That would be a disaster.
You can see the chaos created by the European Central Bank on a smaller scale. We essentially have a semblance of a World Central Bank in the IMF, a corrupt and corroded institution as are virtually all the supranational agencies that wield world dominance now. The Vatican has a unique perspective on the world. But its expertise is in matters of grace and salvation, not international finance.
What we need right now is the re-establishment of national political economies, with sovereign control of tariffs, currency and credit as existed prior to the onset of the cult of Monetarism... which is driving the world to ruin, and is in the control of an oligarchy of debauched traders and financiers.
There needs to be international agreements that fix narrow trading ranges for currencies, as existed with the Bretton Woods Agreement from 1946 to 1971 (essentially the gold standard), but the sovereign control of currencies needs to remain with the nation state.
Last edited by coldstream; Oct 24th, 2011 at 03:49 PM..