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Saving the Economy From the Collapse

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Rhian L'Arson

Sep 10, 2022
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A supranational currency was conceived by John Maynard Keynes and the United Kingdom proposed introducing it after World War II. Keynes argued a global currency would not suffer from the disastrous economic effects of inflation.

The benefits from a world currency would be enormous. Prices all over the world would be in the same unit and be equal in different parts of the world. Trade between countries would be as easy as it is between US states.

There would be a common inflation rate and similar interest rates. Increase in trade, productivity and financial integration would increase economic growth and well-being.

Robert Mundell, who received the Nobel Economics Prize for his work on optimal currency areas, proposed the creation of a world currency by linking the dollar, the euro and the yen.

Once a link was established, other leading currencies would be under pressure to adopt it as well and a world fiat currency controlled by a world central bank would be created. An agreement on how to distribute the profits to governments from the new global fiat currency was all that was needed.

In March 2009, a UN panel of economists called for a new global currency reserve to replace the US dollar. The panel's report pointed out this would contribute to global stability, economic strength, and global equity.

A new World Currency Unit (WCU) is now on the way. The main motivation behind it is to eliminate inflation risk. The WCU is an indexed unit of account, with each unit representing a stable unit of global purchasing power.

Nobel winning economist Robert Shiller has long argued for introducing an indexed unit of account into the United States economy to eliminate inflation. Items accounted using indexed units of account have no inflation risk, since the real value of payments remain constant over time. An indexed unit of account, the Unidad de Fomento, was introduced in Chile in 1967. Its original base value has never changed.

WCU currency is now planned to be issued and distributed by Unite Global for cross border banking payments. The WCU aims to free the World from over-reliance on the US Dollar as the default cross border currency.

WCU currency offers several advantages over the Dollar or even cryptocurrency. It is apolitical, of reduced volatility and backed by a 100% fractional reserve. Cryptocurrencies can never handle the required high volumes and are plagued by volatility and trust issues.

WCU will be transacted securely, cheaply and instantly, reducing risk and without third party involvement. It will be readily available, transferable and convertible in the mainstream banking system.

A global economy needs a global currency. A global currency produced by a single central bank and used for all transactions around the world would make the global economy more stable, safe, and efficient.
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