What If We Had A Global Currency?
ฝัง
- เผยแพร่เมื่อ 28 มี.ค. 2020
- Although collecting foreign currencies is incredibly fun, converting your money every time you travel to a new country can be incredibly annoying, so could we establish a single world currency?
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📖 SOURCES:
en.wikipedia.org/wiki/Currenc...
money.howstuffworks.com/how-m...
en.wikipedia.org/wiki/Optimum...
*Just because I have sources doesn't mean my research is infallible. Though I aim for as much accuracy as I can manage, there are likely some facts I have gotten wrong.
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What do you think would be a good name for this currency? I was thinking about putting “Worldo” in the thumbnail as a joke, but obviously that won‘t work.
Why are you living in Germany?
Galactic credit standards
United Dollar?
@@tasnim569 sounds not that bad. I'd go with it
Europe=Euro
Earth=Eartho
World=Worlo
That's how it has to be
I really like the singer 50 cent,
Or as we call him in Zimbabwe, 4 Billion Dollars.
MochaWatte Lmao
I dont get it
MochaWatte 1 USD equals 2.5 New Zimbabwe dollars so 4 Billion New Zimbabwe dollars equals over 1 Billion US dollars. Unless you're talking about the Old Zimbabwe dollars.
Fee Mond Hyperinflation
Megaball Powerball I guess so
Zimbabwe started to print their own money, the RTGS dollar, in early 2019. This new currency was designed to counter inflation as it was pegged to the US dollar at 2.5 RTGS$ = 1US$. Ironically, it again failed, and by the end of 2019 it has inflated 300% in less than a year. They are currently working on a new currency, but... I doubt it
Is there any way for Zimbabwe to escape its own hyperinflation?
Hyperinflation needs less currency, not more currency.
Only If Zimbabwe knew this.
And on a side note imo it would make more sense for Zimbabwe to peg their currency to South African Rand (or just use it directly) as SA is Zim's closest economical partner and a lot of Zimbabwean people work in SA anyway
But the first priority for them is probably to rebuild their economy and secure their food supply
Zimbabwe is now in a signed agreement with a crypto fintec company to create a gold backed cryptocurrency for the nation that will be legal tender, I think it will be sometime in April or June. It'll be interesting to see how it turns out.
USA: *_Don't we have?_*
EU: No, we have
China: What, we have! (Or at least we try to)
The UK: No, Britannia rules the currency
@@eliasstenman3710 Micronesia: *hold my stone currencies*
no
@@eliasstenman3710 88% global trade happens with the US dollar
@@laracroft938 i guess it change over time, as domb as it sound we have normal europe for only 30yrs and euro for 15 and it toke 30% , and some countries like poland need to change to euro after they become rich , i would say that with more time euro would toke more , but what i can now? i m just random from internet
Awesome video KhAnubis! I was glad to help out. Merde!
Wait... This video is half an hour old
ikr
Here's a german "Scheiße!" to add to the collection of swear words in foreign languages.
how
@@georggroeg6014 Scheiße!
I can only imagine what kind of nightmare it would cause if hyperinflation happened.
That'd hit us harder than my dad
In the Weimar Republic, people burned money for warmth because it was actually worth less by weight than firewood.
We once had and it is called gold and silver coins.
Commodity currency is dumb. Money is the medium by which value is exchanged, not the value itself.
Those coins were also diffirent from country to country.
Silver was killed off in the 1870s
@@SamAronow well its better then making money through dept you can just dig money up from the ground
Gold and silver isn't currency, its money
Well I’m glad to know I’m not the only one who spends a ridiculous amount of time watching educational TH-cam videos 😂
If we had global currency, how can we remember old people, animals and landmarks of other countries 🤣
You just change the sympols of each nation it's easy for instance in Euro coins each nation has different people , sympols and animals on it that represent each nation
Coins can have different details by country
Google
History notebooks
By knowing the bare minimum about your own country... obviously
You really like to use Malaysia for examples
Wdym
I am from malaysia and i am offended
Fatima Azzahra take a joke rofl
VF Channel Archive What does “Wdym” stand for?
Coco Taveras I know you asked another person but since he didn’t reply I will answer it. “Wdym” is “What do you mean”
If we do get a global currency we’ll probably want to keep each country’s own currency until everything’s stable so the economy doesn’t kill itself
Man, this video get a nostalgic feeling for me. Living in Brazil in the 90's i experience everything. Prices doubling every hour, changing currencies, the Real being more valuable than the US dollar (1997) to 1 USD being 3 BRL (2003) to 1,50 BRL (2007) to 5 BRL (2020, very nice time to visit guys).
