Do you think the time will come when the world will only have one currency?

Do you think the time will come when the world will only have one currency?

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AriaS

AriaS

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Do you think the time will come when the world will only have one currency?
 
I think the currencies all over the world can vary in terms of volume with time but it could never be possible to only have one currency left because then how will the forex market work? There would be no exchange and the global financial system would be disrupted.
 
Never going to happen. The foundation of the econometrics of international commerce and trade relies upon the exchange of goods, currencies, labor.
 
new_trader said:
The entire world is on a fiat standard. There is no currency that is backed by real money.
Click to expand...
Currently the "real money" is the trust in the economic and military power of the West (mostly the U.S.), that has never failed, since leaving the gold standard.
 
DarwinAYC said:
Currently the "real money" is the trust in the economic and military power of the West (mostly the U.S.), that has never failed, since leaving the gold standard.
Click to expand...

If it requires "trust" then it isn't real money, it is fiduciary currency. Real money has the following properties (possibly more but at lease these listed)
  1. Durable
  2. Portable
  3. Scarce
  4. High value to weight ratio
  5. Recognizable
  6. Intrinsic value
  7. Homogeneous
  8. Easily testable
  9. Store of value
  10. Widely used

none these properties are met by fiat/fiduciary currencies in circulation, including the Federal Reserve note. These require legal tender laws to make them accepted as a medium of exchange.
 
DarwinAYC said:
Currently the "real money" is the trust in the economic and military power of the West (mostly the U.S.), that has never failed, since leaving the gold standard.
Click to expand...
D'AYC,
It hasn't failed - yet!
As for fiat currencies - they all fail eventually.

Here's a visual clue as to what n_t is talking about from a thread you no longer participate in - which is a shame - not least because your former colleagues on the wrong side of the discussion really need all the help they can get right now!
;)

CavaliereVerde_Prize.jpg
 
Freedom will never fail :) As it is the greatest value ever. And to new_trader, I just improvised while answering to when you said that currency and money are two different things ("There is no currency that is backed by real money."). But if seriously speaking, money and currency are the same thing. Currency is simply one, tangible form of money. We have one money in the world. It is represented by lots of currencies. Our money is backed by what we are - free, smart and hard working people. This will never fail or change, because it's our nature. This can only be changed by a massive global catastrophe. The chance of it is very low.

The US dollar or any major currency answers the definition:
  1. Durable
  2. Portable
  3. Scarce
  4. High value to weight ratio
  5. Recognizable
  6. Intrinsic value
  7. Homogeneous
  8. Easily testable
  9. Store of value
  10. Widely used
 
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DarwinAYC said:
The US dollar or any major currency answers the definition:
  1. Durable
  2. Portable
  3. Scarce
  4. High value to weight ratio
  5. Recognizable
  6. Intrinsic value
  7. Homogeneous
  8. Easily testable
  9. Store of value
  10. Widely used
Click to expand...
Errr - I don't think you've quite thought this through D'AYC.
You might wish that the U.S. dollar are all of the above - but it patently obviously isn't! Look at the image in my last post and ask yourself if all ten apply there.
;)
 
timsk said:
Errr - I don't think you've quite thought this through D'AYC.
You might wish that the U.S. dollar are all of the above - but it patently obviously isn't! Look at the image in my last post and ask yourself if all ten apply there.
;)
Click to expand...
Tim, I won't argue with you. Your side will lose. We all know it. Even putin does ;) So why would we waste our time?

Okay, you are right. Not all ten apply, but simply because those ten describe commodity money. Fiat money isn't supposed to have intrinsic value, but this doesn't make it any less valuable. It has its value as long as the civilization as we know it exists. If it falls you won't be able to sell gold either, trust me ;) Rice, sugar? Yes. But gold? I doubt it.
 
