One World, One Currency

image1 (1) one word currencyThe currency of a country is as individualistic and unique a symbol of its economy as its national flag, which marks its independence and sovereignty. On account of the fact that different countries have their own geopolitical, religious and demographic background, the contours and nuances of their economy are likely to vary from one another, depending upon the needs, requirements, priorities and preferences of the government and people of those countries. For instance, a landlocked country with a sea nowhere around its geographical location may not be in need of a Navy, at least not as big and powerful as that of a seaborne nation like Britain. A small Navy may still be needed by such a country, as in the case of Switzerland, to perform tasks in its lakes and rivers. Similarly, a small nation like Nepal or Bhutan, hemmed in by bigger countries would rather be inclined to build bridges with its powerful neighbouring nations rather than match in vain the expenditures of the latter on a mighty Army of its own. Citing once again the example of Switzerland, that country has a unique foreign policy of adopting a neutral stance on world issues and therefore goes easy on its defence policy in relative terms while education, health, hygiene, social welfare, infrastructure development, tourism, etc are quite likely its priority areas of expenditure.

On the other hand, a country like China, which has hegemonic ambitions in its neighbourhood, has no pretensions about investing heavily on its defence outlay. Likewise, countries that have longstanding feuds on account of religious schism within their own society, a sham democracy for governance or feigned differences with its neighbouring states, are quite likely to funnel their resources on building a war machine at the cost of the social development of their people. Pakistan is a case in point. The very existence of Israel as a modern nation-state has been dependent on its defence preparedness, being surrounded by hostile neighbours bent upon its obliteration. On another level, in keeping with its Superpower status, the US is expected to go ahead with its space and defence research programs at astronomical costs. While commonalities would be several, no two economies could be termed identical twins. Suffice it to say that economies of no two countries are likely to be more identical than two freshly fallen snowflakes!

The Euro Model and Dollarization

Having stated the above, one cannot duck or prevaricate the question of the desirability or feasibility of having an ideal world economy where all global transactions are managed by a supranational currency in terms of expediency and transparency of the transactions rather than through a maze of several national currencies. Notwithstanding their peculiarities, the economies of nations are irrefutably interlinked and interdependent. Hence, this proposition of a world currency is worth considering and implementing. The European Union, for example, has a single common currency (Euro), which is as strong a contender as the other hard currencies that go into the making of a reserve currency adopted by the Bretton Woods Institutions. All the same, Britain, which has recently voted in favour of exiting the EU, retained its own currency concomitant to its full-fledged membership of the Union. This was partly on account of the fact that Britain was feeling upbeat about the strengths of its own economy and wary about hitching it to the new currency of the nascent Union, which had in its fold fledgling economies of smaller member-states susceptible to market turbulence and inflationary trends.

In fact, only 19 out of the total 28 member-states of EU have adopted the Euro although most of the other member-states, which chose to remain out of the Eurozone and have been using their own national currencies, are obliged to adopt the Euro at some point of time in future according to a timetable. Quite a few Central European and East European countries, the transition economies of which were in flux, went for the hard pegging of their national economies to Euro. There were some other countries like Ecuador and El Salvador, which dollarized their economies by taking their national currencies out of circulation and replacing them with dollar. But the more widely prevalent practice has been the acceptance of the US Dollar by countries for usage in addition to their national currencies for financial transactions.

We are Asia, No Euro Model Please

It is noteworthy that unlike the European Union, other regional groupings like BRIC, ASEAN or SAARC have not been able to come up with a program of economic integration among the member countries or a common currency on the lines of Euro. This could be on account of varied reasons and factors such as overlapping of political interests among the constituent units, the absence of a common economic agenda or a simple lack of will to coalesce the national economies for the common good of the grouping. The bursting onto the centre stage by international terrorism in the recent past has vitiated the overall atmosphere on the economic front in the case of countries with common porous borders and shared cultural milieus like India, Pakistan and Bangladesh. These countries are perforce required to spread their resources ever so thinly on the strengthening of their defence and security mechanism to fight the spectre of terrorism in preference to considering proposals for the integration of their national economies into a regional common currency zone on the lines of the euro zone.

