Thread: Paypal. Electronic One World Currency

I have an economics professor who believes that our current complete economic reconstruction to digital currency will eventually lead to global economic catastrophe. He's obviously a pessimist but he does have some intelligent points/arguments. Personally, as an economic optimist, I think that a responsible shift of our economy to a complete, possibly singular currency will lead to an increase of exchange of currency but not a complete economic disaster.

However, I don't believe that we will ever head to a complete singular digital currency. Currencies can become more integrated and/or easier to trade but I have no assumption that currency in the near or distant future will change to a singular digital one. The reason for this is because unless we have a complete global government, we will always have independent entities and nations who will disagree with ideologies, culture, and especially currency integration. Its only by miracle and economic trade goals that the Euro was ever created. Even if everyone begins to trade with paypal it's hard to imagine that investors would ever give up gold or commodity investments.

Again, I don't see the possibility of a singular currency even in the distant future. However, with exponential differences in technology in the extremely distant future, perhaps a "machine" world government could be established; one based completely off democratic ideology, with no emotion and the avant-garde ideology of positive human progress. Just perhaps at that moment in time it would be possible to establish a singular currency.

Originally Posted by Quantiq

The reason for this is because unless we have a complete global government, we will always have independent entities and nations who will disagree with ideologies, culture, and especially currency integration.

If America has its way, we will have what is fundamentally a world government. They already act like they are, but they are slowly putting people in power that they want in power, and who will
do what they want them to do.

Originally Posted by ThePieMan

Yeah, Paypal is not a bank. In any case one single currency is bad for the global economy. A world currency would be a pain in the ass to try and control. It would be a fiscal nightmare beyond belief to balance the "value" of it for it would be in flux all of the time depending on where you were at and when you made a transaction. It might be worth 5.00 in Russia but in the Sudan it could be worth only .05 cents... Since economies are always changing in countries that are unstable it would be very hard to keep up with valuation of a world currency BUT it could be done with great trepidation and heartache.

I don't think you thought this through at all. This is what currently happens.
If it was one currency everywhere, the price of something may be less or more compared to your home country, but you would know exactly how much you were paying.