Sunday, March 29, 2009

Global Currency = Global Democracy

Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke have rejected the proposal for a global currency by Chinese central bank chief Zhou Xiaochuan. However this idea is gaining global support.

This is a big idea with big implications for the emergence of a global democracy. Increased economic integration is the first step in earth's coming of age.

It is selfish and provincial to reject this proposal flat out. In an era where individual decisions affect everyone more and more it would serve us to contemplate the immortal words of Thomas Paine.

"My country is the world and my religion is to do good."


Michael said...

While I agree that the flat-out rejection of this proposal is perhaps silly (especially since, at this point, China could well shove it down our throats by short-selling dollars), I don't think that this is an idea ready for prime time. I also suspect that Zhou's proposal was slightly less than entirely serious (perhaps a poke to point out the above parenthetical).

Anyways, the common currency has hardly been a democratic panacea for Europe. If the concept of a more global approach to financial regulation takes off (and can be viewed as successful for a few years), then I'd say yeah, it's time to think about a global currency.

tompainesghost said...

Thanks for your input Michael!
I think I see your point. You are saying the idea needs a little incubation time in order to saturate global consciousness. Then maybe it can come about by the people demanding it rather than it being shoved down our throats by those who hold all the chips. I like that idea and I'd like to start spreading grassroots and shoots supporting it. The conversation begins here.

sandman79 said...

It's only a matter of time before global democracy becomes a mainstream concept. If you look at all the NGOs organising the G20 protests in London, their message was "put people first", but they didn't have any suggestions as to how to make that possible.

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