tag:blogger.com,1999:blog-7439628176985419293.post5731561476109478384..comments2023-11-02T08:28:40.590-04:00Comments on Twenty-Cent Paradigms: Euro Fetters?Bill Chttp://www.blogger.com/profile/01081319025032071808noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7439628176985419293.post-31583281404304879912009-04-14T21:32:00.000-04:002009-04-14T21:32:00.000-04:00Thanks for the comment. You are right that exchan...Thanks for the comment. You are right that exchange rate uncertainty and volatility can be costly in their own right. The question is whether eliminating that cost is worth the price of giving up an independent monetary policy. The situation in Ireland appears to illustrate how that can sometimes be a serious drawback to a common currency.Bill Chttps://www.blogger.com/profile/01081319025032071808noreply@blogger.comtag:blogger.com,1999:blog-7439628176985419293.post-41325729505923620962009-04-13T08:04:00.000-04:002009-04-13T08:04:00.000-04:00What the world needs is a Single Global Currency, ...What the world needs is a Single Global Currency, managed by a Global Central Bank within a Global Monetary Union and what the people of the world want is monetary stability.<BR/> The successes of the euro, and other monetary union currencies, show that monetary union is the best way to ensure monetary stability. The primary problem with the euro and<BR/>currencies of other monetary unions is that they still must co-exist<BR/>within the international multi-currency system itself where the value of those common currencies must still fluctuate in value against each other.<BR/>With a Single Global Currency, there are no such fluctuations, by definition. If 16 countries can use the same currency, why not 192?<BR/> In addition to eliminating currency account imbalances, the use of a Single Global Currency would eliminate the current foreign exchange trading expense of $400 billion annually, eliminate currency risk, eliminate currency fluctuations, eliminate the need for foreign exchange reserves (now totaling more than $4 trillion); and bring other benefits worth trillions, such as reducing the impact of global financial turmoil such as we are now experiencing.<BR/> The Single Global Currency Assn. (www.singleglobalcurrency.org)<BR/>promotes the implementation of a Single Global Currency by 2024, the 80th anniversary of the 1944 conference. That's only 15 years away. <BR/> The world is moving toward a Single Global Currency through the creation, expansion and merger of regional monetary unions. Another route is through international monetary conferences proposals and agreements, such as were seen at Bretton Woods. <BR/>The challenge now is to reach that goal deliberately, as soon as possible with as little cost and as few crises as possible.<BR/> See the book, "The Single Global Currency - Common Cents for the World."<BR/>Morrison Bonpasse<BR/>Single Global Currency Assn.<BR/>Newcastle, Mainemorrisonbonpassehttps://www.blogger.com/profile/08303416990891364965noreply@blogger.com