Do you hope for a world currency?
By scheng1
@scheng1 (24650)
Singapore
October 14, 2009 10:58pm CST
Do you think a world currency is possible? Do you want a world currency?
Many of us in mylot are not using US Dollars. The money we get for posting goes to paypal, and then we have to wait for a better conversion rate before converting to our local currency.
Since the US currency is depreciating against many currencies, we are getting lesser in value when we convert to local currency.
All these problems will disappear if we have a world currency. Do you hope for a world currency?
1 person likes this
7 responses
@scheng1 (24650)
• Singapore
15 Oct 09
Hi Xzjchina, since European countries can achieve a currency common to so many countries, many people think that a world currency is possible.
It does not take a lot for people to accept new currency. Even the people in Macau and Hong Kong can accept RMB. I wonder why the China government does not phase out the Hong Kong currency and Macau currency. It's so funny for a country to have three different currencies in use.
@moneymakingtoday (4061)
• Philippines
15 Oct 09
that would be an idea. there are surely disadvantages and advantages. an advantage would be that there would be no hassle exchanging money when going to other countries. the value of the money would be equal in all places in the world. one disadvantage would i think be, it would take a long time to do that. making the currency uniform will take years and centuries because the countries should come up with one common agreement which currency to use (if not, create a new unique one). they should consider each country's economy to see to it that not a country is being put into a disadvantage using the currency going to another country. if we make the currency uniform, do we need to look at making uniform salaries and costs of everything? that would be very difficult to achieve.
@scheng1 (24650)
• Singapore
15 Oct 09
Hi moneymaking, I doubt having a world currency will result in uniform salaires and costs of everything.
In big countries, such as US, China, and others, the salary of the same job in different cities vary. The cost of housing in major cities are so much higher than the cost of housing in smaller cities.
Having a world currency will make no difference to the living standard or the salary or costs of goods. There are too many factors in the demand and supply to ensure different prices.
The only thing is that we dont have to exchange for different currencies when we travel, and we dont have to pay transaction costs to the bankers and forex traders. Right now, they are the real gainers of forex.
@Canellita (12029)
• United States
15 Oct 09
Noooooooooo! I am not convinced that would be a good idea. I heard a rumor there was talk of an Amero and that just seems a little crazy to me under the circumstances.
@scheng1 (24650)
• Singapore
15 Oct 09
Hi Canellita, it's hard to implement a world currency. Even the implementation of Euro is so difficult at first.
The living standard in all the countries are so different, and many people there have a hard time adjusting in the beginning.
Now that Euro is so strong, and people accept it, there are many discussions of the possibility of world currency again.
@marguicha (215480)
• Chile
15 Oct 09
I travel a lot and I can say that the US dollar is very much a currency that is accepted worldwide. But even when you need the local currency, you can use your credit card in the machines, ask for an amount in dollars and they´ll give you the country´s type of money. For me that´s enough.
@scheng1 (24650)
• Singapore
15 Oct 09
Hi Marguicha, that's presumably you are in the major cities of the world. I find it hard to get one single ATM during the time I travelled in rural China. People there probably dont even have a bank account.
The exchange rate is always a problem beyond our control. As long as the world has too many different currencies, the traders in forex are making money every day.
@jodylee_04530 (1097)
• United States
15 Oct 09
I think we should do away with money and go to the barter system. Eliminate greed and money struggles and I think we would be in a much different, war free, world!
@scheng1 (24650)
• Singapore
15 Oct 09
Barter system? It's impossible to work. How are you going to barter for an hour of Internet connection or an hour of electricity supply?
Countries will find it hard to barter with Middle East for oil!
Barter system creates more problems, and many middlemen will get rich from corruption. They can barter for oil using very cheap commodity and barter with you for rare commodity.
Barter system won't work. Unless you want to live in the forest, without TV, computer and other modern facilities.
@knightarchonis (38)
• Australia
15 Oct 09
I think a world money would be very useful, but i still see it being the dollar, in some form. I mean its the most common type of currency [among differnt countries] i know. But what about the star trek idea, and not have money at all?
That would really suck in my opinion, just a new way of communisum, lol.
@scheng1 (24650)
• Singapore
15 Oct 09
Hi Knight, if there is a world currency, it will not be the US Dollar. No other government will accept the US Dollar as their national currency.
The problem of patriotism remains.
It's impossible to live without any form of monetary exchange. Money is the best method of exchange, just that having too many currencies is very problematic.
@Asylum (47893)
• Manchester, England
11 Oct 15
A world currency is certainly not likely in the near future. Many countries still have vast differences in financial aspects, making the concept difficult to apply. A poorer country natural requires small denominations of coins for every day use, so using a currency that is also used in a wealthy country would require numerous coins to facilitate the usage in both countries.
