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Forums - Politics Discussion - What about a international currency that isn`t owned by any country.

Think with me, USA has a huge influence in world economy for many reasons, and one of it is almost all international transactions being made in Dollar, a few exceptions goes for Euro, Yen and more recently Renmibi ( or Yuan). A coin that is made only for international exchanges, that isn`t owned by any country, but by an international organization, that main goal is to make all countries immune to other countries messing up their exchange rate.

 

I read, for example, that China has the biggest reserve of dollars of the world, something near 4.5 trillion, and they are the biggest holder of USA public debit papers. If they wish, they can send USA economy to space just by releasing all this money in the market and making the dollar loose it`s value. They don`t because they have interest in keeping USA as health as possible, just like USA can just destroy China with a pen just by passing a rule that they won`t import goods from China.



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Aren't bitcoints exactly that, or I am mistaken?



That's how it all started after all, that common currency was called "GOLD". Unfortunately the Bretton Woods system collapsed in the 70s.

note : I am an economist.



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Wright said:

Aren't bitcoints exactly that, or I am mistaken?


Bitcoins are more like targeted at common people, an way to create a currency that we could use for our everyday needs and no government could control, thus making the invisible hand of the market controlling it naturally. Well, bitcoins are a big mess, they`re only use is speculation. For bitcoins to turn viable we would need an entire economy based on bitcoin, like, having good priced in bitcoin with little influence of other currencies. Nowadays everything you`re going to buy in bitcoin is just a conversion of what it costs in a real world currency.



Look up "Special Draw Rights" and it's supposed to do exactly that ...



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The reason why there isn't an international currency now is because it doesn't work :/



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LOL it's called Bitcoin. Welcome to 2010!



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Wii:100-120 million, PS3:80-110 million, 360:70-100 million

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freedquaker said:
That's how it all started after all, that common currency was called "GOLD". Unfortunately the Bretton Woods system collapsed in the 70s.

note : I am an economist.

Beat me to it. Well done.



Bitcoin isn't a currency. The proof? No one would accept to have the hard earned salary paid in Bitcoins.



Ka-pi96 said:
Platina said:
The reason why there isn't an international currency now is because it doesn't work :/

Exactly. OP says something 'that isn`t owned by any country, but by an international organization' well that's the Euro... how did that go for Greece again?

Sharing a single currency over multiple economies just doesn't work because chances are that sooner or later one of those economies will screw up and that will screw it up for everyone else using that currency as well. It could only ever work if the enitire world were goverened by the same rules and regulations but the chances that that will ever happen, pretty much zero.

Didn`t Greece do a lot of shit in a row to be where they are now?