Worthless pound

[HairyArsedBloke]

What has an individual country's economic competence got to do with currency war?

[Not So Wise]

Global currency being the next step (around 8-10 years is my prediction.

There will be no global currency in our life times (and doubtful in our childrens). It's just to damn handy for countrys to be able to print the stuff to solve in the short term domestic problems.

2) Unless you are working for Wall St or Goldmans you cannot know what is going to happen. The markets are all manipulated.

You give them too much credit, sure they might be manipulating things in the short term to raise/lower prices. But they rarely if ever look much beyond the current quarter/deal, there is no big plan (kind of wish there was)

[Doggy Styles]

Would you care to voice your opinions on why I got a for my comments on a global currency?
I am bookmarking this post for when it happens so I can GIRUY.

HTH

I'm sorry. I didn't realise you were serious. So I'll give a serious answer, off the top of my head so I concede it isn't a polished economic guru-type response.

Firstly the Euro took 30 years to create, starting with the drip-drip-drip of the political case in the late sixties early seventies. As far as I know, no-one is seriously proposing a global currency yet, and so 8 years is wildly optimistic.

Secondly, whether you like the Euro or not, the Euro has hardly been an unqualified success. At the moment it is not a good advert for common currencies, which is stymying the political case.

Thirdly, the Euro suffers because the disparate economies in the Eurozone pull interest rates and exchange rates in different directions, to the detriment of all. But if you think they are disparate, imagine trying to compromise between the Euro, the sweatshop Yuan and Rupee countries, US Dollar, the Zim Dollar, Pound Stirling, the Argentine Peso, Yen, the Russian Rouble, Swedish Krone, the Brazilian whatever, etc etc. They and the economies behind them are desperately disparate.

Fourthly, the Euro is administered and managed by the EU and effectively supported by Germany. Who would do that job for a global currency?

Fifthly, why? If a country has a crap government that results in a crap economy, whose job is it to sort it out? If you support that crap economy, by extension you end up supporting that crap government, and there is no motivation for improvement. It is a dumbing down of the whole, prizes-for-all mentality.

[suityou01]

<cracks knuckles> Right, let's get started shall we?

As far as I know, no-one is seriously proposing a global currency yet, and so 8 years is wildly optimistic.

OK. The IMF has a basket of currencies called the special drawing right (SDR). A whole bunch of these were injected into the global economy. Read here

Secondly, whether you like the Euro or not, the Euro has hardly been an unqualified success. At the moment it is not a good advert for common currencies, which is stymying the political case.

Indeed. The next euro type currency is likely to be called the Amero, and will be the basic currency of the north american union. Read here

Thirdly, the Euro suffers because the disparate economies in the Eurozone pull interest rates and exchange rates in different directions, to the detriment of all. But if you think they are disparate, imagine trying to compromise between the Euro, the sweatshop Yuan and Rupee countries, US Dollar, the Zim Dollar, Pound Stirling, the Argentine Peso, Yen, the Russian Rouble, Swedish Krone, the Brazilian whatever, etc etc. They and the economies behind them are desperately disparate.

Agreed. That is why everyone is piling into gold. If there is a currency collapse the IMF would come racing to the scene with a ton of SDRs and the lots of bailout funds. Then beggars cannot be choosers.

Fourthly, the Euro is administered and managed by the EU and effectively supported by Germany. Who would do that job for a global currency?

Good question. The global bank of course. The IMF.

Fifthly, why? If a country has a crap government that results in a crap economy, whose job is it to sort it out? If you support that crap economy, by extension you end up supporting that crap government, and there is no motivation for improvement. It is a dumbing down of the whole, prizes-for-all mentality.

There's money to be made in collapsing a country. Goldmans made a fortune out of Greece. There is plenty of motivation for them.


Right, that about covers it. Flame away

[Doggy Styles]

No, I've answered why I don't believe it. You believe what you like, it's a pointless argument. It simply won't happen.

[suityou01]

No, I've answered why I don't believe it. You believe what you like, it's a pointless argument. It simply won't happen.

No need to sulk.
We need a "bottom lip out" smiley

Edit :

[Doggy Styles]

[doodab]

No, I've answered why I don't believe it. You believe what you like, it's a pointless argument. It simply won't happen.

It's an inevitable step on the way to the abolishment of money.

[suityou01]

[HairyArsedBloke]