One World, One Money: The Quest For A New Single Global Currency
By Carl Teichrib
NOTE: This report was originally published in late 2007 in Forcing Change, and was reprinted as a chapter in the book, A Single Global Currency (Icfai University Press, 2009). Since it was first released, there have been numerous developments in the quest for a single global currency. One World, One Money, although a few years old, is an essential read in that it provides a framework to understanding this critical monetary agenda.
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“A global economy requires a global currency.” – Paul Volcker, former Chair of the US Federal Reserve.
“I fully support a single global currency.”
Flabbergasted, I waited for an explanation.
“That way farmers in Africa get the same pay as farmers in North America, and workers in Asia would receive the same as their counterparts in Europe and elsewhere.”
Hmmm…an interesting perspective. I asked the gentleman sitting across the lunch table; “Have you ever seriously studied banking or the historical role of money?”
His response to the negative didn’t surprise me; after all, wage equality and production values are not currency issues per se, albeit currency matters do play a role. Much of our lunch hour, therefore, was spent reviewing the relationship between money, banking, and power.
This provocative discussion, enjoyed over a steaming bowl of soup, took place at the annual meeting of a multi-million dollar Christian-based relief organization. And the person I was dining with wasn’t just an interested attendee; he was a board member representing a significant regional arm of this organization. Granted, he was only one man in a large administrative structure, but his decisions – combined with other board members – impact projects around the globe. Thus, I found his supportive statement for a world currency even more disturbing; here was an individual involved in economic decisions that impacted projects around the globe, yet he didn’t understand what he was asking for.
During the course of our lunch-hour, it was obvious that he had no conception of the incredible power-shift that would occur under such a scheme, a shift that would effectively create a global master of untouchable proportions. All he could see was an international-sized band-aid solution, “a single global currency,” to address the problem of world poverty.