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New Global Reserve Currency needed?
Prof. Niall Ferguson
Today's economic recession with all its social consequences was caused by financially irresponsible behavior of US regulators, banks, companies and consumers. Having said that, it is remarkable and unfair that the crisis is having a more severe impact upon the rest of the world than it has on the US itself.
The US are fixing their problems by increasing the federal deficit and paying for this by submitting new US government bonds and printing dollars. So basically by more of the same overspending.
It's time the greenback is replaced by a new global reserve currency owned by a more responsible and impartial institution.
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Cut in Various Tax Rate is Needed
abhishek, student, India, Member
US government is putting extra money in the hands of common people to stimulate the demand but instead of doing this government should cut some taxes so that taxpayers money does not go in the hands of those who are responsible for this crisis like various banks and other compnies which are demanding bailout packages.
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New Global Currency
Julia
I agree with you. US methods of generating, regulating and exporting the financial crisis will lead to more recurrent crises. Regarding the growing speed of information spreading the period between the crises will shrink and we will face it within shorter periods. The US is an usurer and a swindler, the rest of the world is too noble and too naive.
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New Global Reserve
Leon Booysen, Management Consultant, South Africa, Member
Prof Ferguson, you have no idea what you are saying. Blaming US alone for a world wide financial crisis! If your view had any substance, why is it that the rest of us is so dependent on US? I also would like to know who you think should be in control of your new reserve fund China, Japan, France or even worse the UN. Get real...
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New Currency Needed
Majid Abdul Wahab Bawazir, Accountant, United Arab Emirates, Member
Yes. Prof Ferguson is extremely correct in his argument and we are in the need of a new currency. The dollar is no longer strong and not acceptable as 3 years ago. It should be replaced by the Euro or any other currency having good fundamentals. We can see a number of countries opting for other currencies, leaving the US$, which is an indicator of the currency being weak. The US has to improve its condition before acting as a world player.
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We Never Learn from History..
John Casper, Entrepreneur, Member
This is NOT a result of irresponsibility or carelessness but an inevitable outcome of ANY fiat currency. All major powers are eventually destroyed as a result of their FIAT currency becoming devalued. England, Spain, Portugal... Rome, etc...
If the world wants a change from the redundancies of human shortcomings we would be wise to fully embrace currencies anchored by materials which CANNOT be produced by man (Gold, Silver, etc.) or adopt BTC.
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Change of Global Currency
Onyango Lucius, Events Marketer, Uganda, Member
Prof. Ferguson is correct, I do not think up to now we can't see that the dollar is no more of use, why don't we try another currency maybe the Euro. And we judge later, I think America in this century has played a big role in the inflation flowing around the world.
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