One-World Currency

The director of international economics at the Council of Foreign Relations has launched a scathing attack on sovereignty and national currencies. Benn Steil, writing in the current issue of CFR's influential Foreign Affairs magazine, says "the world needs to abandon unwanted currencies, replacing them with dollars, euros, and multinational currencies as yet unborn." In the article, "The End of National Currency," Steil clearly asserts the dollar and the euro are temporary currencies, perhaps necessary today. He argues "economic development outside the process of globalization is no longer possible." His inevitable conclusion is "countries should abandon monetary nationalism."

Steil concludes "the foreign [bankers], with their massive and growing holdings of dollar debt" no longer feel "wealthy and secure" in the economic environment of a resultant falling dollar. The inevitable conclusion is that the dollar, too, may be on the way out.

• JJ Commentary: The drumbeat of the march to one-world government gets louder and louder.