And i don't think we will fix that bipolar economy we have for the past 30 years to soon.
Oh, 1997! Good times when nearly every middle class teenager could go to Disney World!
@@sohopedeco
Really? I wonder if something similar happened in Colombia, because around that time I went to Disney World.
@Lúzia A Morta Nióbio is the solution!!!
Cries in Argentina
@@wladfan never forget 1 ars= 1 usd
4:39 The money looks very special =D
A correction,Nepal and Bhutan do not use the indian rupee,they use the Nepali and Bhutanese rupee respectively
A Nepali approves of this.
What if we have a global currency? ( Fixed Version)
Scenario 1: Our economy will severely collapse and people will end up living in the streets.
Scenario 2: It will help the struggling countries’ economy and their people will be so wealthy that they will live on a billion dollar mansion
Scenario 3: It will cause a World War.
Scenario 4: It will be normal and nothing changes.
Scenario 5: The value of the money will rise especially in corrupted countries.
Scenario 6: It will be normal as first until someone decide to print more money and cause the economy to collapse and the countries will change their currencies back.
Scenario 7: Countries will argue about which currency will be the global currency.
Scenario 8: Corruption will not happened.
The Communists left the chat.
The EU joins the chat.
Hey not be a grammar nazi but...
6 if they can print money on their own but probably not. 7 definitely will happen. 8 is highly unlikely. I don't think it will cause WW since if it did they will lower their own currency. 1 is very likely.
Exo's proud mama bear I agreed with you.
All scenarios are relatable.
Almost all of these scenarios seem to imply this new currency is very poorly handled. I do believe there is a way to do this right though, as first of all, the UN would look over the whole process. Implementing a gold standard as well would help to make the currency stable and more attractive to more nations.
Although I do admit many competing nations would all try to pull the currency in different ways, that struggling might also penalize them in the long run.
If a global currency can be even somewhat successful then we are likely to see a much more united Earth in the future.
Great Video, Khanubis!
Prett much sparked my curiosity and imagination.
And, the discussion in the comments are more meaningful.
2:19 When is that map from? Crazy to me how close they got to a modern one.
Here in Swaziland/eSwatini, we have our local currency, the emaLangeni, which is pegged 1:1 to the South African Rand. Rand notes, but not coins, are accepted everywhere in the country, although unofficially. And my bank card has separate accounts for ZAR and SZL for some reason. And even though the two currencies are indeed equal in value, in recent years eSwatini has a visibly higher inflation rate than SA, so the situation might get interesting in the coming years.
I've never heard of bank accounts in two different currencies! That's very interesting.
I love Swaziland`s flag
For real though! It’s so awesome! No offence to Ethiopia, but I live the lack of green on it
Damn, I wish I could turn $1 into €10 like that 0:13
But you can turn 11,09$ to 10€
@@ThisAlias Not anymore, the dollar overtook the Euro now :(
@@ThomasNonameNot anymore
2:00 Best Mimecraft example =D
During 1923 when Germany had hyperinflation. Each region or city or sometimes even a small district printed its own currency
After winning the American Revolutionary War, some of the 13 colonies printed their own money. (One of the purposes of the 1787 constitution was to create a uniform currency.)
Great video!
Villagers be like: 12 Emeralds for one compass. Take it or leave it.
Also villagers after cured: OO our savior, I will buy your 4 sticks for 1 emerald. Oh, you may have this crazy enchanted armor for 1 emerald.
You live in Germany? I did not know this.
Thank you! The advice is needed, an OWG will be quite the challenge to manage one day! =)
Stay safe everyone that sees this, we live in trying times.
Thank you khanubis, very cool
If this happened economic issues would hit like an arrow on the entire world economy
I use to work at a store near the gates of Yosemite. We always had people try paying for stuff in euros which we wouldn't and couldn't take because at the time it was more or less uncashable at banks. We would have to take it in to the exchange and get 20% less it equivalency so we would have to raie the price to euro users so we say nah go to the exchange 2 miles away or go to the post office and get a debt card or traveler checks.
Now if you had pounds, C$, aussie bucks, or yen we would take it. Bank would accept it with a slight exchange fee. They needed foreign currency and i would exchange yen since i needed it for buying stuff when i took a trip.
