Tuesday 31 March 2009

Dey-o!

As the nations of the G-20 meet in the Docklands, there are whispers are outright shrill cries for all sorts of dramatic changes to the world economy. One idea advanced in particular is for a new single world reserve currency to surplant the US dollar. Even though this fiat currency that some are calling the dey (dollar-euro-yen) is just as fictional as gold-pressed latinum, certain Armageddonists are calling this the latest sign of the beast--just like they did for machine readable bar-codes twenty years earlier. Jeez--these kids today and their y2k! Surely this bit of financial handiwork must be the tool of the devil--an invitation for us all to prosper or to suffer together. A universal currency, aside from edging out the usurers and market-speculators, is a bad idea, like pouring all one's water into a wide but shallow pan--the slightest wave and rumble is magnified and the the water spills over the edge. China and Russia, both advocates of the dey, are, at the same time, proponents of a return to the gold standard--that is, saying that money has value besides the fact that the respective governments say so, pixie dust and fools' gold, and having treasuries redeemable in some shitty old nuggets.