The religious and political slant of Pakistan in selectively addressing the phenomenon of terrorism (in keeping with its position on the issue to align with its contention of “good terrorists” and “bad terrorists”) makes the complexity of the issue much more confounded for anybody’s comfort. In such a biased and vitiated atmosphere, it would be too tall an order for regional groupings to consider the integration of their national economies and consolidation of the system. Resultantly, a common currency which can make the trade and financial transactions among member-countries of the regional groupings so much more smooth flowing and easier, remains a veritable chimera. So is any idea of a political-cum-economic federation of the countries of the Indian sub-continent, no matter how loose or flexible, despite the amazing commonalities such as language, culture, religion, etc to be found among the people of these countries. National economies of the affected countries sorely lose out in the bargain, having to reckon on their own with their own market turbulence, and run-away inflationary trends, on top of the political uncertainties peculiar to the region.

Keynes for Supranational Currency

An international currency acceptable to the major trading partners of the world that are set on the course of ensuring a global economy involving production and exchange, pursuant to globalization and privatization in the bastions of the government-controlled national economies, seems to be in the order of things. It would appear to be both a logical and pragmatic step towards facilitation of the process. However, it is by no means a recent phenomenon. On the contrary, its concept and desirability were first felt quite some time ago. The idea of a world currency was thought of and presented at an international forum as early as 1944. At an international conference held that year in New Hampshire, legendary economist John Maynard Keynes who headed the British delegation came up with the idea and even named the currency ‘Bancor’. It was at that conference that the establishment of the Bretton Woods Institutions saw the light of the day.

The proposal, however, lost out to the US Dollar in the face of the resurgence of the US, flush with its successful bombing of Japanese cities. The proposal envisaged the setting up of an ‘International Clearing Union’ or a Central Bank of all central banks to ensure the stability and integrity of the international payments system. The envisaged Central Bank would issue a new monetary unit to be called ‘Bancor’. If it had come through, the proposal would have likely helped alleviate the problems faced by the trade deficit countries. The emergence of the US Dollar as the currency for international trade and financial transactions rendered the national currencies of smaller economies float against the Dollar or attach themselves to other stable currencies like Euro or float on their own. The extensive usage of the Euro and the US Dollar across several countries either on the merits of their own strength or in concomitance with the national currencies has given cause to a fresh round of debate on the viability of a supranational currency as enunciated by J M Keynes.

For and Against a Supranational Currency

There have been arguments for and against a world currency. In the words of Robert Mundell (1995), ‘‘The missing ingredient [in present international monetary arrangements] is a world currency, and until such a facility is created, the existing arrangements, while likely to continue, will be, at best, second best.” Former Fed Chairman Paul Volcker summed it up succinctly as follows:  “The global economy needs a global currency.” The prospect of a single world currency was, however, viewed by Milton Friedman as a ‘‘monstrosity’’ based on his expectation that control over it would be vested in ‘‘a small group of unelected officials … who are not accountable in any meaningful way at the ballot box.’’

US Dollar versus Renminbi

How strong or unchallenged is the US Dollar as an international currency? It is only one of the dominant world currencies that go into the formulation of Special Drawing Rights (SDR), a weighted index of the International Monetary Fund (IMF), the other currencies doing the honours being the Euro, Britain’s Pound Sterling and the Japanese Yen. There is already a move afoot to float the Chinese currency against the US Dollar. In geopolitical terms, China has, of late, been unabashedly making aggressive postures in the troubled waters of the South China Sea. Now, it is feeling upbeat about the aggressive way in which its bullish economy has panned out in the international arena. China’s Central Bank announced earlier this year that it had released data regarding its forex reserves by valuing it in terms of SDR, apart from the usual practice of doing so in US Dollar and Renminbi terms. On its part, the IMF has declared that October 2016 onward SDR would also consist of China’s Renminbi, as it believes it would help bolster the role of SDR as a unit of account. With the recent announcement of the IMF, Renminbi has been anointed for joining the hallowed club of the dominant world currencies – not a mean feat for the growing global economic power that China represents. Now, has China consciously set out in the course to shift the world currency order from being unipolar or bipolar to multipolar? Alternatively, could it be a case of overestimation of the strength of the Chinese currency by international experts?

The hegemony of USD in the reserve currency order accords it multiple benefits that include the easy sale of US sovereign securities to foreigners, thus lowering the cost of borrowing for the country and the risk-off investments flowing to the world’s largest economy as it is being professed as a safe haven during times of global turmoil. Comparatively, how sound is Renminbi? With the shifting goal posts of its economy, which is the second largest in the world, China is set to become a consumption-driven economy from being an investment-driven economy, in a few years time. When investment inflows start making their mark, how would China cope up with the situation with the overburden of funds, which has necessitated the act of the rebalancing of its economy? Apart from Renminbi, the national currency of no other economic power seems to be in the reckoning for consideration as a reserve currency. Should Renminbi, however, be recognized as a world currency, the way would be paved for the review of other national currencies, the intrinsic worth of which in the face of local market tremors or international turmoil is questionable. It has rightly been said by the Chief of the Central Bank of China that not every national currency is cut out for the role of a global reserve currency since the nation’s central bank would need to simultaneously balance the problematic domestic monetary goals as well as international demand for the currency.

