A new "World Coin" ??

[Disneyadore]

Medvedev Shows Off Sample Coin of New ‘World Currency’ at G-8
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By Lyubov Pronina

July 10 (Bloomberg) -- Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.”

“Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.”

The coin, which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said.

The question of a supranational currency “concerns everyone now, even the mints,” Medvedev said. The test coin “means they’re getting ready. I think it’s a good sign that we understand how interdependent we are.”

Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the U.S. dollar’s future as a global reserve currency. Russia’s proposals for the G-20 meeting in London in April included the creation of a supranational currency.


Here is a link to an example of the coin.http://pics.livejournal.com/a_kolesnichenko/pic/00021ace/

I apologize to the mods if this link is forbidden. In that case please remove it.

 

[Tinkerdreams]

A one world currency, one world religion and one world leader has all been prophesized.

 

[LuvOrlando]

Our dollar has become too unreliable in the world's eyes. Our National debt has made our currency overvalued and now the world is reacting exactly like I knew it would, by pushing for an alternative. In case anyone out there doesn't understand the ramifications of an alternate world currency... if it does happen the world's most wealthy investors will take a hit on the US dollar just to relieve themselves of the risk. Then they will invest in the alternative. That will both increase the value of the alternative currency and draw increased investment from other currencies . At the same time it will siphon off the investment dollars that are allowing our currency to tread water right now and the Dollar will plummet. IF this goes through our money will not be worth the paper it is printed on and the worse part is there is nothing anyone can do about it. Things have been set in motion without any real understanding and now we have to deal with the consequences of those choices

 

[KristinBelle]

A one world currency, one world religion and one world leader has all been prophesized.

Yes, it has.

 

[manning]

Russia needs it far more than we do !!! Their economy is worse than ours.

 

[happygirl]

A one world currency, one world religion and one world leader has all been prophesized.

yup It has

 

[MizTink]

A one world currency, one world religion and one world leader has all been prophesized.

 

[daisax]

Can we please leave religious prophesies out of this?

 

[sbell111]

I can think of few leaders that would be taken less seriously on this issue that Medvedev. Just because he suggested it, doesn't mean that it is going to happen.

 

[Aisling]

A one world currency, one world religion and one world leader has all been prophesized.

Yes, it has. I thought it would never happen, but it looks like it's beginning.

For those offended by the religious aspect of the word prophesy, I'll use the secularly similar word : predicted.

 

[pogo791]

A "united world currency"? I would agree with Sbell111:

I can think of few leaders that would be taken less seriously on this issue that Medvedev. Just because he suggested it, doesn't mean that it is going to happen.

(Also, it is rather odd that all the markings on the coin are in English. What, nothing in Russian?)

This isn't the first time Russia has tried something like this. Last month, Russia invited China, Brazil and India to a "world economic summit" in Moscow. As could be expected, the meeting was a big bust. The economic interests of these four big economies are just too diverse - and, incidentally, they depend quite a bit on the dollar.

The euro has been touted as a rival to the dollar, and it has in fact been pretty successful, certainly more successful than many economists predicted nine or ten years ago. However, from the point of view of people in Moscow, or Beijing, or Brasilia or New Delhi for that matter, both the dollar and the euro have one drawback: the decisions affecting their strength are made in Washington, D.C. and in Frankfurt. There is no input whatsoever from other countries (other than very indirectly).

The idea of a "united world currency" is thus understandable from Moscow's point of view. But if you stop to think about it, it is pie-in-the-sky ludicrous. The one basic item you need is trust: people in the U.S. (and, incidentally, quite a number of people outside the U.S.) trust that the Federal Reserve Bank will act reasonably and prudently to support the dollar. Similarly, European bankers and governments trust that the European Central Bank will act to support the euro.

Is there anyone out there who could honestly say that they trust that a "World Central Bank" where the board of directors includes people appointed by, say, Moscow and Beijing would make reasonable and prudent decisions, and would not try to act primarily to favor their own national economic systems?

And that is not to go into the mechanics of how such a "World Central Bank" would be set up. Can you imagine the years of heated debate required to agree on how the Bank would be governed, who would call the shots, where it would be located, what its economic basis would be, and so on?

Not going to happen. I'll just keep on saving my greenbacks, thank you very kindly.

 

[ford family]

If and when a "world currency" appears it won't be one of the existing ones but, instead, a trade weighted basket similar to the IMF's Special Drawing Rights (SDRs).
Back in the 70s when the USDollar was going through a period of weakness some Arab oil producers demanded payment in SDRs. It was relatively easy then for banks to calculate and create these synthetic payments so today, with the immense increase in computer technology, it would be a simple task to do so even for an even larger basket.
The USDollar would still be an important constituent of that basket so demand for it would not evaporate. One positive side effect would be a sharp reduction in foreign exchange volatility thus reducing hedging costs for businesses.

ford family

 

[LuvOrlando]

I can think of few leaders that would be taken less seriously on this issue that Medvedev. Just because he suggested it, doesn't mean that it is going to happen.

I think he is acting as China's mouthpiece. The 2 countries are united in a small set of goals. China's investments have been keeping our Dollar from drowning. They are doing it to achieve other goals but they must be growing tired of watching their investments lose value with every news report. If they could develop a currency with more credibility than the Dollar it would be very successful. They are looking to strike while the iron is hot, and are in a very good place strategically to accomplish their goals IMO. I wouldn't dismiss them too quickly.

There was a time when currency values weren't intertwined... all they would have to do would be buy up gold and link it to the gold standard again. Weren't they buying tons and tons of gold not too long ago? Sure it's going backwards but the gold standard might be very appealing to people considering the instability in the markets right now. I don't think it would be wise to underestimate what those 2 countries could accomplish together.

 

[Free4Life11]

Why a coin? That just seems so last century. I hate coins! They are a pain to carry around and use.

How about a one world debit card? LOL.

 

[mickaholic4077]

The predictions from thousands of years ago are beginning to come true!! Praise I AM!!!

 

[MizTink]

Can we please leave religious prophesies out of this?

we've been warned......

 

[LuvOrlando]

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