GLOBAL MARKET NEEDS COMMON CURRENCY
The advocates of single global market preached as if progress will reach countries across continents but nearly two decades had passed but we witness wealth reaching multi-national corporations and people have become beggars in their own countries. The Washington Post article on 7th November 2011 points out that top ten companies, 6 from USA, 2 from UK, one each from France and Swiss control 19.45 % of the global financial network. If 50 companies are counted together, then 40 % of the global financial network is under their control. This situation on one side and joblessness on other side had awakened people across the continents where the chorus for Occupy Wall Street is echoing. People’s assets have been stolen by politicians-bureaucrats-corporate nexus. The whistleblower Henry Morgenthau Junior, Secretary of Treasury wrote to then President of USA Mr. Franklin Delano Roosevelt in 1937 thus: “Corporation laws make it more difficult to ascertain who the actual stock brokers are. Moreover the stockholders have resorted to all manner of devices to prevent the acquisition of information regarding their companies. The companies are organized through foreign lawyers with dummy incorporators and dummy directors, so that the names of real parties in interest do not appear “
After East India companies by French, British and Dutch, we witness neo-colonialism through multi nationals which have eroded the sovereignty of nations. World Bank which prescribed globalization itself feels alarmed over what is happening. United Nations Convention against Corruption 2003 had been ratified by only 100 countries as on October 2011. The 2003 recommendations for Financial Action Task Force had been endorsed by 170 countries. World waits for action, and World Bank had launched a Stolen Assets Recovery Initiative. The recent report compiled by Dr.Ngozhi-Okonjo-Iweala, Coordinating Minister of Economy & Finance, Nigeria who was also Former Managing Director of World Bank had compiled a data base of 150 corruption cases. The Indians can be happy that only Former Minister Shukram finds a place in this database, others have yet to come to limelight.
1998: United Nations Office on Drug and Crime brought out a report on Financial Havens, Banking Secrecy and Money Laundering
2000: European Union Commission brought a report on protecting the financial system from exploitation of Financial centers and offshore facilities by organized crime.
2001: OECD Report: Behind the Corporate veil: Using corporate entities for illicit purposes.
2002: International Trade and Investment Organization & Society of Trust and Estate Practitioners brought out a report: Towards a level playing field: Regulating Corporate Vehicles in cross-border transactions.
2006: Financial Action Task Force: Misuse of Corporate vehicles.
2010: Caribbean Financial Action Task Force: Money laundering using Trust and company service providers on Money Laundering
2011: World Bank and UN Office on Drug and Crime: Stolen Assets Recovery Initiative.
World opened the Pandora’s Box when World Bank prescribed globalization. It is noble goal but in practice when controls of nations over corporate withered away multi-national corporations mushroomed to grab the wealth in earth from anywhere without even blinking an eye over the agonies of people who live there for ages. Now to contain the ghost let out World Bank has launched the Stolen Assets Recovery Initiative. Dravida Peravai welcomes this initiative, when Government of India lacks in initiative. But we remind the economists that economics without logic and ethics would only be cursed by the living peoples on Earth.
In between 1994-1995, I was the Associate Editor of the only English weekly New Times Observer brought out from Puducherry in India. In its 26th May 1995 issue I wrote on:
Evolve Single Common Currency to Integrate world economy.
Shrine is burnt. Masjid is demolished. Temples were razed to ground. Religions that came into existence to condition human behavior have only taught human race hate. Talk on love and tolerance but acts of vendetta are in practice. As Marx envisaged withering away of the state may not be possible in near future. But the time of withering away of the religions had come. Age of science cannot hold on to the religions that do not fit into the domain of reason. Gods as human beings do not descend from heavens to live in particular places of worship. On the Earth the decadent western culture has provided enough room for pleasure seeking places and nude dancing damsels in our night clubs cater to animal instincts.
No need to dream of Indira’s kingdom and dancers like Ramba, Oorvasi and Tholothama. Telescopes that are having a glimpse of the many planets like Sun, Moon, Mars and many stars so far have not found a galaxy or planets where life systems exist. Heaven which all our poets described is nowhere to be seen. Legends and myths have been proven to be pack of lies and absurdity.
All this should make us realize that Earth is the heaven of human race but it becomes hell only when man finds sadistic satisfaction in enacting Hiroshima’s. The only God that mankind had to discard first and foremost is the Money God. Karl Marx has proven the invincibility of the fictitious surplus value theory. Speculative economics that builds castles in the air should be given a decent burial.
Productive economics alone needs to be encouraged. The very first step in curtailing speculative economics and its maladies will be to introduce single global currency. There should be no delay in dismantling various currencies. European Union is moving towards a common currency but it should not stop with that.
Developing nations working out a common currency system to preserve the prosperity achieved through exploitation should be an eye opener to the developing countries.
A Single Global currency acceptable to developed and developing countries will alone integrate the world economy. World Trade Organization will become defunct like UNO. Wither away your currencies, disown your religions and think in terms of evolving new codes to regulate economies and life on earth.
A cosmic culture has to blossom at the dawn of the next century, hence everyone had to give up his or her past prejudices and preferences. Codes based on Manu that foster castes’ and religious bigotry of minorities remain a stumbling block for Indian unity, the protagonists of uniform civil code in India proclaim.
A Universal Civil Code will not be in anyone’s agenda as that will open the gateway for cosmic culture. Party less democracy will not be pondered by politicians. Religions with impersonal god could be thought of only by noble hearts like M.P.John who refuses to create an institution to propagate his concept as he is clearly aware of the deviations and distortions that will sneak in. Such lessons past provides in case of other institutions.
The share markets that developed gambling habit is one of the dangerous diseases that erupted due to the speculative economics we pursue.
Black markets, Flesh markets and recently share markets alone are hailed by Manmohanomics in the free market economy in high pitch. The surplus value that accrues in industrial or agricultural production should not reach the coffers of the capitalists but should lead to equal-distribution within society to each according to his need. Production that does not upset the ecological balance and which is in harmony with the unwritten laws of natural evolution alone should be planned.
In short economists and planners must realize that earth is the heaven of human race and haven of peace and progress.
Hence to integrate global economy single common currency should be accepted for all countries to prosper.
Courtesy: New Times Observer 29.5.1995: Author: N.Nandhivarman
THIS IDEA HAD CAUGHT THE ATTENTION or SOME NOBLE ECONOMISTS HAVE STARTED TO THINK ON SIMILAR LINES. SINGLE GLOBAL CURRENCY ASSOCIATION HAD COME UP.
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