Category Archives - New global reserve and trading currency

Towards a new Multilateral Economic Consensus

Economic development based on competition has failed to solve the dire problems of hunger, increasing mass poverty, social inequity and lack of a meaningful life for billions of people, while frantic consumption in developed places is driving the world to the edge of an environmental disaster.

A new international Consensus is needed to promote a holistic and inclusive development, to share the world resources more equitably and efficiently, to supply the essentials of life to all men and women regardless of their purchase power, and to provide monetary stability for a balanced economic development.

An emergency relief program, a Global Marshall Plan, a new world currency and a shared monitoring of the Global Commons are key to overcome the present multifaceted crisis and to establish effective economic justice and sustainable development. That alone will bring equity, balance and peace, and remove the specter of the present rampant chaos.

A new global currency for global peace

The need to reform the present economic order based on the Washington Consensus and establish economic justice in the world is more and more admitted as an urgent priority by both the UN organizations and the civil society. Such transformation of the international economic order requires the creation of a new monetary order at the center of which stands the creation of a new world currency. That currency should be instrumental in the creation of a stable international would not be limited to compensating the excesses of the present economic order dominated by financial forces, but to be fully part of a new economic pattern that would endeavor first and foremost to implement the universal Human Rights in their economic dimensions.

This currency, therefore, would not simply be an aggregate of any existing currencies, nor should it be subject to speculation and volatility, but would include a pivoting reference made of a basket of values such as gold, silver and other raw materials, managed as Global Commons under the supervision of the stakeholder nations of the world.

It would likewise be a regulatory instrument in controlling the monetary expansion and be a privileged means of external funding for developing nations to monitor their own development.