Chapter 10. The World Dollar
The
World Dollar as Dhammonomic Invention
The
Backbone Reference Currency for the Whole World
The
availability of numerous currencies in our world economy normally results in
currency exchange fluctuation and speculation which consequently impacts the
gain and loss of import and export activities. This may cause serious burden to the world economy
such as in the case of Thailand’s devaluation of Baht in 1997 which eventually
led to a domino economic crisis affecting many countries across the world.
We
can lessen this problem if we have the same currency for most or all countries
in the world. And I, Pittaya
Tisuthiwongse, would like to invent this as the ‘World Dollar.’ To make it possible, we have to create multicurrency
layers for the World Dollar.
For
example:
100
cents = 1 Starlet
100
Starlet = 1 Lunar
100
Lunar = 1 Solar
100
Solar = 1 World Dollar
Each
country can represent the monetary values of their products, services, and
resources based on their cost of living. Thus, every country all over the world can use
the same currency, but the resources, products, and services are valued differently,
more or less, as represented by the multi-level of the same world currency. For example, a bowl of noodle in Los Angeles
China Town is 30 Lunar whereas a bowl of noodle in Bangkok China Town is 95
Starlet.
To
implement the World Dollar, every country has to make agreements with the World
Bank, who supervises the World Dollar, to find the right value of their local
currency when converting to the World Dollar. Once the exchange rate is agreed, each nation
can convert the value and set the prices of resources before the local currency
is abandoned; otherwise, the local currency and World Dollar can be used together
in the same country.
It
would be an ideal to use only World Dollar in every country, but in reality,
World Dollar can be used as the main or secondary currency in a country or
regional community. As the backbone
global reference currency, the World Dollar can replace the currency basket and
stabilize the local and international economy even more.
Moreover,
the World Dollar may need no gold reserve to back up its value, similar to the
US dollar whose value is based on ‘confidence’ over the sizable economic value as
well as social, economic, and political stability of the U.S. However, in the beginning, the World Dollar may
start from being just the reference figures of backbone currency exchange rate controlled
by the World Bank with no circulation of bank notes and coins at all.
By
Pittaya Wong (Tisuthiwongse)
Original
Thai Version on 12 Jan 2018
English
Version on 3 July 2018
Revised
English Version on 10 August 2018
