RE: New World Currency - May 16, 2018?
I think the World Bank, IMF, etc failed to bring about a World Currency because they made a very wrong assumption (one also made in this article, understandably because how could they know?) - they assumed that they would be the ones to bring this new economy into being.
But that's not really new, is it? That's an old way, just made bigger. The last paragraph of the article is the most insightful:
The alternative – to preserve policymaking autonomy- would involve a new proliferation of truly draconian controls on trade and capital flows. This course offers governments a splendid time. They could manage exchange-rate movements, deploy monetary and fiscal policy without inhibition, and tackle the resulting bursts of inflation with prices and incomes polices. It is a growth-crippling prospect.
Sound familiar?
They go on, "Pencil in the phoenix [their name for a world currency] for around 2018, and welcome it when it comes."
Seems spot on to me!
Hi @wholeself-in. Nice to meet you. BTW, I love your username. I agree with you about the World Bank, IMF, etc. at least appearing to make a mistake. Although, at first I was a little confused as to the source you are quoting from making the same mistake, until I realized you were referring to the original article from 1988. In this initial article of mine I sort of point to the possibilities, such as the new rising AIIB and of course blockchain technology, but attempted to leave it open for pretty much anything.
What you point to in that last paragraph of the original piece is actually the direction I intend to go with the second part in particular:
That is if I do more... Given the response so far, I'm leaning to do more now.
Do that! Sorry, I went down the rabbit hole with your post and forgot to say from where I'd pulled that quote.
No problem at all on the source. I always like a challenge, anyway... :) This particular subject branches off into so many intricate directions that root so deeply into the so called "system" as we know it to be. There's probably been thousands and thousands of books and documentaries which touch on it. I could easily just write a book on it in and of itself, given how deep and how far back the roots go.
The last 85 years started with some real turbulent changes, but overall it has proven to be so positive in and of itself. So while looking back at the mistakes of humanity, I do prefer to look forward in excitement.
"they assumed that they would be the ones to bring this new economy into being." That might have been the single most profound and earnest comment I have ever read on Steemit - I couldn't agree more. We tend to blinker our predictions of the future based on the presumption of our immortality. The alternative is too bleak for most of us too accept
Thanks! Bleak from our own perspective, anyway. I don't enjoy thinking of how my own perspective and ways of doing things will grow stale for my son's generation, but if I step back and look from another angle, it is generally a good thing.
P.S. I upvoted your blog rather than your comment because there's a greater chance of getting past the "dust" threshold. If you haven't yet heard of @dustsweeper, I suggest you check it out! (No affiliation here, but I use the service! )