Long Wait for a World Currency

In the prevailing circumstances, the prospect of the emergence of a single world currency for the smooth conduct of international trade and financial affairs appears feasible only in the long run and not in the near future. This will remain so until the major international trading partners and stakeholders in global financial transactions come together to give the proposal of Keynes a nod, which is not an immediate priority on any country’s scheme of things. Until the time a single world currency makes an appearance on the horizon of the international economy, SDR would have to do its best to serve the purpose of integrating global economy, involving production and exchange. In any case, the world economy deserves a single robust and dynamic global currency, no matter how far away. But how long it will take to become a reality is anyone’s guess.

167 thoughts on “One World, One Currency

  1. Chetan dutta

    If at all India and US want to stem the growing rise of China, they will have to stop Renminbi and its impact on world trade. India need to shed protectionism and playing inwards, rather go global with a bang.

    Reply
  2. Jitin Apte

    After a long time Bancor is being discussed in global market. US dollar has increased its influence so much after the world war that developing and third world countries cannot think beyond USD.

    Reply
  3. Steven Reed

    this is insane as each government has different economies, monetary policies and fiscal spebding issues. The differences from country to country are night and day,making such a utopia no more practical then letting children play with loaded guns.

    Reply
  4. Robert San Miguel / Vasquez

    Hello it’s called ” plastic ” no one uses money they are all programmed to swipe a piece of plastic !

    Reply
  5. Zainab Shahab

    One currency can bring ease while travelling abroad. This might give common man some economic stability. It can also give a halt to brain drain issue. It will be an iconic moment when this change will unite India and Pakistan’s currency(lolz). Indo-Pak rift is well known story and one currency might help in nurturing the relations. Seems a good idea for now.

    Reply
  6. Vaidya Jayant

    Hi Dr Sunil.

    I fully agree with you on one world one currency. This will eliminate all the boundaries of countries on payment issues. One such country less currency called Bitcoin (Cryptocurrency) came into the world 7 years back and instead of devaluation each year, it value grown from 0.1 usd to 600 usd. But being miss used by some of the people for their benefits.

    Now such new currency, called Onecoin cryptocurrency has come

    Reply
  7. George Verghese

    Bloomberg reports USD 5trillion in forex transactions every day. Assuming 2-3% margin banks may be making on each transaction, thats about USD100-150billion banks are mopping up from the marketplace everyday without doing a stroke of work. The fines the US DoJ imposed on JP Morgan, Citbank and others for illegal FOREX manipulation / trading recently are a pittance compared to what these and other companies are making

    Reply
  8. Ajay Kulkari

    Good post.Eventually, it will be beneficial to have a common global currency for economic progress for all nations. Developed & other bigger developing nations need to take the lead to push this agenda without any individualistic consideration. Imagine the benefit of one world, one currency and one humanity for future progress of this planet.

    Reply
  9. Suhail Ahmed

    Quite impossible in the present global scenario, but this is something which can prevail in the unforeseen future.

    Reply
  10. Mike Johnson

    Whoever controls the currency controls all the individuals in the world. History shows this has never worked out for country-wide currencies, let alone a world currency.

    Reply
  11. Scott Neuharth

    Who will uphold the value of a 1 world currency? The producing countries while the non producing countries eat up the available resources. Kind of like welfare in America. I’ll pass.

    Reply
  12. Yao Yao

    The pound is still expensive after Brexit when I was in the bank today to exchange money for the coming London visit !

    Reply
  13. Cardiyan HIS

    Dreaming of one currency for the entire country in the world is okay. But I think is very difficult to achieve. A topical example, when Britain was still a member of the EU, the UK being the only country that feels it has the supremacy of the Pound Sterling currency and do not want to blend into the Euro currency.

    Reply
  14. Abhijit Raorane

    Goverment rule boundries, Governance transcends boundries-One world, one currency, one government. Thts the neo-con control system. Humanity has a choice to make between yet another new monetary system(imposed thru IMF/world bank) filled with yet another new FIAT currency or to recreate a monetary system which transforms us as a race. Well if we solve our energy problems we will have no money problems & may be money will no more be our need. No wonder todays power structure holds on to oil (energy) & money printing frenzie central banks & refuses to allow tranformations in monetary & energy systems.

