KS @ PG (2010-11-07)
a world currency .. should be independent of national currencies.
its value should not be linked to them so as to be the universal standard of value.
the value of national currencies should refer to that standard,
but that standard should be self-standing and its value should not reflect a “basket” of national currencies,
to avoid a “circularity” that would contaminate the standard value with the vagaries of national currencies.
that’s right . all the national currencies are vagaries because they are made out of nothing (again and again).
if we believe in a global democracy we also need a universal standard of value (world currency)
for a long time gold was that standard but today we need a virtual gold because the physical gold is too bad to handle .
a virtual gold is also made out of nothing but only one time (like the numbers or like our language in general) .
so the idea of a universal currency is indeed its literal creation .
but that would not be enough,
it would be necessary to enlarge rapidly the role of that common unit of account as a reference in key economic and financial transactions.
because of the near collapse, of the world monetary system, or better said, the lack of a true world monetary system,
the politicians run the risk that their monetary power be overtaken, not by a common sovereign monetary body, but by the large economic and financial groups.
those private entities, fearing the instability and fragility of the present situation, that entail the risk of a general monetary meltdown,
could get tempted to create in an emergency their own common currency that would become the universal monetary reference.
I totaly agree .
financial groups will make there own money (again and again) in an undemocratic way .
we can rapidly enlarge the role of our universal currency by dividing it in smaller parts, selling these parts in an auction .
you can take part in this 🙂 .
we also need local money, which we can make by declaring every person to be a bank which can create a limited sum of this money .
sounds familiar 🙂
KS @ PG (2010-11-07)