Small thing here for as far as i am aware here in Norway when we reffer to the krone in english we call it a crown, seeing as that is what krone means, i might be wrong but i would assume its the same case in danish and swedish
5:00 ACKCHYUALLY, the least populous country that uses its own currency is Seychelles, while the smallest one by land area is the Maldives.
Gold: am I a joke to you
Yes you are a metal that's given value that's it
@@thatonedudebutwho9919
So exactly how the whole concept of money should work
@@steelbear2063 I don't think people wanna carry gold just to buy simple things at the store
@@steelbear2063 money in and of itself shouldn't have value, THAT is the point of money...
@@thatonedudebutwho9919 Copper, silver, zinc, nickel or anything else that could just be measured by weight ?
I hope you get to 100k subscribers because your channel is the best love your videos so much!!!!!❤❤❤❤❤
I hope his channel fail
Gold and silver = old world currency it last long and is also multy purpose
Shawerma for 10€? It usually costs ~150 rubles (about 1.7€) in russia, and i consider it to be expensive
Shawarma in Israel costs ₪25 (~€6) in a pita and ₪35 (~€9) in a laffa.
In Berlin it‘s actually usually more like 3-5€ so 10€ would be a huge ripoff.
@@SamAronow That's around $1.50 (100₹) (£1) here in India.
Whaaa?!
We call 70pkr (~40¢) expensive and y'all having it for more than a euro?!
@1:52 That's not true! It 6 well recognised that bartering was NEVER used except in emergency scenarios where no standard token could be used. Even the most primative societies used some form of standard token to denote value.
I think such a currency would work much better if it had some sort of gold standard to it. Then it would be both more attractive to many nations and more stable
I’ve noticed for a while now, that you used a lot of Malaysian reference.
Are you from Malaysia or used to work there?
Morgan Koh apa kabaR?
Morgan Koh he is american, But I like that he is sometimes talking about countries that people rarely talk about in general
7:39 Good Meme =D
How do you declare taxes in Germany regarding your TH-cam earnings, is there an option to declare foreign currency in the tax statement or do you have to convert the currencies at a certain date?
Ni Pr When he files his US taxes there's an option to declare any foreign earned income he earned if he earned any. (The US taxes all citizens irregardless of where they live after all).
Megaball Powerball oh, do they? I didn’t know that, I only know the EU system where you get taxed where you’re living more than 50% of the time or the majority of the time at least
It would be confusing because I live in a big country, and cost of things widely vary depending on your location.
2bhk house in a little town is 4000rs per month,
But 60k to 100k per month in big cities.
Haircut in a village is 50rs,
500rs in big cities.
Cost of a flagship smartphone is same regardless where you live.
Which is weird because places with higher living costs get you more salary which makes phones affordable,
But cheaper towns make less money, so phones are relatively expensive...
Just finished reading a 300-something page book that debunks the myth of Barter (Debt: The First 5000 Years by Graeber. Fantastic read I recommend to understand how the global banking system evolved). And when I got to the part of the vid like "Lets start from the beginning: barter" I cringed lol
Even though I'm European, would such an undertaking take place, I would say the US is most qualified. Their economy has been proven to be the strongest, and especially recently this is very evident (though some say quantitative easing is a bad thing). European leaders do not understand currency as well, destabilizing the Euro (which is why I prefer to hold USD), and allowing or not preparing for situations such as in Greece.
All in all I think having a global currency is a bad thing though.
I’m no fan of the EU, but the problem isn’t quality of leadership. The problem is having so many diverging interests. The what’s good for Germany is bad for Greece and Italy and vis versa.
@@kokofan50 The what's good for Germany is not bad for Greece and vice versa. The worst/best Germany will do, the worst/best Greece will do. They're in the same common market and obviously the same currency, so they share common interests.
@@geda8496 a country with an economic policy based around an extremely stable currency, Germany, and another based on devaluing their currency, Italy, can’t share the same currency without one ruining their economy.
@@kokofan50 Yeah ,only 2 country had gain because of the adoption of the Euro ,Germany (22 Trillions USD of gain) and The Netherlands (20 Trillions) ,Greece won 20 Billions but that's more because of EU country that canceled the debt Greece had ,the biggest loser are France (Lost 20 Trillions USB since the adoption) ,Italy (Lost 19 Trillions) ,Spain (Lost 17 Trillions) and Portugal (Lost 14 Trillions) .
