A Single Global Currency would be managed by a Global Central Bank within a Global Monetary Union.
- Annual foreign exchange transaction costs of $400 billion will
- Global currency imbalances, including all balance of payment
issues, will be eliminated.
- Currency crises will be prevented.
- Currency fluctuations will be eliminated, as will be currency
speculation. No more ups and downs for the U.S. dollar, the
euro or any other currency.
- Worldwide interest rates will be reduced due to the
elimination of currency risk.
- Worldwide asset values will increase by about $36 trillion.
- Worldwide GDP will increase by about $9 trillion.
- The need for foreign exchange reserves (currently about $5
trillion) will be eliminated.
If 15 European, 14 African, and 7 Caribbean countries can share common currencies, then why not a common currency for countries totaling 50%, then 60%, then 75% and then 100% of the world's GDP?