There has been a lot made about the ‘cashless society’ in media, which can’t be achieved until there is a cashless currency. The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system. The reliance on the American Petro-dollar is at the heart of global financial and economic crises. An alternative to this is to replace national currencies with a global currency.
The ideal of a global “super currency” attached to a family of support currencies has been discussed and endorsed by world leaders who claim a super currency could also be tied to a single currency, but the interdependence of world financial markets and concerns about the volatility that can occur as a result of the system being tied to one currency have prevented this idea from reaching fruition.
It is doubtful that a super currency would protect the global financial system against breakdowns such as the 2008 downturn which plunged the world economy into its most dangerous crisis since the Great Depression of the 1930s. Flexible exchange rates provide a useful shock absorption mechanism, for emerging market economies.Detractors however claim financial regulation and improved global governance, along with better fiscal and structural policies, would go much further than a single currency in enhancing global financial stability.
Every social innovation needs a crisis to ferment. The cashless revolution is no different. The global financial meltdown has been orchestrated by the private central banks through the expansion and contraction of the money supply. The Dollar or Euro collapse will trigger a global economic crisis, which is a prime opportunity to introduce a centralised money system. The creation of a new “super-sovereign reserve currency” to replace the dollar “disconnected from individual nations” and “able to remain stable in the long run” would benefit the global financial system more than current reliance on the dollar.
In the summer of 2012, as the European Central Bank (ECB) collapsed the Greek economy, financial expert Max Keiser, alongside Mexican billionaire Hugo Salinas Price, travelled to Athens to promote the idea of a silver Drachma as a parallel currency to the faltering Euro. This parallel currency was ‘sound money’ for individual Greeks and would allow them to retain control of their financial destiny, and to accumulate real wealth. The idea should have caught on, but was quashed by the financial elites loyal to the ECB, Wall Street and the City of London. People in general however are ignorant to how money is created, circulated, and the control of inflation by the private central banks.
The US Dollar is a fiat currency that derives its value from government regulation or law. It is an oil-backed currency and it is on its way to losing its long-lived status as the world’s reserve currency. China is moving towards a gold-backed currency and has already agreed to buy the majority of its oil supply from Russia off of the US Dollar peg. This could mean two things: the US could be forced to fight a war to maintain Dollar supremacy, or the Dollar will begin to drop as the top dog. This shift will open up a window of opportunity for money masters to insert not only a brand new global currency, but also its universal cashless attributes as well.
Common sense and free market wisdom would expect to see a sound money option replace the current fiat disaster, but as we saw in Greece, a great solution was not taken up and straddled with the dysfunctional Euro, and that society will continue to pay the cost of that reality.
Arguments in favor of a global currency resurfaced during October’s US budget impasse, which forced the government to shut down. Creating a new international reserve currency to replace reliance on the American Dollar, would prevent government gridlock in Washington from affecting the rest of the world. The Euro crisis was a great opportunity to throw out the Euro in favour of something that could create wealth, rather than debt. As the fiat currencies continue to slide downhill, globalists are preparing their solution behind closed doors.