On Feb 22, 2007, at 9:16 AM, Nicholas Ruiz III wrote:
> Perhaps because speculative and hedge currency trading is one of
> the most
> lucrative and risk managing avenues the market offers? A world
> currency is
> a catastrophic scenario for those that the current system
> benefits...it's
> really that simple. There is no incentive to speak of, to change
> currency
> standards as they exist at present, by those in a position to
> suggest such a
> change.
Currency trading has survived the creation of the euro, hasn't it?
Besides, currency traders don't rule the world. If moving towards fewer currencies meant more fiscal and labor discipline - which is a lot of what creating the euro was about - then the big bourgeoisie would love it, even if a few currency traders had to learn how to trade bonds instead. But the political and economic underpinnings for a single global currency don't exist; it's impossible even to imagine unifying the US dollar, the yen, and the euro into a single unit, much less adding kwacha, baht, rupees, renminbi, and rubles to the mix.
Doug