Saturday, June 17, 2017

Pars Today — Currency Wars: Nazarbayev recommends the introduction of a global currency

In a speech at the Astana economic forum, Kazakh President Nursultan Nazarbayev, proposed taking into consideration the introduction of a "global currency" that will free the world from currency wars.
"It is time to take seriously into account the introduction of an international payment unit that will free the world from currency wars, speculation, avoiding distortions in trade relations and reducing market volatility," said Nazarbaev, stressing that "money should have a simple, transparent emission mechanism for consumers". "Taking into account digitization, technology development, such as block-chain, this payment unit can only be set up as currency. It's important that it is not based on abstract trust for specific resources," he added. In his view, "the introduction of a global currency is possible through the creation of a pool of central banks, for example, by a special UN committee".
Dumping the dollar.

Fort Russ
Currency Wars: Nazarbayev recommends the introduction of a global currency
Pars Today — translated by Frederick Assar

11 comments:

Matt Franko said...

"Dumping the dollar".

Probably come with fiscal constraint like the EUR....

Tom Hickey said...

Probably come with fiscal constraint like the EUR....

How could there be a single currency without some rules for issuance that limit national sovereignty?

It's basically a kind of fixed rate system like a gold standard, as far as I can see, although there could be some flexibility in issuance based on some rule like population growth, but this would require a monetary authority, such as the UN or some international institution that is not control by any country or bloc.

Matt Franko said...

Imo all the USD zombies won't go for it...

Tom Hickey said...

I don't think that there will be a uniform currency until all countries are almost equally developed. That could take hundreds of years and a lot of ups and downs on the way to greater homogeneity.

db68 said...

The Euro has worked out so well! (sarcasm)

Tom Hickey said...

Too much asymmetry in the EZ for an optimal currency union.

Works fine for the states in the US.

A world currency would need to operate on similar principles as the US, but a federated world is a long way away.

Even Europe with a more or less common heritage can't mange it. Path dependence.

djrichard said...

A federated world really means one world government.

The Rombach Report said...

There already is one world currency of last resort... gold.

MRW said...

Nazarbayev is an idiot.

Noah Way said...

Pipedream globalization V 3.0.

MRW said...

There already is one world currency of last resort... gold.

There isn't enough gold on the planet to provide the world with currency.

And what's the magic of gold? If it's tied to the value of the coin, then each new mine lowers the value of gold.