    Reply
  15. Drew Loften

    Globalist are always pushing ideas like this. League of Nations, the UN, the EU. A large portion of the world doesn’t want to be “one world”. We like being Americans, Britains, Hungarians and so on.

    Reply
  16. Tim Hatfield

    I’m going to have to dissent and say this isn’t a good idea. There are too many asymmetries in terms of culture and economic power of nations. Take the Eurozone as example: in its current situation, Greece would be well served to devalue its currency drastically as a means to lower its debt burden and increase exports. However, since the Euro is externally controlled on the basis of a broad base of countries economies, that hasn’t been allowed to happen. That exacerbates the problem for Greece, while simultaneously dragging down the strong performers like Germany. With ~194 “recognized” countries (more than 10x the number of countries in the EU using the Euro), those complexities and asymmetrical issues would be vastly more profound.

    Reply
  17. Erich Astudillo

    I find the article very good, but I miss on it some examination of the adjust mechanism that the free floating represent. When an economy lacks the adjustment that the changing value of its currency provides, other adjustments are needed to absorb the shock. This is one of the reasons why Europe adopted free transit of people, so labour market could adapt and people move from economies not doing well adjusting economies better. The recent experience of Greece, Italy, Portugal and Spain demonstrates how painful and how high the social cost can be when the real economy is the one that will receive the full blow. Statistics on immigration from those countries show also that the free transit was very well though as a necessity in that kind of integrated economy.

    Taking into account this, the implications of a global currency would be total integration and removal of any barrier of free transit in its far-reaching sense. This has huge social and political implications, which, in the current climate, would be hard to assume. I think that the model of regional integration is a better idea, in order to allow economies to converge. This makes the model feasible, while accounting for political, social and cultural differences.

    Reply
  18. Gagandeep Singh

    It was to be that way from the beginning. It will be better for the planet if humans sink their differences as soon as possible. In the one world one currency lies the solutions to all the problems right from inequality to climate change to permanent prevalence of peace on earth. After all, there are other objectives to be achieved. Until and unless the whole earth is treated as one entity and all humans are considered human despite race, color etc, we cannot endeavor towards higher planes of thinking like exploring the cosmos. I really really liked the article.

    Reply
  19. Lee Elbert

    EmphasisNo not a good idea. The basic premise of value is different in every location not all people will agree on value. Plus people who decide on a value of a commodity(money) manipulate it in a way that is adverse to the end user which is what is happening now. Making it global will only concentrate the power to control life and property in the hands of a few

    Reply
  20. Von Mason Jr.

    There already was once a stable, strong currency that if they so chose, the “people of the world” can freely EARN, HOLD and TRADE with (if they can keep themselves free enough to do so, just like Americans must begin doing again). Yes, The U.S. DOLLAR! …back before it was PC to attack and undermine it! Each nation’s people should be free to trade in their own nation’s currency as well. Freedom and liberty to choose what we want to trade with is important! A non-representative body of currency holders should not be manipulating or by proxy forcing the “people of the world” to live under any non-republican / non-representative one world government or single ONE WORLD CURRENCY thus undermining our ability to gain or grow wealth as free, SOVEREIGN individuals! Let the value of any CURRENCY be determined by the market (the individuals) in which it is traded, not some macro-manager group of elitist know-it-alls.

    Reply
  21. Brooks La Gree

    Currency “value” now is ultimately rooted in the confidence of the issuing entity as it has no other inherent value than the “paper” upon which its printed. As such, a single world currency can’t and won’t happen (by choice) as there will never be the requisite level of trust or confidence in a single world govt, i.e. Friedman and a host of others. It goes against the human condition and the global diversity which will always exist. It could be forced, as we’ve seen many attempts throughout history (Romans, Chinese, Japanese, nazis, etc), but won’t ever be accepted without a single global society that shares the same language, religion (or lack thereof), and world view.

    Reply
  22. CA Yatinder Khemka

    Good for discussion but impractical from all Economic point of views.No single Ruler can rule the World likewise no single currency.

    Reply
  23. Manikantha tadivalasa

    Why don’t we severe all our ties with Pakistan? Why even talk to them on Kashmir or trade? Lets cut off all supplies of goods to that country, then we will see where does that country stand.

