Ed Brayton is a journalist, commentator and speaker. He is the co-founder and president of 
Michelle Bachmann continued her legacy of lunacy on the Glenn Beck show recently. Matthew Yglesias has the transcript of her ridiculous ruminations about a global currency.
BACHMANN: Let me tell you, there's something that's happening this week in Congress that could be the eventual unravelling for our freedom, and it's this. I had asked the Treasury Secretary and Ben Bernanke, the Federal Reserve Chair, if they would categorically denounce-BECK: I know.
BACHMANN: -taking the United States off of the dollar and putting us on an international global currency. Because as you know, Russia, China, Brazil, India, South Africa, many national have lined up now and called for an international currency, a One World currency. And they want to get off the dollar as the reserve currency.
BECK: Most people don't understand what that means.
Oi. The fact that some countries might stop using dollars as their reserve currency doesn't have a damn thing to do with having a global currency. This woman is in Congress, for crying out loud. And her stupidity continues:
BACHMANN: What that means is that all of the countries of the world would have a single currency. We would give up the dollar as our currency and we would just go with a One World currency. And now for the first time, we're seeing major countires like China, India, Russia, countries like that, calling for a one world currency and they want this discussion to occur at the G20. So I asked both the Treasury Secretary and the Federal Reserve chair if they would categorically denounce this. The reason why is because if we give up the dollar as our standard, and co-mingle the value of the dollar with the value of coinage in Zimbabwe, that dilutes our money supply. We lose country over our economy. And economic liberty is inextricably entwined with political liberty. Once you lose your economic freedom, you lose your political freedom. And then we are no more, as an exceptional nation, as we always have been. So this is imperative.
There isn't a chance in hell of a single global currency, nor is there any serious constituency that would favor it. I'll be elected king of the world before this ridiculous fantasy happens. Yglesias has it exactly right when he writes:
Keep in mind that these aren't just two weirdos hiding out in a cabin somewhere. Beck has a show on a major cable news network and Bachmann has a seat in congress.
And that should frighten anyone.
Politics
Comments
I'm sure bar codes on the forehead will be unveiled before the G20 is over.
Posted by: Bartholomew | April 1, 2009 9:18 AM
The funny thing is that, to an extent, this is actually a story about going *off* a single global currency: the US Dollar.
Posted by: nedlum | April 1, 2009 9:20 AM
Yes, the Dollar is the "one world currency" at the current time. And if it ceases to be the reserve currency, the US is in for one hell of a time with hyperinflation. It's not that the Dollar would "mingle" with the Zimbabwean currency, it will instead become just as worthless.
Posted by: kehrsam | April 1, 2009 9:29 AM
I think we are all missing the bigger story here.
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Ed just announced his candidacy for king of the world!!
As long as you make PZ your minister of religion, you got my vote!
Posted by: FastLane | April 1, 2009 9:44 AM
On the bright side, I wouldn't feel so bad about having failed to get my hands on a $1 trillion Zimbabwe dollar bill if I can get my hands on a Snow Crash style "gipper" quadrillion dollar bill.
Posted by: nedlum | April 1, 2009 9:44 AM
Ed,
They don't mention this, but what they're really worried about is even more absurd. This "one world currency" paranoia is connected to fundamentalist eschatology. A lot of fundamentalists believe that the "666" verse in Revelation 13 is describing a one world currency to be instituted by the anti-Christ.
Posted by: Wes | April 1, 2009 9:49 AM
Please do visit (and contribute to future editions of) the Replace Michele Bachmann Blog Carnival. Here.
Posted by: Greg Laden | April 1, 2009 10:00 AM
Wes,
Does that mean we have to shift to a base-6 counting system? I'm confused...
Posted by: Umlud | April 1, 2009 10:04 AM
Bachmann's ignorance is just stunning. But fun to watch at the same time...You be the man!
Posted by: Goldbrick4 | April 1, 2009 10:11 AM
I wouldn't say that there's not "a chance in hell" of a one-world currency; as has been said, the dollar functions as a de facto universal currency. What I would say is that a one-world currency in the manner that nitwits like Bachmann mean is pretty much impossible for at least a century or more. What Bachmann et al are referring to is one's everyday, pull it out of your pocket to buy your latte sort of cash, much the same as the way the euro is substitutable for local European currencies like the franc or the lira. There's too much nationalism running rampant among the world's various brands of conservatives to allow acceptance of that sort of good around the world for daily purchases sort of currency. (Though I, for one, favor the eventual evolution to a unified world government and the abolition of tribal nation-state boundaries.)
