Mittwoch, 26. August 2009

Weltwährung? Gedanken von Hossein Askari

Auszüge aus: "China's sleepless nights" von Hossein Askari, Asia Times, 6. August 2009

Here is where a new reserve currency comes in. More specifically, a world currency would neither finance fiscal deficits nor become a countercyclical source of money for inducing economic booms and preventing the working of price mechanisms...

Such a proposal would be closely in line with Keynes's 1943 plan that called for a world emitting entity and a reserve currency, which he named "bancor". A new world currency would operate alongside all other currencies. However, it would obey strictly different rules and would enjoy considerable stability in terms of its purchasing power value.

The emission of this new currency would be in a one-to-one mapping with real flows and would not be multiplied or diminished through credit multiplication and contraction. The proposed world central bank would not engage in lending operations or in setting interest rates. It would operate as a 100% reserve bank, providing a reserve asset and settling payment operations. Its initial capital could be subscribed in gold...

The value of a world currency has to be defined in relation to a standard, be it gold or a commodity basket as in Keynes's original plan. Thus, the reserve currency would have constant purchasing power in terms of internationally trade commodities. Unlike the IMF's Special Drawing Rights (SDR), which is a purely credit money with limited usage among designated users (member countries) and necessitating interest payments by users, a world currency would be a full-fledged currency, materialized by a banknote, and could be used unrestrictedly as any medium of exchange.

Wer sich für diese Thematik interessiert, findet hier einen B4RP-Beitrag vom 27. Juli 2009:

IWF-Sonderziehungsrechte als Weltwährung werden nichts ändern

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