Ron Paul: "There's nothing to fear from globalism, free trade and a single worldwide currency."

Ron Paul is correct, we should have a single worldwide currency.

However, the CFR is also right about currencies instability and the Foreign Exchange (FOREX) market. According to the Bank for International Settlements' own publications, the FOREX market is extremely centralized to a few banks in London, which makes up the biggest percentage of the FOREX market.

The BIS states that 75% of daily turnover in each of the top three countries is accounted by 16 banks in the UK, 11 banks in the US, and 11 banks in Japan. The BIS clarifies and says these are not necessarily individual banks, rather they are various offices of only a few actual banks. The UK accounts for 31.3% of the $2 trillion a day traded on the FOREX.

This is why we need a global commodity backed currency. Ron Paul, March 13, 2001 on "The Beginning of the End of Fiat Money":

There's nothing to fear from globalism, free trade and a single worldwide currency. But a globalism where free trade is competitively subsidized by each nation, a continuous trade war is dictated by the WTO, and the single currency is pure fiat, fear is justified. That type of globalism is destined to collapse into economic despair, inflationism and protectionism, and managed by resurgent militant nationalism.

Efforts to achieve peaceful globalist goals are quickly abandoned when the standard of living drops, unemployment rises, stock markets crash and artificially high wages are challenged by market forces. When tight budgets threaten spending cuts, cries for expanding the welfare state drown out any expression of concern for rising deficits.

The effort in recent decades to unify government surveillance over all world trade and international financial transactions through the UN, IMF, World Bank, WTO, ICC, the OECD, and the Bank of International Settlements can never substitute for a peaceful world based on true free trade, freedom of movement, a single but sound market currency, and voluntary contracts with private property rights.

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The ultimate solution will only come with the rejection of fiat money worldwide, and a restoration of commodity money. Commodity money if voluntarily and universally accepted could give us a single world currency requiring no money managers, no manipulators orchestrating a man-made business cycle with rampant price inflation. Real free trade without barriers or tariffs and a single sound currency is the best way to achieve international peace and prosperity.

When that day comes we will have a true New Era, unlike the fictitious New Era of Greenspan's dreams and certainly opposite of the dangerous New Era that stares us in the face as the world fiat monetary system falters.