What will continue to happen, though, is that in the rarified realm of world finance, there will always be a dominant currency, in the way that the dollar is dominant today--that currency being whichever country (or group of countries) has the dominant economy. The dollar has been the world's dominant currency since World War 2, with the British pound having pride of place in the century prior. The Japanese yen gained ground late last century, but their "lost decade" of the 90's stopped that cold. The euro had a shot at replacing the dollar, too--but the different (and sometimes conflicting) European economic policies inhibits the euro's stability and status as a world currency. China's currency (whatever it's called) is the current biggest rival for the dollar, but it's not currently a serious contender because the Chinese are perfectly happy to continue to trade in dollars, and would rather not have the outside pressures of being a world currency overly influencing their local money.
Posted by: gary l. day | April 1, 2009 10:20 AM
"We lose country over our economy."
Somehow I doubt that even Bachmann could come out with this. Are there some words missing?
Posted by: Dave M | April 1, 2009 10:39 AM
"China's currency (whatever it's called)"
It is called the Yuan although it also goes by RMB
Posted by: GBM | April 1, 2009 10:52 AM
Wes:
Okay, I grant that you're correct about the 666 crap; why, oh why, are Bachman and her ilk not FUCKING THRILLED with that scenario. I thought they wanted to be raptured? Or do they want to stay in their current positions long enought to get filthy rich (as Talkingdickheads or congresscritter/lobbyist) use the lucre to engage in all sorts of sinful behavior, THEN get (C)raptured?
Apparently, the requirements for being elected to the house of representatives:
1) be at least twenty-five years old
2) have been a citizen of the United States for the past seven years
3) be (at the time of the election) an inhabitant of the state they represent. Members need not live in their districts.
Might benefit from being amended to include:
4.) a functional brain.
Posted by: democommie | April 1, 2009 11:04 AM
Funny how Rep. Bachmann omitted the fact that both Mr. Geithner and Mr. Bernanke said they did not support shifting over to some international currency.
Imagine if someone asked the logical question: what did they say in response to your questions?
"They said no."
Oh. The hype balloon just deflated.
Posted by: WLW | April 1, 2009 11:35 AM
A little clarification:
"Keep in mind that these aren't just two weirdos hiding out in a cabin somewhere. Beck has a show on a major cable news network [where he hides in a cabin and flinches whenever the real world moves] and Bachmann has a seat in congress [where she hides in a cabin and pretends the rest of America isn't real]."
Posted by: Raging Bee | April 1, 2009 11:45 AM
Stephen Colbert absolutely skewered Glenn Beck and his "9/12" project last night:
http://www.colbertnation.com/the-colbert-report-videos/223279/march-31-2009/the-10-31-project
It's a must see.
Posted by: tacitus | April 1, 2009 11:54 AM
"why, oh why, are Bachman and her ilk not FUCKING THRILLED with that scenario."
Yes, I've always wondered about that too. If it's supposedly PROPHECY, then it's going to happen anyway and there's nothing you can do about it but rejoice that you will be raptured before the One World government puts the sum of the numbers on a roulette wheel on your wrist and forehead. Bachmann must think she'll be Left Behind if she really fears all this.
Seriously, reminds me of all the Christians getting upset about the Jews having a hand in Jesus's death...except that (according to their beliefs) Jesus was destined to die, it has to happen for mankind to be redeemed of "sins," it was going to happen anyway no matter what, so why would it matter that the Jews had a hand in it?
Posted by: AL | April 1, 2009 1:02 PM
Despite the initial U.S. demurrals, China is correctly leading the way to a Single Global Currency, which necessariy will be managed by a Global Central Bank within a Global Monetary Union. As China requests, this next
global currency will not be the responsibility of just one country. This proposal is similar to the pending proposal from the U.N. Task Force on Financial reform, let by Joseph Stiglitz. The U.S. should join that panel and China in urging the G20 to begin planning for a Single Global Currency.
The success of the euro shows that monetary union is the best way to ensure monetary stability. All of the EMU countries continue to function as nation states, so the integrity of the U.S. will not be compromised by the implementation of a Single Global Currency. The primary problem with the euro and currencies of other monetary unions is that they still must co-exist within the international multi-currency system itself where the value of those common currencies must still fluctuate in value against each other.
