Sorry guys I forgot to explain what the video is about when I posted it. This is a video clip concerning the G20 Meeting that is going on currently between countries around the world. In one of the meetings, China and Russia had proposed the use of a new currency to replace USD as the international worldwide currency.
Here is a link from Yahoo News about this topic too if you guys are interested. http://sg.news.yahoo.com/afp/20090331/tbs-finance-economy-g20-summit-russia-ch-ec2362a.html
I found your presentation to be very interesting. I didn't know anything about this 'global currency' idea until your presentation. Personally, I think it would make things easier for when people travel across the country, but it would be very hard to implement. Just the fact that currency isn't equal ($8 in China equals $1 U.S.) globally would create a sense of confusion at first because it would be different from what everyone is used to. All in all, I think it is a good idea though and would be interested in seeing it in the future.
I found this presentation extremely interesting. It was funny to see you present this as throughout spring break I constantly thought about a global currency and how I wish the world had one. I feel that it would make everything so much easier. Of course, it is easier said then done and I do not believe that we will ever have one. I do believe that if we would to eventually have a global currency it would make the world we live in more efficient and would hopefully help the overall economy.
I think the idea of a global currency is good in theory, but as far as the implementation of it, I don't really see it happening. I thought the discussion over power was very interesting in that a global currency would only contribute to the decline in America's power. So obviously a global currency is not something that the US is a strong proponent for. On the other hand, I definitely see why China, among other countries, is pushing for this global currency.
The conversion process to a global currency would be extremely tedious and slow. Before it can happen I think regions will have to convert to some sort of currency first, the way Europe (EU) is still currently doing. Then once there are a minimal number of regional currencies it will be easier to make the switch. For most countries money is a part of the culture. Our country honors great presidents by putting their faces on our currency. I think that many people would be reluctant to abandon this tradition. Furthermore, counterfeiting would be an enormous problem since counterfeiting a global dollar would be counterfeiting every country's currency.
Wow this is a really interesting topic. Do countries really feel like this will solve problems? And does this mean the US dollar won't be used anymore, but all other currency will continue usage? I just don't understand how it will really work though. Will 5 global dollars in the United States equal 30 global dollars in a poorer country??
I think this is a really good idea, but I'm not sure how practical it is. All countries around the world have their own money with their own historical figures on it, and it means something to each specific country. I think it is going to be hard to get every nation worldwide to commit to a new type of currency that easily. If it did happen I think it would be really good for everyone, I just don't see it happening.
Sorry guys I forgot to explain what the video is about when I posted it.
ReplyDeleteThis is a video clip concerning the G20 Meeting that is going on currently between countries around the world. In one of the meetings, China and Russia had proposed the use of a new currency to replace USD as the international worldwide currency.
Here is a link from Yahoo News about this topic too if you guys are interested.
http://sg.news.yahoo.com/afp/20090331/tbs-finance-economy-g20-summit-russia-ch-ec2362a.html
I found your presentation to be very interesting. I didn't know anything about this 'global currency' idea until your presentation. Personally, I think it would make things easier for when people travel across the country, but it would be very hard to implement. Just the fact that currency isn't equal ($8 in China equals $1 U.S.) globally would create a sense of confusion at first because it would be different from what everyone is used to. All in all, I think it is a good idea though and would be interested in seeing it in the future.
ReplyDeleteI found this presentation extremely interesting. It was funny to see you present this as throughout spring break I constantly thought about a global currency and how I wish the world had one. I feel that it would make everything so much easier. Of course, it is easier said then done and I do not believe that we will ever have one. I do believe that if we would to eventually have a global currency it would make the world we live in more efficient and would hopefully help the overall economy.
ReplyDeleteI think the idea of a global currency is good in theory, but as far as the implementation of it, I don't really see it happening. I thought the discussion over power was very interesting in that a global currency would only contribute to the decline in America's power. So obviously a global currency is not something that the US is a strong proponent for. On the other hand, I definitely see why China, among other countries, is pushing for this global currency.
ReplyDeleteThe conversion process to a global currency would be extremely tedious and slow. Before it can happen I think regions will have to convert to some sort of currency first, the way Europe (EU) is still currently doing. Then once there are a minimal number of regional currencies it will be easier to make the switch. For most countries money is a part of the culture. Our country honors great presidents by putting their faces on our currency. I think that many people would be reluctant to abandon this tradition. Furthermore, counterfeiting would be an enormous problem since counterfeiting a global dollar would be counterfeiting every country's currency.
ReplyDeleteWow this is a really interesting topic. Do countries really feel like this will solve problems? And does this mean the US dollar won't be used anymore, but all other currency will continue usage? I just don't understand how it will really work though. Will 5 global dollars in the United States equal 30 global dollars in a poorer country??
ReplyDeleteI think this is a really good idea, but I'm not sure how practical it is. All countries around the world have their own money with their own historical figures on it, and it means something to each specific country. I think it is going to be hard to get every nation worldwide to commit to a new type of currency that easily. If it did happen I think it would be really good for everyone, I just don't see it happening.
ReplyDelete