How do the world's nations feel about a global currency? China and Russia have repeatedly called for a new global currency to replace the dollar. And Pope Benedict recently called for a ‘world political authority’ to manage the global economy. A global currency would be a key central plank of a future system of world government.
Nations give up some of their national sovereignty when they join with others in a trade or political pact. For instance, the European Union started out as a free trade zone and has established considerable political integration over a period of several decades. As part of this unification the Euro was developed and has held its own against the pound.
So, should we have a single currency or more than one currency? Many people believe that having multiple currencies creates a banking scandal whereby bankers make money from moving money around currencies and lending people money at high interest rates so that they can't afford to pay them back.
Will our future planet need more than one monetary system?
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