One World Currency


There is lot of discussion going on across the world on Single Global Currency or One World Currency. here in this blog we attempts to summarise World's thoughts on this. 

“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 Martín 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.”

IMF's SDRs as New World Currency

sdrs - a new world reserve currency?

MoneyWeek - 6 hours ago

China isn't waiting for sdrs to become the new dollar. Right now its currency – the yuan, also known as the renminbi – is tightly controlled and not freely ...

 

Can IMF currency replace the dollar?

Times of India - Apr 4, 2009

So, SDRs are anchored in four existing currencies, and do not constitute an independent new currency. Nor will major powers allow the IMF to create a new ...

 

Hostage to the Dollar

Asia Sentinel -2 hours ago

... Monetary Fund units of account, Sor pecial Drawing Rights (SDR) and a big new issue of SDRs. It has also begun to prepare the ground for its currency, ...

 

World Wad: What would a new global reserve currency look like?

The Big Money -Apr 6, 2009

(This role earned the SDR the nickname "paper gold.") Zhou proposes making the SDR the newreserve unit but suggests expanding it to include all other major ...

 

China calls for new global currency

The Associated Press -Mar 24, 2009

The currency should be based on shares in the IMF held by its 185 member nations, known as special drawing rights, or SDRs, the essay said. ...

 

Top Chinese Banker: Dollar Soon Irrelevant

NewsMax.com -14 hours ago

That will happen unless there is another global currency to balance it, he told CNBC. While the dollar remains a global currency, it can’t support the world ...

  

Fuelling a new world money supply

guardian.co.uk -21 hours ago

Back in 1944, the United States was not prepared to subordinate the dollar to a global currency over which it would have little control. ...

 

“Single dominant currency not safe”

Hindu -Apr 7, 2009

CHENNAI: China and India should work together for the interests of developing countries on theglobal financial and economic stage, including cooperation on ...

 

IMF is chief troubleshooter in global crisis

Times of India -Apr 5, 2009

IMF can call on the remainder, payable in member’s own currency. The SDRs so formed are an international reserve, but since they belong to depositing ...

 

Sleepwalking our way towards a world currency

Telegraph.co.uk -Apr 8, 2009

Under what was approved by the world leaders, the IMF is suddenly behaving like a globalcentral bank, issuing SDRs to control liquidity worldwide. ...

 

G-20 open to idea of alternate global currency, says Brown

Press Trust of India -Apr 3, 2009

... be replaced by IMF created Special Drawing Right (SDR) as super-sovereign reservecurrency. Reacting on the possibility of an alternate global currency, ...

 

SDR should become the global currency

Economic Times -Apr 2, 2009

Over time, the SDR should become the principal international currency. The US should see the wisdom of such a move. But if greed prevails over wisdom, ...

 

Kremlin aide: IMF should study global currency

Reuters -Apr 7, 2009

Asked whether Russia would pursue the idea of a new global currency, he said: "Our idea is to ask the IMF to prepare a report on this issue at some point ...

 

Global-currency Call Gets Nod From Geithner, Others

The New American -Mar 27, 2009

... sounds less threatening than an actual global currency like Keynes’ bancor, or the “acmetal” proposed by Kazakhstan’s President Nursultan Nazarbayev. ...

 

Chinese, Russian experts debate "supra-national reserve currency"

Xinhua -14 hours ago

In the short term, the current US dollar-dominated global currency system cannot be easily changed, he said. The system, however, has congenital flaws, ...

 

One World Currency

Wikinews
On March 11, Nazarbayev suggested the establishment of the "acmetal", a portmanteau of "acme" and "capital", as a reserve currencyreplacing the ruble in ...
Stanford Review
, USA
In pursuing a global currency, though, Bellum wonders whether China might instead be tacking for the doldrums of an internationally subdued economy… or ...
Telegraph.co.uk
The president said the name of his proposedcurrency was an amalgamation of the Greek work "acme", meaning "the best", and capital. ...
Jawa Report
, USA
... has been Kazakhstan President Nursultan Nazarbayev who proposed a global currency called the "acmetal" -- a mix of the words "acme" and "capital. ...

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