectual groundwork for Europe's single currency.

"I must say that I agree with President Nazarbayev on his statement and many of the things he said in his plan, the project he made for the world currency, and I believe I'm right on track with what he's saying,'' Prof Mundell said, adding the idea held "great promise''.

Mr Nazarbayev and Prof Mundell urged the Group of 20 leading developed and developing economies to form a working group on the proposal at their summit on the global economic crisis in London on April 2.

"We should deliver our thoughts and the thoughts of this conference to the leaders of those countries,'' Mr Nazarbayev said, referring to the G8 and G20 nations.

Mr Nazarbayev, who has held his post since Soviet times and has seen his oil-rich state hit badly by the crisis, unveiled his proposal last month and said yesterday the UN should oversee the currency's introduction.

Full article:

Nobel-prize winner backs world currency | The Australian

[20000miles]

Will this be a fiat currency by any chance?

[stewiegriffin]

Whats so great about Nobel prize winners ? What have they ever done for anybody ? Bloody phoneys!

[Timeisshort]

I wondered how long it would take before the global currency issue would surface it's head, and you can bet your bottom dollar it will be a fiat currency.

The solution is getting closer and closer by the day. I can almost taste it. I wonder how many of the boot lickers on this site will be cheerleaders for it ?

[20000miles]

Hmm, I know John Maynard Keynes spoke fondly of a World Central Bank, so we could presume patslatt might be the first to go for it.

Also, will this central bank have the power to set interest rates as well...globally? Different regions have completely different time preferences and hence require completely different market interest rates.

A world central bank that can set monetary and interest policy can essentially create a boom-bust cycle on a scale larger than the current bust.

It goes without saying, all fiat currencies become worthless in the long run.


If there is to be a world currency it should be this:

[Timeisshort]

For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.

We need a currency that is based on the love for ones fellow man.

When we except this and grow up as humans, we can use technology to its fullest capability, to serve humanity, ridding the need for money, and enter the abundance paradigm.

Failure to do so will result in us going down the present root towards the scarcity paradigm.

The choice is ours, we just need to wake up from our slumber. I don't know about you, but I can hear a big alarm clock ringing !

[20000miles]

crocked , is that you?

[Timeisshort]

crocked , is that you?

No, but thanks for the link, giving it a read now.

[/etc]

let's go back to Barter - it's the most equitable means of trades. The WTO and the World Bank should be enough to keep the underdeveloped world in their perpertual state of being underdeveloped, we probably don't need the help of a world curreny.

But then again he won the Nobel Prize and I'm on the dole.

[sandar]

what is a fiaty currency?

I like in principal the idea of a world currency, but obvioulsy there are many ways in which it could go wrong