Monday, 30 March 2009

World currency

The G20 meet in London this week.

In all probability nothing much will emerge from the meeting except hot air.

But...

There's a tiny possibility they may actually produce a "world currency" composed of a basket of major currencies including the US dollar, euro, yen, yuan, rouble and maybe gold. It would be administered by the IMF. The idea seems to be being kicked around by various finance ministers.

That would be major if it happen. It would be step one on the path to abolition of national currencies, although like the euro (previously called the ECU) this new currency would exist "on paper" as an accounting unit years before you could actually hold one.

But, it probably won't happen.

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