Saturday, January 3, 2009

Birthpangs. - good things are coming

For a long time I have been thinking about how every seeming birthpang accompanying the birth of the New World Order promised by Baha'u'llah brings us closer to the promises found in the Baha'i Writings.

The following article from the Wall Street Journal (Thanks to Irene, Phil and Grant) shows how the economic crisis has brought the concept of one global currency to the forefront of the discussions among Global Econmic Types.

Key Quote:
For Mr. Mundell -- and former Fed Chairman Paul Volcker -- the lessons point to the eventual need for a single global currency.

Note: Mr. Robert Mundell is a Nobel laureate.

Yep a very deep thought for today.

1 comment:

morrisonbonpasse said...

While implementation of a Single Global Currency TOMORROW may be a leap too far, NOW is the time to begin planning for the long-term solution to the world's global financial instability, and that solution is a Single Global Currency, managed by a Global Central Bank within a Global
Monetary Union.
The success of the euro shows that monetary union is the best way to ensure monetary stability. As the world compares the fates of Iceland and Slovakia, the obvious choice for economic stability for all countries is to join monetary unions. The primary problem with the euro and currencies of other monetary unions is the multi-currency system itself where currencies fluctuate in value against each other. If 16 countries can use the same currency, why not 192?
In addition to eliminating currency risk, the use of a Single Global Currency would eliminate the current foreign exchange trading expense of $400 billion annually, eliminate current account imbalances, eliminate the
need for foreign exchange reserves (now totalling more than $3 trillion); and bring other benefits worth trillions.
The Single Global Currency Assn. promotes the implementation of a Single Global Currency by 2024, the 80th anniversary of the 1944
conference. That's only 15 years away. The world is moving toward a
Single Global Currency through the creation of monetary unions in Asia, North and South America, Africa and the Middle East and the expansion of monetary unions
in West Africa, the Caribbean and Europe.
The Assn's website is www.singleglobalcurrency.org. Google Single Global Currency and see the book, "The Single Global Currency - Common Cents for the World."
Morrison Bonpasse
Single Global Currency Assn.
Newcastle, Maine, USA