    Reply
  24. Bill James

    I find it amazing that the lesson of the Euro isn’t really understood here. Without an underlying political union, the monetary power available to a sovereign currency do not accrue. Value adding economies end up having to LEND to net importers…and net importers are forced to BORROW from net exporters. In a sovereign and unitary political entity, the central government is able to subsidize micro economic disparities and address its standing as a net importer/exporter by revaluing the currency cross rates for the entity as a whole. The underlying political tensions are resolved through a central political mechanism. These tensions were never effectively resolved within the Euro…net importers were punished by being saddled with unaffordable debt. Net exporters were punished by being forced to lend to net importers. Germany didn’t want to devalue…but Greece and others needed to devalue in order to shake off unaffordable debt levels. The euro was nothing more than a bunch of inter-pegged sovereign currencies collectively named the Euro. All of the inequalities arising from the economic dispositions of the members had to be addressed by issuing debt. Can you imagine the world submitting to a unitary political structure? No.

    Reply
  25. Akhil Sivadas

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    Reply
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  27. Rohit Mishra

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  28. Paul Streavel

    Horrible for countries to lose their identity. A global currency, a global government, a global strategy will dictate what we are able to do which dissolves our sovereignty. As much as bankers and globalist fantasize about this, people are people, cultures are cultures, and if you mix them all into the same pot they will create their own zones where their culture can attempt to continue surviving in a culturally destroying and aggressive global stage. Cultural identity and uniqueness is vital to each of us and utopia is a figment of somebodies imagination that is truly thinking of money rather than anthropology. One world, one currency is horrible.

    Reply
  29. Rémi Chartier

    Well, it sounds really not suitable for the moment. But with all global problems we are facing, We will have to rassemble our forces one moment or another. I think that it’s a question of time actually. The problem of identity is tough to override but will be when for example global warming effects will rise.

    Reply
  30. Gurmaat tanwer

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    Reply
  31. Richard J. Ferner

    Global fiat currency – no thanks. It would lead to recurring unprecedented global crashes and debt slavery.

    Reply
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    Reply
  33. Aastik Bhushan

    John Keynes was a genius but not American hence he was unheard when he suggested one world currency. He even wanted to fine rich countries who buy less from others, but it is the opposite now.

    Reply
  34. Rajan Ghotgalkar

    Looking at the confusion following the Euro, any one voting for s global currency needs to be quickly ostracised!

    Reply
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  40. Calvin Liu

    Sadly, the author misses the key problem with an “international currency”: control over monetary authority. As is being demonstrated to an entirely too painful degree, the German control over the ECB’s policies has been entirely to its own benefit while simultaneously damaging most of the rest of the EU. The larger nations already have a disproportionate level of control over the world’s economy simply through sheer size; a “one currency to rule them all” will just accelerate Sauronic ascension..

    Reply
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  43. Uma Apte

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    Reply
  44. Jim Green

    One world currency = one world government. This must be apposed in all its forms as our National Foundation for individual rights and liberties would/could be subjected to a group of people that may not hold our same core values. The US currency states “In God We Trust”. Other currencies and values?

    Reply
  45. Trevor Rose

    The entirety of the property/trade/currency-based economic paradigm is fundamentally flawed, so it doesn’t matter how you spin it, the flaw remains.

    Reply
  46. Chris Gillingham

    The dangers of a global metacurrency cannot be overstated. Single attack surface, resulting in the outright threat not to just a sovereign currency, but the entire global financial system. Gauche, overtrusting and ill thought proposal

    Reply
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  52. Pranay Reddy

    Easy to think and tricky to implement. With diminishing role of America and EU and increasing role of China, all are trying to more their currency forward. Single currency is only a dream.

    Reply
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  57. Sandeep SHARMA

    China and India are neighbours with nuclear powers. So, a conflict is unlikely till things go terribly wrong. It is in interest of both nations to stop USA from dominating the world anymore.

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  60. Gaurav Puranik

    What about bitcoins? Why not anyone favouring making bitcoins a currency for all world or atleast for online transactions? USA and UK will never allow bitcoins to win this race.

    Reply
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  62. Taheer Bhatkar

    G-20 forum is a good platform to raise this issue and if PM Modi can raise Balochistan issue on 15 August, he can also talk about single currency at G20 meet. Hope he does that.

    Reply
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  70. Mohit Thakur

    No that is not right. Let us not criticise Chinas rise and inclusion of its currency in SDR basket. We must forge good ties with China to tackle both west and Pakistan.

    Reply
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  72. Raghavendra n

    India is the fastest growing economy which means we are also consuming much so we are buying in dollars. If there will be a single currency, our country will become shock proof and a consistent performer.

    Reply
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