Europeans, and people in many other rich countries, and
some relatively poor ones will probably be paying for
their shopping with the same currency. Prices will be
quoted not in dollars, yen or D-marks but in, let's say, the
phoenix. Te phoenix will be favoured by companies and
shoppers because it will be more convenient than today's
national currencies, which by then will seem a quaint
cause of much disruption to economic life in the last
twentieth century.
At the beginning of 1988 this appears an
outlandish prediction. Proposals for eventual monetary union proliferated fve and ten
years ago, but they hardly envisaged the setbacks of 1987. Te governments of the big
economies tried to move an inch or two towards a more managed system of exchange
rates - a logical preliminary, it might seem, to radical monetary reform. For lack of cooperation in their underlying economic policies they bungled it horribly, and provoked
the rise in interest rates that brought on the stock market crash of October. Tese
events have chastened exchange-rate reformers. Te market crash taught them that the
pretence of policy co-operation can be worse than nothing, and that until real cooperation is feasible (i.e., until governments surrender some economic sovereignty)
further atempts to peg currencies will founder.
But in spite of all the trouble governments have in reaching and (harder still)
sticking to international agreements about macroeconomic policy, the conviction is
growing that exchange rates cannot be lef to themselves. Remember that the Louvre....
https://monero.forum/thread/bitcoin-get-ready-phoenix
Europeans, and people in many other rich countries, and
some relatively poor ones will probably be paying for
their shopping with the same currency. Prices will be
quoted not in dollars, yen or D-marks but in, let's say, the
phoenix. Te phoenix will be favoured by companies and
shoppers because it will be more convenient than today's
national currencies, which by then will seem a quaint
cause of much disruption to economic life in the last
twentieth century.
At the beginning of 1988 this appears an
outlandish prediction. Proposals for eventual monetary union proliferated fve and ten
years ago, but they hardly envisaged the setbacks of 1987. Te governments of the big
economies tried to move an inch or two towards a more managed system of exchange
rates - a logical preliminary, it might seem, to radical monetary reform. For lack of cooperation in their underlying economic policies they bungled it horribly, and provoked
the rise in interest rates that brought on the stock market crash of October. Tese
events have chastened exchange-rate reformers. Te market crash taught them that the
pretence of policy co-operation can be worse than nothing, and that until real cooperation is feasible (i.e., until governments surrender some economic sovereignty)
further atempts to peg currencies will founder.
But in spite of all the trouble governments have in reaching and (harder still)
sticking to international agreements about macroeconomic policy, the conviction is
growing that exchange rates cannot be lef to themselves. Remember that the Louvre....