With a Single Global Currency, there are no such fluctuations, by definition.
If 16 countries can use the same currency, why not 192?
In addition to eliminating currency fluctuations, the use of a Single Global Currency would eliminate the current foreign exchange trading expense of $400 billion annually, eliminate currency risk, eliminate current account imbalances, eliminate the need for foreign exchange reserves (now totaling more than $4 trillion); and bring other benefits worth trillions, such as reducing the impact of global financial turmoil such as we are now experiencing.
The Single Global Currency Assn. (www.singleglobalcurrency.org)
promotes the implementation of a Single Global Currency by 2024, the 80th anniversary of the 1944 conference. That’s only 15 years away.
The world is moving toward a Single Global Currency through the creation, expansion and merger of regional monetary unions. Another route is through international monetary conferences proposals and agreements, such as were seen at Bretton Woods.
The challenge now is to reach that goal planfully, as soon as possible, with as little cost and as few crises
as possible.
See the book, "The Single Global Currency - Common Cents for the World."
Morrison Bonpasse
Single Global Currency Assn.
Newcastle, Maine, United States
Posted by: Morrison Bonpasse | April 1, 2009 1:10 PM
So, there will be a one world currency. Then, Obama will call in the UN troops and annex the US to form a one world government under his power, starting the seven years of the anti-christ. Is that what they're getting at?
Posted by: Patrick | April 1, 2009 1:18 PM
They worry about losing "In God We Trust"?
Posted by: ralph137 | April 1, 2009 2:00 PM
News update for gary l. day and others: The Franc, Lira and such haven't been around for years, and the euro is the 'buying a latte' currency for most of europe. Also, at G20 Sarkozy, Merkel, etc have been very, VERY nice to the leaders of Brasil, China and so on to get them to use the euro as their reserve. That it's managed by a commitee with minimal political interference is a major selling point. One day, you'll be getting your paycheck in euros too, anbd will be thankful that it's worth something.
Incidentally, I read that the US govt was quite happy for saddam to go about gassing and otherwise killing iraqi civilians. It was his decision to make the euro the reserve currency; specifically to accept euros over dor
llars for iraqi oil, that got him stomped.
And you wondered why you were so meant to hate the french.
Posted by: eddie | April 1, 2009 2:06 PM
Morrison Bonpasse:
See: England still uses the Pound Sterling.
Posted by: democommie | April 1, 2009 2:06 PM
And when we introduce the International Minimum Wage, the lazy , western entitlementists will be truly, TRULY fucked.
Posted by: eddie | April 1, 2009 2:10 PM
I'm not sure substitutable is the right word. In my experience (I don't live in a Euro country, but I travel in them frequently), the Euro has replaced the local currencies for all practical, everyday purposes. I haven't seen a local coin or bill in a pre-Euro currency for years, nor even price listings in non-Euro currencies.
Posted by: konrad_arflane | April 1, 2009 2:52 PM
I stand clarified by konrad and others on the prevalence of local european currencies vis-a-vis the euro--but as democommie points out, that's not universal in the EU, though I don't know how prevalent the euro-only (or euro-mostly) status quo is.
I will argue Eddie's point about the euro being on the upswing in terms of competing with the dollar as the primary international currency. The euro is a relatively strong currency, but it's also hampered by the fact that it's backed by the EU--which, in terms of monetary policy, doesn't actually exist (or only in the most ephemeral way), because each member state insists on following its own independent monetary and fiscal policies, not all of which mesh seamlessly with all others. In time, if Europe continues its slow painful path toward complete unification, the euro could well be a major competitor with the dollar and the yuan. But not for a while.
And a question--is that Morrison person for real? He reads like a crackpot to me, but what do I know?
Posted by: gary l. day | April 1, 2009 3:18 PM
The success of the euro shows that monetary union is the best way to ensure monetary stability.
It shows nothing of the sort. Monetary stability is dependent on the economic policies of the country or countries supporting the money. And the stability of a multi-national currency like the euro depends on all participating nations voluntarily cooperating in a common set of basic policies.
The primary problem with the euro and currencies of other monetary unions is that they still must co-exist within the international multi-currency system itself where the value of those common currencies must still fluctuate in value against each other. With a Single Global Currency, there are no such fluctuations, by definition.
