Wednesday, March 25, 2009

A Gobal Currency? – Yes, Bring it On!

Appearing on the home page of the Single Global Currency Association’s website ( is a quote by former U.S. Federal Reserve Chair Paul Volker. It states: “A global economy requires a global currency.” 

While I totally agree -- despite the Obama Administration’s opposing stance on the issue -- there should be one singular global currency. But I think it should come about with strings attached. While this will be a good opportunity for eliminating global currency exchanges, this will also be a good opportunity for eliminating a myriad of other world issues as well. Mainly, it can be an opportunity to finally eliminate and eradicate the world of poverty, starvation, homelessness and inequality.

Let me begin with the latter. Recently, greed has reared its ugly head through capitalism. While during these times of recession and poor economy around the world, some people became even richer while more people were displaced from their jobs, lost more homes, paid more for healthcare (or, forced to do without), barely fed their children (in some countries, people could not even feed their children), more people were forced into the ranks of the poor.

In considering a new global currency, we must give equal weight to equality and justice to mankind also. This currency cannot benefit just a relative minority of the world’s population as some currencies do. It must serve all of mankind equally and fairly. To do this, each and every individual should be guaranteed the right to live in abundance wherever in the world they reside. We cannot again afford to have a few hoard the wealth of the world while 98% of the world’s population struggles to survive. There is no reason, nor justification for this. We have, at our finger tips the ability, and the way we live for the betterment of the world -- and not just for a relatively few rich and arrogant nations. It’s an opportunity to bring 190 nations together for one unifying pupose.

Why not put in each individual’s saving’s (or checking) account an annual balance of $3-million? Make it a worthwhile living account that one can survive on. This will eliminate the need for credit cards, certain kinds of loans, credit reporting agencies, and anything else that maintains derogatory information on an individual. This society should be a forgiving society where humans are lifted up – not forever torn apart, trashed, or discarded like rubbish or refuse. Some nations do not even give people the opportunity for rehabilitation – but are forever punishing humans for their inequities and failures – many of the causes of which are not even a fault of their own but are caused by other individuals. In short, these societies do not even let an individual have the opportunity for him or her to get back on his or her feet.

The world’s wealth has to be distributed equally. So must the supply of this currency be made abundantly so that each and every human can live in abundance without the struggles of life and unwarranted financial burdens of forever being short of money. So, bring on a global currency. But, do so for the right reasons.

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