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javaguru
Banned
Interesting article from Ludwig Von Mises that's old but very relevant to today. The current Treasury Secretary has suggested a move from the dollar to a world currency.
Does the World Need a World Bank? - Ludwig von Mises - Mises Daily
cliff notes...
"It is impossible to have a money that is only government-made, made by the world government, if it is not once and for all limited in its quantity. And limiting the quantity of money is not something which those who are suggesting these things want to happen. Such a state of affairs cannot prevail. In regard to a money, which unlike the gold standard is not increased except as it is increased by the given situation of gold mining, increasing its quantity is not only a quantitative problem; it is, first of all, a problem of to whom this increase should be given.
Therefore, all those ideas that one could bring about a world currency completely produced and operated by some world institution is simply based upon a complete misunderstanding, ignorance of the problem of the nonneutrality of money, of the fact that increases or additions to the money cannot be dealt with in a way which will be acknowledged by all people as a "just" distribution."
Does the World Need a World Bank? - Ludwig von Mises - Mises Daily
cliff notes...
"It is impossible to have a money that is only government-made, made by the world government, if it is not once and for all limited in its quantity. And limiting the quantity of money is not something which those who are suggesting these things want to happen. Such a state of affairs cannot prevail. In regard to a money, which unlike the gold standard is not increased except as it is increased by the given situation of gold mining, increasing its quantity is not only a quantitative problem; it is, first of all, a problem of to whom this increase should be given.
Therefore, all those ideas that one could bring about a world currency completely produced and operated by some world institution is simply based upon a complete misunderstanding, ignorance of the problem of the nonneutrality of money, of the fact that increases or additions to the money cannot be dealt with in a way which will be acknowledged by all people as a "just" distribution."
