If one looks at the world 15 years before the 2002 distribution of the euro to the people of the EMU, you would have seen in 1987 a Europe with a Soviet Union, an East Germany and a Berlin Wall. At that time, most Europeans would have scoffed at the idea of a new monetary union and the abandonment of their historic national currencies.
Attached is an e-copy of the 2008 Edition of the book, The Single Global Currency - Common Cents for the World and a copy is available at the Munchen personal archive at http://mpra.ub.uni-muenchen.de/5879/, where the original edition is also available at http://mpra.ub.uni-muenchen.de/1175/. The 2009 Edition was published in April and is available from the Association and at Amazon.com. Each annual edition contains the original book, plus an Addendum with updates for the previous year. Would you like me to send you an ecopy, or a paperback copy, of the 2009 edition?Two chapters from that book were recently included in the second book in print about the Single Global Currency. ICFAI University Press recently published, A Single Global Currency - Perspectives and Challenges by Jayshree Bose. It can be found at http://www.books.iupindia.org/newarticle.asp?isbn=978-81-314-2301-1,
The benefits of a Single Global Currency include:
Zero transaction costs to exchange currencies. Presently, $3.8 trillion is traded every trading day, and all this trading and its associated costs, approximately $400 billion annually, can be eliminated.
The end of currency fluctuations and currency speculation.
The end of "Balance of Payments", "Current Account" and "global imbalances" problems for currency areas. There will, of course, still be trade and wealth inequalities; but they will not be compounded by the problem of foreign exchange transactions and reserve requirements. There would be no need for countries to maintain international reserves of other currencies.
The end of the need for foreign exchange reserves, which now total a staggering $6 trillion in under-productive storage in actual or electronic vaults. That money will be more useful when its current function of supporting an obsolete multi-currency system is eliminated.
Zero manipulation by countries of their currencies, and thus no more need to cajole and jawbone any particular country or currency area about the value of its currency.
Zero risk of national and regional currency crises such as occurred at the turn of the century in Mexico, Argentina, Malaysia, South Korea and Russia and in 2008 in Iceland.
Increased international trade.
Minimal inflation, assuming that the future Global Central Bank sets and achieves a low inflation rate, just as the European Central Bank has done. It's not clear that a zero inflation rate can be secured, as that would bring an economy perilously close to deflation and a deflation spiral, but certainly a low rate of inflation would be better for the world than the current rates.
An increase in worldwide asset values by about $36 trillion due to the elimination of currency risk. Such an increase in asset values will cause annual worldwide GDP to increase by about $9 trillion.
Lower worldwide interest rates, due to the elimination of currrency risk, and reduction of worldwide inflation.
With zero risk of currency failure and zero manipulation and minimal inflation, the Single Global Currency would satisfy the moral obligation that a stable currency should be considered as a fundamental human right, as is the right to own property. A Single Global Currency would be far more stable than the currencies presently used by billions of human beings. A one-page FACT sheet is attached which summarizes the benefits. While all these benefits are expected upon the implementation of a Single Global Currency, considerable benefits will also come during the implementation processes which will see the reduction of national currencies as predicted and welcomed in 2007 by Benn Steil in his article, "The End of National Currency," in Foreign Affairs.
Of course, not all economists agree with the goal of a Single Global Currency. For those who would label the Single Global Currency utopian, we call their attention to the euro, which began as a plan only about 30 years ago. Who would have thought in the 1970's that Europe would not only adopt a common currency, but also that its member countries would discard their old currencies?
The Single Global Currency might be an enlarged transformation of one of the current major currencies (dollar, euro, yen), perhaps with a new name such as "dey", "eartha", "geo","globo" or "worldo" or it might be a new currency with such a name. How we get to that point is, of course, a major challenge, but there are several possible routes. One is to continue the current regionalization of currencies and creation, expansion and merger of monetary unions; and then combine those currencies into one. Another is for smaller countries to continue to "ize" their nations' legal tender, as in "dollarize" and "euroize", as has been done in Ecuador, El Salvador, Montenegro and the Vatican. Compatible with all these and other routes is the need to convene an international monetary conference of nations, monetary unions and related organizations, and begin planning for the implementation of a Single Global Currency.
I look forward to hearing from you.