Well many saw this coming and murmurs have been in the air with Russia and China calling for a new world currency and if you haven’t seen or heard of it yet - the UN now has officially called for a one world currency. This article even provides some of the specific plans that the UN has come out and spoken about in order to coordinate such an effort.
a quote from linked article:
"Although a number of countries, including China and Russia, have suggested replacing the dollar as the world’s reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.
In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving.
The proposals would also imply that surplus nations such as China and Germany should stimulate their economies further in order to cut their own imbalances, rather than, as in the present system, deficit nations such as the UK and US having to take the main burden of readjustment."
Look what this guy is saying reported in Bloomberg:
““The most important lesson of the global crisis is that financial markets don’t get prices right,” Flassbeck said. “Governments are being tempted by the resulting confidence game catering to financial-market participants who have shown they’re inept at assessing risk.””
[from the article: “Flassbeck, a former German deputy finance minister who worked in 1997-1998 with then U.S. Deputy Treasury Secretary Lawrence Summers to contain the Asian financial crisis.”]
from this article by David Gordon in the Mises Daily today:
"Instead, the Keynesians endeavored to establish a worldwide fiat currency under the control of an international bank. Achieving this, the Keynesians thought, would eliminate a principal obstacle to their economic plans.
As everyone knows, the Keynesian system almost always prescribes inflation. But if one country inflates and others do not, or do so only to a lesser extent, the one will lose gold or income to the others. A Keynesian World Bank would permit all countries to inflate together; gone would be the check that independent monetary systems impose on radical Keynesianism."
I’d say what the UN proposes (some of it’s plans requoted in this post above) and what Gordon points out here with no surprise mirror each other, and what has been noted the intellectual debate is being stifled and bought off.
“Already the world’s major
Central Banks are attempting to “coordinate” monetary
and economic policies, harmonize rates of inflation, and fix
exchange rates. The militant drive for a European paper
currency issued by a European Central Bank seems on the
verge of success. This goal is being sold to the gullible public
by the fallacious claim that a free-trade European Economic
Community (EEC) necessarily requires an overarching
European bureaucracy, a uniformity of taxation
throughout the EEC, and, in particular, a European Central
Bank and paper unit. Once that is achieved, closer coordination
with the Federal Reserve and other major Central
Banks will follow immediately. And then, could a World
Central Bank be far behind?”
Funny thing about euro discussions in Czech republic (we still have “our” currency for now) - when I talk to people about the negatives of having the same fiat currency with other countries, led by one-size-fits-all monetary policy, people generally agree that there are these negatives. But what they usually reply is “but all the countries around us have it, we can not be behind them, we must be integrated” or such. I think that good reply to that is to point out that there already was one currency for the whole world for thousand of years before the modern times - gold. And then you of course have to fight off the claims that you would have to carry pouch with gold coins in such world:-).
this has been kicking in for some time. they did some live experiments, some dry runs of this since September and I think this has been the most coordinated the countries have been on such issues. Remember when many countries gave out bailouts all on the same day and also coordinated interest rates drops all on the same day. It was public information and they shared these efforts that such coordinations were happening to ‘fight’ this with global effort. The WHO swine flue has all been enacted globally with the same reactions in many countries on the very same days. Notice how politicians talk with the same words and efforts no matter which country they are from anymore. G20 summits are more commonplace now too.
edit: i didn’t mean to insinuate that September is the “going on for awhile”. I think, as you probably were hinting to, this has been warming up for decades.