Gulf Takes Wrong Currency Path
which was also published in the Iranian press to coincide with this high-level presentation in Teheran
Introducing the Petro "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
But I'm hoping - an Iranian deputy minister woke me up the other morning to tell me so (they tend to forget the 3.5 hr time difference....) - to pitch a Petro energy standard proposal to
These People
in a couple of months. Mind you, that depends on the forthcoming June election in Iran, because ministers are of course political appointments.
It was in fact Kazakhstan's president who got the Russians kick-started on their current proposal for a new global reserve currency. Here's the Aussie press taking the piss out of him
Heavy akmetal: the Kazakh cure for the global economy
The Kazakh President, Nursultan Nazarbayev, has provided some welcome support to his comrade Kevin Rudd's economic essay writing efforts, by trotting out his own 5046-word piece on the state of the world economy.
Personally, I prefer Nazarbeyev's diagnosis and prescription to Rudd's...... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
The article by Nazarbayev in a way highlights Frank Biancheri's idea of a fragmented world, divided in several regions of influence. Just around the Gulf there's the GCC and the ECO.
Perhaps we could see several versions of the Ecu/Euro emerging throughout the world... Vencit omnia veritas.
Perhaps we could see several versions of the Ecu/Euro emerging throughout the world...
Quite likely there will be competing attempts at cross border currencies, and people will vote with their feet and use the one that works for them. To me, energy is the simplest and most universally acceptable.
National currencies with purely domestic redeemability for value are another issue: that's where I see a basis of land rental value as important. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
