Globalizing Currency

Benn Steil, the Senior Fellow and Director of International Economics of the Council on Foreign Relations (CFR), argues against having currencies backed by the gold standard. He argues that "capital flows became destabilizing only after countries began asserting 'sovereignty' over money," calling monetary sovereignty with governments controlling local interest and exchange rates a "mythical past."

Since economic development outside the process of globalization is no longer possible, countries should abandon monetary nationalism. Governments should replace national currencies with the dollar or the euro or, in the case of Asia, collaborate to produce a new multinational currency over a comparably large and economically diversified area.

He later says that "economic development outside the process of globalization is no longer possible," so "countries should abandon monetary nationalism." As far as the CFR is concerned, Globalism is now inevitable. All countries will lose their sovereignty to global banks and corporations, and all will lose their trusted, constitutional currencies to a regional currency, followed years later by a merger into one global currency.1

Notes

1. Steil, Benn, "The End of National Currency", Foreign Affairs, May/June 2007. http://www.foreignaffairs.org/20070501faessay86308/benn-steil/
   the-end-of-national-currency.html (accessed May 26, 2007)

Also see James Newcomb, "Council on Foreign Relations Pushes for Three Regional Currencies in the World" at http://www.jbs.org/node/4023.

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