Mr. President says no need for global currency.

[lonestarnot]

Whew. I can sleep now. Thank you Mr. President. :patriot:

[and-justice-for-all]

1. Whats wrong with a global currency?

[lonestarnot]

2. The suggestion has been for IMF to oversee.

Shudder. And Geithner and Bernanke both approve! :puke:

[and-justice-for-all]

6. Well I am not to thrilled that private banking institution has control of our currency..

and not us.

It should not be a single institution that controls the currency in a global sense, who and how it would be handled, I could not begin to say. But not any thing like it is today.

[cali]

11. um. no. Both Geithner and Bernanke oppose a global currency

and stated so clearly yesterday when questioned by that idiot Bachman. Now that you know that they're both against it, you can safely support it.

[lonestarnot]

14. I heard the question and I heard the answer and they both said they FAVORED.

So what are you talking about?

[Hippo_Tron]

3. It would mean that our monetary policy is subject to the whims of the rest of the world

I'm actually one of the few proponents of globalization on DU, but an creating an international currency right now would be skipping about 300 crucial other steps in the process.

[anigbrowl]

5. I'm with you on this.

I'm not against the general idea, but hard cases make bad law. It's certainly not a need of the moment, maybe a worthy long-term project, particularly if it were tied to some kind of environmental 'gold standard' (such as atmospheric CO2 density) that would act as a braking mechanism connected to something tangible and valuable to put it on a sustainable basis.

[Hippo_Tron]

8. The Euro is a good case study for why it's a bad idea right now

Globalization in theory the great equalizer. And in practice it does do that, but it doesn't happen overnight and I honestly doubt it will happen in my lifetime (I'm 21). The fact is that nations still exist and they will continue to exist for quite some time. So long as they do exist, the equalizing effects of globalization can't really happen. The Roman Empire was probably the closest thing to globalization we've ever witnessed and following a period of feudalism, individual nation states have been the status quo and likely aren't going anywhere anytime soon.

Monetary policy should be one of the last things that is surrendered to the international level. As much as the EU tries to integrate and become one, they are still different countries with different economies and perhaps even more importantly different politics. Surrendering control of their monetary policy to an outside entity means that they can't use monetary policy to respond to the issues that effect their separate economies.

[anigbrowl]

13. I don't agree.

I'm nearly 40 and I remember what it was like before the Euro - we had big booms and busts, and monetary policy frequently became the subject of damaging trade wars. I am heartily in favor of the Euro, and it's doing pretty much what it was supposed to do - restrain policymakers by preventing them from relying on monetarist policies to get out of economic corners, and operate a more restrained fiscal policy instead. I mostly live int he US nowadays, but even if I moved back to Europe tomorrow I see no benefit in returning to the old approach - any more than I see any benefit to 50 US state currencies.

[Spider2769]

7. Global Currency

I suppose Global Currency isn't a bad idea, if you think about our arrogance by putting only dead white guys on our dollar bills is honorable it's been a joke. Benjamin Franklin wasn't a President and he didn't create anything that people didn't really already know about in ancient times. But anyway, a global dollar would include us with the rest of the world and would be very cool to have. If you think about it, it would make traveling around the world much easier, we would all be on the same level of value and people who are on wall street can trade around the world much easier and faster. It would also make businesses work alot more efficiently by being able to purchase goods and services from around the world on one united system. Also if we used one system it would be much easier to track and monitor system breaches and fraud cases.

[lonestarnot]

10. I don't think you would be much traveling with the IMF in charge!

:rofl: And as for business ask Africans about that ... snort :rofl: You may want to look up activities of the International Monetary Fund and the World Bank. See what poor countries think of their treatment by them. You may want to also follow Obama's lead on knowing what you are talking about before speaking. He's a very good role model. Carry on. :patriot:

[rcrush]

4. Did he say that during the press conference?

I didnt see the press conference.

[lonestarnot]

9. Yes he did.

[GeorgeGist]

12. Really ...

stupid.

[lonestarnot]

15. Nice input for a cactus.

[RB TexLa]

16. Since we don't have one yet he has to protect the dollar in the market.

But we know this man has vision, so I sleep better at night knowing that what was said at the CFR is a little more what the President is thinking. :)