[lbo-talk] Why no world currency?

[Nicholas Ruiz III]

The Euro is more about the protection of the representative value of the
nations that adopt it, relative to the diminishing value of their respective
national currencies, fast becoming worthless relative to questionable
domestic production and profitabiity.  It collectivizes economies on a
representative basis, so their respective 'tiny' currencies don't get
hammered by poor numbers and outlooks.

NRIII

Dr. Nicholas Ruiz III
--Editor, Kritikos
http://intertheory.org

-----Original Message-----
From: lbo-talk-bounces at lbo-talk.org [mailto:lbo-talk-bounces at lbo-talk.org]
On Behalf Of Doug Henwood
Sent: Thursday, February 22, 2007 9:34 AM
To: lbo-talk at lbo-talk.org
Subject: Re: [lbo-talk] Why no world currency?

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
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