Days before the G20 financial summit in London, Zhou Xiaochuan, the governor of the People's Bank of China, called for a new currency to eventually replace the US dollar.
One World Currency
“There are serious concerns about how the unwinding of global financial imbalances might affect the external financing conditions in which emerging market economies operate.” Louis Kasekende, African Development Bank
“It is only when we find ourselves in a real systemic crisis that we tend to move towards global solutions. This implies that the longer the global imbalances continue in a benign way, the more complacent we are likely to be.” Brian Kahn, South African Reserve Bank
“Perhaps the most important message of these earlier thinkers is that policymakers should try to avoid the build-up of dangerous economic imbalances in the first place.” William White, Bank for International Settlements
“The IMF should assume a central role in the resolution of global imbalances.” Ariel Buira, G-24 and MartÃn Abeles, CEFID-Argentina
“The need for the power to change the availability of liquidity at the global level has been increasingly evident throughout the post-Bretton Woods era as crisis after crisis has underscored the inadequacy of the current institutional framework.” Jane D’Arista, Financial Markets Center
Acmetal
Here is the proposed name for a universal world currency advocated by the president of Kazakhstan.
Kazakh President Nursultan Nazarbayev recently called for the introduction of a new global currency – the “acmetal” – to counter the financial crisis. Agence France-Press reported:
“In our view, we must create a single world currency under the aegis of the United Nations,” Mr. Nazarbayev said … “We must make a transition to an absolutely new global currency system based on legitimacy and, in view of all countries, one single monetary system.”
The A.P. said:
Nazarbayev’s proposal has raised eyebrows in some quarters, but the idea was embraced Wednesday by Robert Mundell, who won the Nobel prize for economics in 1999 for helping lay the theoretical groundwork for Europe’s single currency. “It would be a very good idea if the G-20 took that idea up in London,” Mundell said.
Acmetal, or Akmetal as some report it, is a portmanteau of the Greek word “acme” – the highest point or zenith – and “capital.” Boldly, President Nazarbayev suggested that the term capitalism might, in time, be replaced with “acmetalism.”
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New World Currency Hot Press News
- G20 & global currency
- “Acmetal”:Currency of the Recession to make London Debut : Canada Free Press
- World needs single currency:The Wall Street Examiner
- World needs a single currency ... The Australian Business News
- World currency gets backing : The Straits Times Singapore
- US IS READY TO DROP OFF DOLLAR : Global research
- The Single Global Currency Organisation
- Russia cool on Kazakh idea for new world currency : YAHOO NEWS
- One-world currency emerges ... again : worldnetdaily
- Nobel-prize winner backs world currency : Herald Sun Australia
- New reserve currency could come quickly-Stiglitz : Reuters
- Kazakh leader calls for single global currency : Forbes
- Global currency 'could save world economy' : The Telegraph UK
- Dollar as world’s only reserve currency is illegal : China Daily News
- China Urges New Money Reserve to Replace Dollar : The New York Times
- Are you ready for a global currency? : MSN Money
More latest news
- The G-20's Funny Money : The Wall Street Journal - APRIL 1, 2009
- New world currency will take time, so it's time to get started : Shanghai Daily - Apr 5, 2009
- New Global Reserve Currency : CCTV
- SDRs - a new world reserve currency? : Money Week
- Sleepwalking our way towards a world currency : Telegraph UK
- Fuelling a new world money supply : Guardian UK
