Wednesday, February 4, 2009

One world Currency

Many Doubt that there is a Drive to One world Government,One world Order,One world Currency.

Draw your own conclusions.

Am sure many are ignorant of the fact there is an association for Single Global Currencywhich all link back to the club of Rome and Ultimately The Vatican.

P.O. Box 390, Newcastle, ME 04553, USA 207-586-6078

"A global economy requires a global currency."

(Paul Volcker, former U.S. Federal Reserve Chair.)

First Annual Single Global Currency Conference

Mt. Washington Hotel, Friday, 9 July 2004

Presenters, Titles and Summaries of Presentations


John Edmunds and John Marthinsen, Babson College

Ratnam Alagiah, Griffith University, Australia

Masudul Choudhury, University College of Cape Breton, Nova Scotia, and

College of Commerce and Economics, Sultan Qaboos Univ., Muscat, Oman

(Professor Choudhury was not able to travel to make it to the conference.)

Allard Marx, Incide, U.K.

Fariborz Moshirian, University of New South Wales, Australia

Robert Mundell, Columbia University (not yet accepted, but he

wrote, "I will try to make it.")

H. Christopher Budd, Centre for Associative Economics, England

Jeremy Slater, Tech Central and Director, Brussels Institute, Int'l Press Centre,

Brussels. (Mr. Slater was not able to travel to make it to the conference.)

John C. Edmunds, Babson College

John E. Marthinsen, Babson College

Title: Wealth by Association


Enormous wealth materializes when financial markets unify. The largest, most immediate, and most unexpected source of this newly created wealth is the gain in market values from reduced risk of devaluation, exchange controls, and other types of cross-border risk. Once a group of countries adopts a common currency, many of the assets in those countries become more valuable, and their union acts like a huge economic magnet that eventually draws in other nations and bestows benefits on them (oftentimes before they formally join). By contrast, those countries that decide not to become members suffer a penalty that becomes more expensive the longer they stay out of the union.

Currency unification also increases the potential for growth in real GDP and prosperity. The latent increase in world output and wealth that currency unification can achieve is significant. This presentation does not focus on the benefits of free trade in goods and services or the advantages of unrestricted capital flows. Instead, it argues that all assets quickly become more valuable when the array of exchange rate-related risks disappears. Among the most important risks that currency unification reduces or eliminates are: foreign exchange uncertainty, inflation differentials, competitive devaluations, and protectionism in financial services. The beneficial effect of reduced risk is the centerpiece of the analysis, and it is developed by means of wide-ranging examples and step-by-step illustrations, with the stages of unification laid out in sequence. The potential gains from unification are also estimated, so the source and size of value creation can be assessed and put in perspective.

Masudul Choudhury, University College of Cape Breton, Nova Scotia, and

College of Commerce and Economics, Sultan Qaboos Univ., Muscat, Oman

Title: Harmonizing Money and Real Economy by a Universal Standard


The paper will argue that a stable global single currency will require a 100 per cent reserve requirement monetary system with the commonly agreed valuable numeraire (gold). All of these together can support a money-real economy participatory linkage. Without the underlying productivity and sustainability issue, a financial sector overwhelmed by fractional reserve and speculative promissory financial notes cannot attain the much needed economic and financial prosperity and stability in the money-real economy participatory linkages even with a single global currency.

Allard Marx, Incide, U.K.

Title: "Reducing the Leap of the Imagination to Only One Millimetre"


Even though the Euro demonstrated that it is possible to have many countries adopt one currency, having a single global currency is still beyond far beyond the imagination of most people.
By demonstrating ahead of time how this currency might look and how it may be introduced, makes it much more real and readily acceptable. The objective is to get people to think more about how rather than why.
INCIDE, a global branding company based out of San Francisco, London and Sydney, demonstrates how its proposed currency, the Only, will make the global currency become reality.

Fariborz Moshirian, University of New South Wales, Australia

Title: "Globalisation and the Role of a Single Global Currency".
This paper will analyse the evolution of the economic and financial markets
over the last few decades and will argue the benefits and costs associated
with a single global currency in the 21st Century. The paper will also
draw from the experiences of the Europeans and the European Central Bank in
order to argue the significance of the emergence of more effective
international institutions such as a Global Central Bank.

H. Christopher Budd, Centre for Associative Economics, England

Title: "A Single Global Currency - a political or an economic money?"

Modern economic life is increasingly understood to be a global affair,
calling for a global currency. Is this to be a fiat currency, requiring a
global polity, and if so, what does this mean? Or could it to be based on a
universal economic and financial logic, such as is implicit in modern
accounting, itself an increasingly global technique?

Jeremy Slater, Tech Central and Director, Brussels Institute, Int'l Press Centre, Brussels

Title: "Does Currency Harmonization Equal Tax Harmonization?"


On his experience of the launch of the euro and how that could evolve into a global currency. Then discuss the current state of policy play in the EU with those who are for harmonization and those against. Use examples where harmonization could be positive, but basically say that for all intents and purposes such a move would sweep away local market differentiation, which have an adverse affect on economic growth and employment.

Ratnam Alagiah, Griffith University, Australia

Title: Theory Leading Practice: World Order and Uniform Accounting Standards Worldwide

Summary: Empirical contributions in international accounting have examined the functions of accounting standards in regional areas as well as for the globe. Yet the empirical evidence provided is a constant while the global markets are in a constant state of change. Such positivist empirical analysis (of how the world is) of the empirical world of capital markets and the role accounting standards play in them suffers from a snap shot picture of a moving reality and further suffers, sadly, from a lack of idealism. Such acknowledgment, should therefore include a consideration of a normative theory (of how the world should be) and a consideration of a critical theory (of how the world might be) of the function of accounting standards in the Global Markets. Between the lines of how the world ‘is’, (the positive state) and how the world ‘might be’ (the critical state) and how the world ‘should be’ (the normative state) is an area of international accounting research that needs addressing. How the world ‘can be’ is not a normative prescriptive state of how the world ‘should be’. Consideration for the issues relating to World Order has the potential of providing a theory (of how the world can be) that can be empirically validated through how the world ‘is’. It is a world of possibilities of how the capital market can function with swiftness and with equity. World Order implies a uniform and universal system of currency as well as uniform accounting standards. A new paradigm of research in international accounting may well require that we rethink the very nature of accounting and its functions within World Order.

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