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Website #1 - Get Ready for a World Currency

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Website #1 - Get Ready for a World Currency

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This website is a flashback article from 1988, where the writer predicts that the world will adopt a global currency by the year 2018.  This was a bold prediction, as it seems like an outlandish idea given the various markets and economies around the world.  Obviously this prediction will not come true by next year, it still discusses some good points about the topic.

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Flashback 1988: "Get Ready For A World Currency by 2018″ - The Economist Magazine!

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COVER: "GET READY FOR A WORLD CURRENCY" Title of article: Get Ready for the Phoenix Source: Economist; 01/9/88, Vol. 306, pp 9-10 THIRTY years from now, Americans, Japanese, Europeans, and people in many other rich countries, and some relatively poor ones will probably be paying for their shopping with the same currency.

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Website #2 - Why the Dollar is the Global Currency

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Website #2 - Why the Dollar is the Global Currency

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This website is an article that discusses which currency is the most powerful and widely used around the world.  The answer to this question is the US dollar, as their economy is the best.  This makes their dollar the most widely used currency outside of the US, and the article discuesses why this is the case.

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Of these, the U.S. dollar is the most popular. It makes up 64 percent of all known central bank foreign exchange reserves. That makes it the de facto global currency, even though it doesn't hold an official title.

The next closest reserve currency is the euro. Only 19.9 percent of known central bank foreign currency reserves were in euros as of the second quarter 2017. The chance of the euro becoming a world currency increases as the eurozone crisis fades. But the crisis highlights the difficulties of ever using the euro as a world currency.

The relative strength of the U.S. economy supports the value of its currency. It's the reason the dollar is the most powerful currency. Around $580 billion in U.S. bills are used outside the country. That's 65 percent of all dollars. That includes 75 percent of $100 bills, 55 percent of $50 bills, and 60 percent of $20 bills. Most of these bills are in the former Soviet Union countries and in Latin America. They are often used as hard currency in day-to-day transactions.

Cash is just one indication of the role of the dollar as a world currency. More than one-third of the world's gross domestic product comes from countries that peg their currencies to the dollar. That includes seven countries that have adopted the U.S. dollar as their own. Another 89 keep their currency in a tight trading range relative to the dollar.

The dollar's strength is the reason governments are willing to hold the dollar in their foreign exchange reserves. Governments acquire currencies from their international transactions. They also receive them from domestic businesses and travelers who redeem them for local currencies.

Some governments invest their reserves in foreign currencies. China and Japan deliberately buy the currencies of their main export partners. The United States is the largest export partner of both countries. They try to keep their currencies cheaper in comparison so their exports are competitively priced.

In March 2009, China and Russia called for a new global currency. They want the world to create a reserve currency "that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies."

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Why the U.S. Dollar Is the Global Currency

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Of these, the U.S. dollar is the most popular. It makes up 64 percent of all known central bank foreign exchange reserves. That makes it the de facto global currency, even though it doesn't hold an official title. The next closest reserve currency is the euro.

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This website is a valuable tool to use when examining the global currencies and looking at the exchange rates between them.  It lists what the exchange rates are and the value of the currencies, and also allows you to type in amounts and see what they are worth in other currencies.

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Currency data is 5 minutes delayed (times in ET) and based on the Bloomberg Generic Composite rate (BGN). See full details and disclaimer.

Currency rates are representative of the Bloomberg Generic Composite rate (BGN), a representation based on indicative rates only contributed by market participants. The data is NOT based on any actual market trades. Currency data is 5 minutes delayed, provided for information purposes only and not intended for trading; Bloomberg does not guarantee the accuracy of the data. See full details and disclaimer.

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Currency data is 5 minutes delayed (times in ET) and based on the Bloomberg Generic Composite rate (BGN). See full details and disclaimer. Currency rates are representative of the Bloomberg Generic Composite rate (BGN), a representation based on indicative rates only contributed by market participants. The data is NOT based on any actual market trades.