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.
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