Switzerland franc is by far the most safest i the world
2:27 I love that he used emeralds
0:48 my country currency. Ringgit
Sama orang Malaysia 🇲🇾
Duduklah di rumah hehe 🇲🇾
Doesn’t mean they want to change the world currency to ringit
@@quincyileh1578 i think that's not the point he was trying to make. It's not everyday you see your country's currency in a video
Yo country is lit, I was there last year. I got all the notes but not the coins
The cost of living varies between countries, Montenegro 🇲🇪 and Slovakia 🇸🇰 are less expensive than France 🇫🇷 and Spain 🇪🇸 Visit Vienna from Bratislava, Trieste from Koper.
Your so-called septillion is, in fact ten quadrillion
Can you make a video about currencies of countries that don't exist anymore? Like USSR, Yugoslavia, the Confederate states, ...
My friend was born in Africa. He redeemed his Simba boy CWD pond at the reserve bank of Zimbabwe… he walk outed very happy
There is actually no record of a pre-currency civilization using bartering as an overarching system. I’ve seen an explanation that actually makes a lot of sense; cities and civilization always seem to correlate with some way of recording information through writing or otherwise marking a designated surface like a tablet or wall. This may be because it took the ability to have recorded “IOU’s” to give people enough trust to trade outside of their self sufficient family or tribal group. The earliest records of writing we have are usually in this vain, you wouldn’t cut off part of your cow to pay someone for sandals you would just have the trade recorded that you owed them maybe 1/50 of a cow and that could be paid back in an equivalent amount when the animal was slaughter later on or converted to some amount of grain or other easily separable commodity.
We used to have global currency once ( most of the world at least ),gold and silver coins and it worked well.
Not really. For gold or silver to be practical you need it in standardized quantities - coins (since otherwise you'd have to weight it before each transaction, for which you would need to make sure the scale is correct) and each country had its own coins with different weights or ratios, so if the trader wasn't familiar with your specific currency they wouldn't accept it
The best current research actually shows that it was debt that led to money, not bartering. Bartering is specific, but debt is general, which allowed it to be abstracted into money.
Great KhaNauBis
US Dollar is on top because of blackmailing that was used to force every nation to sue it when buying petrol, in 50s, and for other blackmailing that you used to force many countries to use it.
Petition to make Emeralds the global currency
Amazing video dude, are you make these video by on your own or a team of your?
All by myself. I would get a team to help me out but there‘s no way I can afford that.
@@KhAnubis but I made an unuploaded video like you but it was so hard, I know most of the pictures or clips you show in your video are your own animated but I don't think the other pictures and clips are your filmed too
Nice vid, love from malaysia
Ew🤢🤢🤢
1:44 This is not historically supported. Before currencies and credit, there were not "barter" economies. People just didn't "trade." What I mean by that is that the economy didn't operate on the basis of equal exchange of value. If I'm a fisherman, I take the fish I need to eat and then give the rest to everyone else. If I'm a farmer, I take the crops I need to eat and give the rest to everyone else. And so, as long as the harvests are sufficient and the fish are biting, everyone eats.
Love ❤️❤️❤️❤️ from MALAYSIA🇲🇾🇲🇾🇲🇾. Kinda shocked tho when you mention Malaysia for few times. 😂😂
2:49 *happy villager noises*
Dude what major power wolud want to do this, it would be like giving your economic life over to the impearl power you broke away from.
I think it would be amazing!
I'm confused what country has multiple currency's?
Not true there was always a gold n silver means of exchange after the barter.
0:01 this is news to me
We call earth as global village now and with technological advancement societies are being closer and closer ... Yes we need one currency for our world and also keeping local currency side by side .
How about a world currency, but depending on where you are they price of things fluctuates
Greece adopted the euro, enough said, however saying that the time will come when the word will have one currency as the world becomes more digitised
heard nothing new.
Still enjoyed the video:)
Please make a tutorial on how you make videos. Please!!!!
No, that would create massive problems if something like the great depression happen again.
At the same time that would ineffective considering that it's easier to have a virtual money and chip in your hand for AI planned economy.
I hope by the end of this century we wouldn't have to be dependent on paper as the source of our currency anymore.
More likely it would result in a SINGLE world-wide Zimbabwean currency crisis, as central bankers would no longer have the discipline of foreign exchange to keep their counterfeiting in check.
this was uploaded 4 mins ago but has a comment from 20 hours ago
he may have uploaded it and then put it in private soon after
@@telaandias3531 maybe
@@telaandias3531 _or he has a time machine_
Where are you getting $15 for €11? I’d need to go there for some reason :D
I feel like something similar to bitcoin could actually become a world currency. Since no single nation would own it, it wouldn't risk giving power to other nations.
