The Dangers of a One-World Currency | American Government
One-World Currency Spells Global Economic Disaster
By: Peter Egan Jr.
A single, global currency would spell disaster for virtually all of the world's population.
There are an array of potential issues that would adversely affect the average citizen, one of which is the issue of competing banks who handle the printing and management of currencies for each respective country that has its own currency. Who gets to determine how the contract is awarded to oversee the printing of this new one-world currency?
To put that in perspective, often times, such as is the case with the Federal Reserve Bank, these privately owned financial institutions are more powerful than the countries whose currencies they oversee. No matter how that part is settled, there are going to be hordes of some of the world's most influential power-brokers that would never support such change.
More importantly, what happens when a government spends more money than it has? The answer is that it either: A) Borrows the money; or more likely B) Prints more money to pay off existing debts and finance whatever spending initiatives they wish to fund.
This always and without exception leads to mass-inflation. Inflation is in essence the confiscation of wealth by governments and financial institutions that occurs when existing money is devalued. This happens when excess currency enters the global marketplace, usually by way of governments printing money because tax revenue is insufficient to cover their spending. When this happens, prices go up across the board and $100 today will buy what yesterday sold for $50. That equates to the confiscation of wealth by the governments that do the spending and the bank s that print the money.
The myriad of problematic financial issues that accompany the concept of a one-world currency are very real and must not be overlooked. For example, how are lending rates determined and do the same interest rates apply for lenders and borrowers in different countries? Will mortgage loans issued in the United States be identical to those issued in China or Belize?
Another issue is that of import and export tariffs. Would those be done away with under such a system, or will the tit-for-tat tax imposition games that governments play continue along the status quo but with a single one-world currency being involved?
Yet another issue worthy of mention is the question of what happens to people's investments, many of which are directly tied to a single currency? Does Wall Street merely cease to exist, perhaps redeveloping itself into a tourist destination? These are questions that the people pushing this disastrous idea have either neglected to think about entirely or have thought about the issues but have sinister motives for the bottom-line impact this would have on regular citizens.
These issues are minor however, when compared with the threats that such a monetary system would pose to all of the accrued wealth the entire world over. There would be nothing to stop governments from driving up inflation to the point where all wealth becomes neutralized, and a police-state government with a slave-economy (such as exists in China) would become a very realistic possibility for citizens of all countries regardless of individual wealth of a given person.
The threat of a given country's currency being devalued to the point it precipitates a total economic collapse and exposes the country to military invasion is the only check-and-balance to the fiat currency system. That is, the fear that excess inflation could lead to a loss of sovereignty is the only protection against mass-enslavement via this system of inflation.
Competition is good. Currency exchanges are good. Multiple world currencies are good - especially in an age when anyone can trade easily online in whatever currency they please. These are the barriers that ultimately prevent governments and banks from being able to bankrupt the entire world.
Author's note: Peter Egan Jr. is an expert political analyst and columnist. His blog related to government, politicd and world news can be found at http://mainstream180.blogspot.com.
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