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DarwinAYC said:
Tim, I won't argue with you. Your side will lose. We all know it. Even putin does ;) So why would we waste our time?
Click to expand...
D'AYC,
If you're referring to the Ukraine war - I'm not on anyone's 'side'. I want peace and for the death and destruction to stop. That's it, period. Apparently, I'm some sort of an extremist for taking what the west considers to be such an unacceptable position.
DarwinAYC said:
Okay, you are right. Not all ten apply, but simply because those ten describe commodity money. Fiat money isn't supposed to have intrinsic value, but this doesn't make it any less valuable. It has its value as long as the civilization as we know it exists. If it falls you won't be able to sell gold either, trust me ;) Rice, sugar? Yes. But gold? I doubt it.
Click to expand...
"Fiat money isn't supposed to have intrinsic value, but this doesn't make it any less valuable." That's a contradiction - it either has intrinsic value or it doesn't. Which is it? Will your USD$10 bill still be worth what it is today in a year's time with inflation running at close on 20%? A rhetorical question as we both know the answer. You say that fiat currency has value as long as civilization as we know it exists. If that's true, then surely currencies that no longer exist would still have value? Self evidently, they don't. Try buying something with a French Franc or German Marc and see how far you get!

When fiat currency fails, then those smart enough to own gold will retain their wealth. That's its purpose - it's not to sell it. If all you have is paper dollars and stocks etc. you could very well lose everything. Fiat currency is not real money. The image I posted is of 1oz of 999 fine silver and, in the event of a SHTF scenario, I can use that to purchase just about anything, anywhere, regardless of the country I'm in, its culture or political and religious ideology etc. And that includes the rice and sugar etc. that those who don't own any real money will be forced to barter with to acquire things they want/need even more than basic commodities.
Tim.
 
timsk said:
D'AYC,
If you're referring to the Ukraine war - I'm not on anyone's 'side'. I want peace and for the death and destruction to stop. That's it, period. Apparently, I'm some sort of an extremist for taking what the west considers to be such an unacceptable position.
Click to expand...
Your position is to surrender to the aggressor. This won't happen, because we know this doesn't work. It leads to only more aggression. Btw, the world mostly had your position, until Bucha happened. Everyone realized that Crimea and Donbass happened because THAT position on Georgia. And current war happened because THAT position on Crimea and Donbass. Now everyone is fed up and wants to stop the new hitler once and for all.
timsk said:
"Fiat money isn't supposed to have intrinsic value, but this doesn't make it any less valuable." That's a contradiction - it either has intrinsic value or it doesn't. Which is it? Will your USD$10 bill still be worth what it is today in a year's time with inflation running at close on 20%? A rhetorical question as we both know the answer. You say that fiat currency has value as long as civilization as we know it exists. If that's true, then surely currencies that no longer exist would still have value? Self evidently, they don't. Try buying something with a French Franc or German Marc and see how far you get!

When fiat currency fails, then those smart enough to own gold will retain their wealth. That's its purpose - it's not to sell it. If all you have is paper dollars and stocks etc. you could very well lose everything. Fiat currency is not real money. The image I posted is of 1oz of 999 fine silver and, in the event of a SHTF scenario, I can use that to purchase just about anything, anywhere, regardless of the country I'm in, its culture or political and religious ideology etc. And that includes the rice and sugar etc. that those who don't own any real money will be forced to barter with to acquire things they want/need even more than basic commodities.
Tim.
Click to expand...
You're right, precious metals can become the best means of exchange, in case of apocalypse. But as I said, an apocalypse is unlikely to happen. Our reality is what we have now. I think your distrust level is too high (typical to conspiracists). Besides, tell me, how will you protect your golden coins in a "walking dead" kind of reality? Are you physically strong enough? If not, you won't be able to even hire someone, because why would they protect your coins if they can just "nationalize" them to themselves? ;) Bullies like putin or kim do it all the time. It seems to me that knowledge and physical power will be the best "money" in case of societal collapse.
 
