Should the World Adopt a Single Currency?
Moves toward regional currencies, and perhaps to a single global currency, could make wealth more stable by reducing speculation and simplifying governments' monetary policies.
What's the Latest Development?
Despite rioting in the streets, the Greek parliament has passed a series of spending cuts after lengthy negotiations with private banks and the European Union. Even though the instability of the European economy is on the world's stage, other countries like Turkey, Poland and the Czech republic will likely continue their efforts to join the EU and adopt its official currency. Adopting regional currencies like the Euro is typically attractive because it eliminates barriers to trade, increasing the flow of money between national economies.
What's the Big Idea?
Are national currencies relevant in our globalized world or are they a relic of a political system which has not caught up with changes in transportation and communication technology? Smaller regional states like Panama, Ecuador and El Salvador have officially adopted the dollar while 'spontaneous dollarization' elsewhere is not uncommon: "More than half of the bank deposits in Latin America are denominated in US dollars." Some say a global currency would promote prosperity like a global language by reducing (economic) misunderstandings.
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- Scalia, a famous conservative, was invited to circles that were not his "home territory", such as the ACLU, to debate his views. Here, Strossen expresses her gratitude and respect for his commitment to the exchange of ideas.
- "It's really sad that people seem to think that if you disagree with somebody on some issues you can't be mutually respectful, you can't enjoy each other's company, you can't learn from each other and grow in yourself," says Strossen.
- The opinions expressed in this video do not necessarily reflect the views of the Charles Koch Foundation, which encourages the expression of diverse viewpoints within a culture of civil discourse and mutual respect.
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