Horsemuffins. The SGC will still fluctuate in value relative to the goods it will buy, and in response to changing economic circumstances around the world. And yes, economic circumstances will continue to change around the world, SGC or no.
A single global currency may make sense, but stupid-assed pie-in-the-sky utopian claims like those above only damage the claimants' credibility.
Posted by: Raging Bee | April 1, 2009 3:21 PM
First there will be currency co-mingling, then the blacks will want to marry whites, then teh gayseksors will want special rights and then NAMBLA takes over and will raise your taxes and force you to have sex with baby bunnies and Jesus will smite some churches with tornadoes! Where will it all end?!!!
Posted by: bybelknap, FCD | April 1, 2009 3:32 PM
Beck and Bachmann are really missing an opportunity to take the lead on drug law reform, because they've proven that people in altered states can find themselves elevated to positions of influence.
Seriously, I saw Bachmann and Georgia's own Phil Gingrey on C-SPAN the other night, sharing an hour on the House floor for their latest presentation, and it really looked like they were practicing for their own TV show, with Bachmann speaking directly into the camera most of the time. I think she won't be disappearing anytime soon, even if she isn't re-elected.
Posted by: Jon Lester | April 1, 2009 4:06 PM
bybelknap, FCD:
With Pope Benny Panzerfaust looking at one of his startled Cardinals and saying, "Oh, yeah, well just how many priests does Vlad Putin, have?"
Posted by: democommie | April 1, 2009 4:12 PM
Hate to niggle on such a post, but if you using the Yiddish word of exasperation, then it is "Oy", but if you want to put on some boots and braces, go down to the pub, and sing songs of the working class, then it is "Oi".
But then again, if you are supporting the global currency, maybe knowing the difference between "Oy" and "Oi" would tip your hand, and expose who you really work for?
Posted by: Andrew | April 1, 2009 4:13 PM
For a minute there I could not for the life of me figure out what StarGate Command had to do with it. I think it may be time to cancel my cable subscription.
Posted by: Abby Normal | April 1, 2009 4:30 PM
The same thought occured to me as I was typing the initials. Was there ever a Stargate episode where the System Lords tried to force Humans to accept a Single Galactic Currency?
Posted by: Raging Bee | April 1, 2009 4:40 PM
As much as they hate George Soros, whose fortune was largely made by currency exchanges, shouldn't they open their minds a bit to putting his kind out of business?
(snark)
Posted by: Jon Lester | April 1, 2009 4:45 PM
@gary, konrad:
The Euro is the local currency for much of Europe; all the major EU economies (apart from the UK) use the Euro, and they no longer have any other currency. The EU Eurozone countries are:
Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain
There are also a few small non-EU European states that use the Euro.
Monetary policy within the Eurozone is the responsibility of the ECB.
Posted by: Robin Levett | April 1, 2009 5:45 PM
Re: gary l. day
My best guess for Morrison is that that's an advert bot. Searches blogs for mention of a key phrase (likely "global currency" in this case), then posts its screed in the comments. Key features are that it's usually on a tangent related to the main post, never mentions any other reply or any other point made, simply espousing his own point without any attempt at dialog, and advertises either a website or book. Best to just ignore them and let the blogger here decide whether to delete them or leave them up.
Posted by: Infophile | April 1, 2009 6:41 PM
Confirming Eddie's comment - I was in Italy during the switch to the euro. Everyone was required to turn in their lira to the local banks in exchange for euros, with dire warnings that if you didn't get all the old lira cash out from under your mattress or coin jars by a certain date, it would become worthless.
As for the "success of the euro," I seem to recall a couple of countries threatening to withdraw from the eurozone a few years ago. Apparently none has actually done so, but that sort of thing doesn't imply "stability" to me.
Posted by: BobApril | April 1, 2009 6:48 PM
Cool - maybe those in the one-world-government can get the US to use the metric system at the same time
Posted by: mrcreosote | April 1, 2009 8:31 PM
AND he's told us what happens next, don't forget!
Posted by: Scott Hanley | April 2, 2009 6:17 AM
Robin, you are correct that monetary policy is determined by the ECB; however, fiscal policies are still determined by the individual member states of the EU (as evidenced by the various different responses to the current economic crisis). That sometimes conflicting differential often makes for complications and obstacles unique to the euro.
Posted by: gary l. day | April 2, 2009 10:52 AM