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DarwinAYC said:
Your position is to surrender to the aggressor. This won't happen, because we know this doesn't work. It leads to only more aggression. Btw, the world mostly had your position, until Bucha happened. Everyone realized that Crimea and Donbass happened because THAT position on Georgia. And current war happened because THAT position on Crimea and Donbass. Now everyone is fed up and wants to stop the new hitler once and for all.
Click to expand...
D'AYC,
Oh dear, you appear to be one of those arrogant people who tell others what their views are and then criticise them accordingly, without bothering to listen to them in the first place to find out what their views actually are. My position is not now - and never has been - "to surrender to the aggressor". If you think that, it can only be because you're making false assumptions about me and drawing false conclusions.

We don't need another thread on Ukraine, so if you want to pursue this, I suggest you go back to the bespoke thread on the topic and we can continue to debate it there.
DarwinAYC said:
You're right, precious metals can become the best means of exchange, in case of apocalypse. But as I said, an apocalypse is unlikely to happen. Our reality is what we have now. I think your distrust level is too high (typical to conspiracists).
Click to expand...
Apocalypse means different things to different people. You don't elaborate - so I don't know what it means to you. The expression I used was a SHTF scenario. One example of that would be the collapse of the USD$ - which I believe is a distinct possibility. My "distrust level" has nothing at all to do with conspiracy theories and is based on what I observe and evidence I uncover via research. Again, you're making assumptions about me merely because I have views that differ to yours. If you're not interested in alternative views - don't post. It's that simple.
DarwinAYC said:
Besides, tell me, how will you protect your golden coins in a "walking dead" kind of reality? Are you physically strong enough? If not, you won't be able to even hire someone, because why would they protect your coins if they can just "nationalize" them to themselves? ;)
Click to expand...
Well, first of all, the "walking dead" - whoever or whatever they are - will have to know I have precious metals, where I keep them and then try to take them from me. I accept that's a risk, but at least I'll still have some real money, whereas those relying on the nonexistent intrinsic value of a worthless USD$ (in the event it collapses) - will have sweet FA.
DarwinAYC said:
Bullies like putin or kim do it all the time. It seems to me that knowledge and physical power will be the best "money" in case of societal collapse.
Click to expand...
What about Biden and U.S. foreign policy over the last thirty years or so? Mountains of evidence and dead bodies as a direct consequence of their bullying:The West’s False Narrative about Russia and China
Tim.
 
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timsk said:
D'AYC,
Oh dear, you appear to be one of those arrogant people who tell others what their views are and then criticise them accordingly, without bothering to listen to them in the first place to find out what their views actually are. My position is not now - and never has been - "to surrender to the aggressor". If you think that, it can only be because you're making false assumptions about me and drawing false conclusions.

We don't need another thread on Ukraine, so if you want to pursue this, I suggest you go back to the bespoke thread on the topic and we can continue to debate it there.

Apocalypse means different things to different people. You don't elaborate - so I don't know what it means to you. The expression I used was a SHTF scenario. One example of that would be the collapse of the USD$ - which I believe is a distinct possibility. My "distrust level" has nothing at all to do with conspiracy theories and is based on what I observe and evidence I uncover via research. Again, you're making assumptions about me merely because I have views that differ to yours. If you're not interested in alternative views - don't post. It's that simple.

Well, first of all, the "walking dead" - whoever or whatever they are - will have to know I have precious metals, where I keep them and then try to take them from me. I accept that's a risk, but at least I'll still have some real money, whereas those relying on the nonexistent intrinsic value of a worthless USD$ (in the event it collapses) - will have sweet FA.

What about Biden and U.S. foreign policy over the last thirty years or so? Mountains of evidence and dead bodies as a direct consequence of their bullying: The West’s False Narrative about Russia and China
Tim.
Click to expand...
I apologize for assuming what your position was. I won't be asking here what your position is, because, as you said, this thread is not about Ukraine. I am glad to hear that you don't support surrendering to the aggressor.
 
If it were up to me I would use simple gold as currency, phisical ingots.
Currencies have value only because we trust certain govs and central banks.
 
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