Global Economics, the G20 and a call from the past.

While I’m not an economist, I am able to see with my own eyes that one of the causes of poverty in the world is rampant inflation in poor nations. Almost worthless currency deals them a crippling blow on the world stage. They are unable to pay debt or buy the goods and services they desperately need . In addition, declining or increasing currencies often impact the profitability of global companies. And inflation negatively impacts the debt of countries, destroying trust and ultimately threatening liquidity between nations. In this world, there is no one who is unaffected by currency fluctuation.

If we are ever to have a stable, sustainable global economy, we will all need to recognize that the first step is to create a stable foundation of exchange (i.e. the stability of currency). When we think about the strength of United States and of the EU, much of their strength stems from having a common economy, a common agreement on exchange, and a common currency which promotes easily managed trade between states.

By extension it seems only reasonable that eliminating the devaluation of currency and establishment of a common form of exchange by introduction of an international currency would bring the world one step closer to stability. In addition, this would lead to greater equity, a greater ability to track fraud, theft and hording of national wealth by ruthless leaders, and the eventual equalization in the valuation of services world wide.

Although this step may be initially difficult, it will ultimately lead to a leveling of the economic playing field and provide a firm foundation for all companies and countries to begin building a new global economy which would promote greater cooperation and assured growth.

Ultimately agreement and stability of exchange and global regulation will have a larger impact on the world’s economy than the policies of any one country. Any lasting global solution will need to be based on global agreement. Perhaps we would do well to encourage our leaders take a very close look at the suggestion of having an international currency, an idea now being tabled by China and Russia. This is, after all, the ultimate form of international agreement on exchange.

Besides having a positive impact on the eventual elimination of poverty, it would force nations to be more fiscally responsible and it would eliminate the need for the Forex a market which adds no real value to the world.

If there aren’t enough voices speaking out about this issue at the G20 meeting, let me add one which reflects a perspective shared during the nineteenth century by “Baha’u'llah” who was the profit founder of the Baha’i faith who then spoke about the economic subjects which are, only now, coming to the world stage.

Baha’u'llah, throughout His ministry, 1863-1892, promoted the unity of all nations and religions and taught that peace in the world was ”unattainable unless and until unity is firmly established”. As part of the establishment of unity, he suggested that all nations would need to yeild some, but not all of their powers to an international forum.

Although it is now China and Russia who are now calling for an international currency, Baha’u'llah called for an international currency in the mid-1800s as part of a global solution to economic problems that he foresaw the world soon to be facing. From His place of imprisonment (he was imprisoned most of his life for his teachings), he taught that the solution to global economic problems was fundamentally spiritual in nature, a fact that was confimed by the recent display of greed, a rampant spiritual desease in the US banking community.

He indicated that in order for mankind to reach a peaceful state, that all nations would need to come together and make firm and binding agreements on things such as human rights, universal rights to education, establishment of the equality of men and women, establishment of an international force to maintain national boundarys, and a limited force for each nation in order to maintain internal peace. He also talked about establishing a universal secondary language to be taught in all schools to help eliminate misunderstanding between nations.

What Baha’u'llah foresaw and spoke of in the mid-1800s from His prison cell, the world is only now beginning to recognize. For information please see http://www.bahaullah.org. One must ask how, in view of his life long exile and imprisonment ranging from the depths of a dungeon in Iran to a prison in Akka Israel, was Baha’u'llah able to understand the future of the world so clearly and to accurately call our world leaders to the inevitable solutions.

Garth Schmalenberg

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