2010/10/08 – A Monograph in Defense of Equality Part 13

Is  A Single Currency Really That Bad of an Idea?

Managing Director of the International Monetary Fund Dominique Strauss-Kahn has gone on record to say he is very sorry to see that a Currency War has nearly broken among IMF member countries.   Strauss-Kahn told the BBC that his biggest problem was the “rebalancing” of the world economy. Apparently the fear exists that nations will use the way they value their currencies as a “weapon.” Earlier in the week, Strauss-Kahn told the Financial Times that, “There is clearly the idea beginning to circulate that currencies can be used as a policy weapon.”

That last quote  may or may not be directed towards China, who has been seen by the United States as deliberately undervaluing their currency. The United States complains that China’s value of currency is much too low, which has enabled China to destroy her American competitors on the trade deficit. China’s low-valued currency is “Good” for China because American Dollars buy a lot of Chinese goods, while the reverse is true for the USA: our prices are too high, and our exports pale in comparison to our massive imports. This is a big problem for America. China, not so much so, since the Chinese Government holds over  $561 BILLION dollars of Treasury Debt. Only Japan owns more. I’m sure they feel that they paid for the right to do whatever they want with their money.

Obviously a single, worldwide currency as part of the Equal Money economic system is the only answer that will work, but unfortunately, the media has had a very long head start in programming human beings to fear that which would serve them.  The common sense of a single currency will not be seen, because it will look like communism, or a Sign of the End Times! BOO!

I see these kinds of stories as people wanting to keep the system going for as long as they humanly can and in time for a profit. They can be stopped, but only if we are on the same page. A single world currency does away with many problems that are dragging Capitalism down into the dustbin of History (soon enough).


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