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morrison m. bonpasse predicts: "By the end of 2024 there will be a Single Global Currency managed by a Global Central Bank within a Global Monetary Union.(3-G's) This currency will be legal tender in countries which comprise at least 51% of the world's GDP."
Unfair criteria - Why only 51 % of World GDP?
Even today if you add World's GDPs of European Union, USA, UK, Canada, and Japan, the sum is much more than 51%.
These countries are able to move over to single currency far more easily than remaining countries; especially because they now know the success story of Euro behind and understand the mechanism i.e. how a common central bank can deal issues across the borders. But what's about emerging economies such as India, China, Brazil etc.
It is very unlikely that there could be a common currency bridging the gap between so called "Rich" and "Poor" populations of the world. This is because Socio-political mechanism works in a different way than Socio-economical system. For example, in India there could be a large amount of black-money i.e. flowing through an unaccounted market. How will a common central bank be able to work-out a fair taxation and tax-redistribution matrix. Well, a simpler solution could be to ignore such countries, which is what seems to be the intention of limiting the Wold's GDP to a low level of 51% only.
If someone can give more light to these naughty questions, I will really appreciate and like to know!
The Single Global Currency
For Pavan Gupta, I chose 51% of the world's GDP for my prediction because once there is a currency which supports that much of the world's economy, the other nations of the world will seek to join. The 51% will be a classic example of a "tipping point."
Every currency is able to support rich and poor sections and prosperous and backward economies, just as all such varieties of an economy can use the same metric system for their measurements. India can use the same currency as Belgium, the richest per capita country in the world. Even in Belgium, however, there are poor people and sick people.
Regarding taxation, the Global Central Bank would have no role in local and national taxation of any country, just as central banks have no such role now.
The Single Global Currency will save the world trillions, but it will not substantially diminish the gross inequalities of wealth and income in the world. We can only hope, however, that by using a Single Global Currency, such inequalities would become more visible and therefore less tolerable than they are today.
This week, Cyprus and Malta joined the eurozone, which further reduced the number of currencies in the world to 141, among the U.N. members. Only 140 to go, and fewer than that to reach the 51%.
Tangible or virtual money?
By 2024 will we be talking about physical money as we know it or will it be a case of virtual currency?
virtual or physical?
By 2024, the currency, as I understand it, will be global and electronic.
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