Bitcoin is an incredibly unstable currency and frequently fluctuates massively in value because it isn't backed by anything, not even a government, effectively making it only useful for speculation and trading illegal goods. On top of that, any currency used by any country needs to be physically represented by coins and/or banknotes for obvious reasons, which would defeat the point of cryptocurrency. Even as cryptocurrency is now, it takes an obscenely large amount of energy to verify transactions. Imagine how much electricity it would consume if even one major country made it an official currency.
The first people probably didn't trade the way you explain. It is a lot more likely that they had gift economies.
How about we all use some type of cryptocurrency? (for example bitcoin)
I think think would be possible, maybe?
A big NO !!
just look at the Euro and how it failed is enough a reason.
Long story short because of common currency generally you pay more for everyday item which values should not be where it is but is there just because of utilizing same currency.
The €uro is just fine
there is less inflation since the euro was introduced
The Euro demonstrate that a global currency would be a terrible idea. The Euro only somewhat works as long as the economy is going well, as soon as there is recession it breaks down because the Eurozone is unwilling to transfer money from the strongest economies to the weaker.
For a single currency to work, three whole zone using it should have a common economic policy. So all countries who join would have to give up most of its economic autonomy. Also ideally the whole currency zone should speak the same language and have a fairly similar culture making it frictionless to move elsewhere inside the zone to find work.
A global currency would require a global culture, a global common language and a global government and no autonomous countries. Not very likely this will happen soon.
Missed the premiere :((
Im sorry
Wait, you live in my good old Germany? Where?
Good sh
I think that it is more probable to be 5 or 6 currencies, but not one.
We will one day its be called (chip money or just chip) 💷 that is paid through wireless transfer.
Bitcoin might be transferable that way
We use to it was called Gold and Silver
0:54: *Cries in high conversion rate*
7:25 Lviv International Airport
We have 2 currency’s to choose from, The regular currency called a coin, and then we have a premium currency called a gem.
KhAnbuis: "time for me to ask you to do stuff that you probable wont do. like, subscribe and check out my friends channel".
Me: likes, subscribes and checks out his friends channel.
What I want khAnbuis to say: Thanks
Me: Your welcome. Please keep making good videos.
😊
Honestly,the only reason we cannot have a mondial money is because our handling of the economy is so disastrous,so inefficient and so manipulable that it wouldn't work.
A unified monney is possible but you would have to fix everything else first. Disparity of economeis isn't a problem though.
If your're not competitive in a sector,you should have better option than just raise or diminish the value of the entire money, surevaluating or underevaluating a lot of things value by the same occasion.
1:30
economist here to tell you that barter economies never existed
whats much more likely is a gift economy
if a person in your village is in need, you give them what you can, making them obligated to do so to you later
partially because when you need to buy something you usually don't have anything to pay immediately
so debt existed long before the state (pharo, nobles, whatever) made up the currency
I still find the "state made it up to pay for soliders and to demand as taxes" not satisfactory but it is the best hypothesis right now (in my opinion)
also every country is trying to bend the currency to its market
export economies are trying to make their currency cheaper while import economies are trying to keep them expansive
a global currency would make it impossible
I wouldn't have to pay extra to buy something from overseas
Look up Ampleforth
my brother has a 100 trillion dollar bill from Zimbabwe, it is apparently worth 27 dollars US
An euro is a great currency or as we call it in Venezuela 17 quadrillion VEF.
No, we did not start with bartering. Precisely because it's terribly inefficient, human cultures most likely started with "credit", basically everyone knew eachother so we just remembered who owed os favours.
Money only becomes necessary when the community grows too large to be able to have a personal relationship with everyone.
If there was a global currency operated by UN believe countries would have taken it more seriously.
I mean not like replacing national currencies but a currency which is acceptable in every other country, that is used for all kind of international trade. Basically replacing Usd.
Yay my country is mentioned
6:44 not the swiss franc?
I say the world should have two currencies one as the main and one as back up Incase the first one starts hyperflating(?)
0:01 Yuan
Ew China 🤮🤮🤢🤢🤢
How the hell do you still only have like 70.000 subs? I just realized that eventhough i follow you for like 6 months.
Edit: I looked it up, the first video of you that I watched was 9 months ago. :)
Picturing day usa wouldn't want China or Iran or etc some other rival to share a currency in order to retain a tool to try to screw opponent over with whilst minimising to themselves?