Pakistan and allies should have ONE currency

[Imran Khan]

in fact asia should have own euro man all the damn asia

 

[My-Analogous]

Do you have enough gold to go back old system and make it work??

This need to be start at some point and yes we can do it because we are gold producing country and we can make it step by step

 

[Jackdaws]

China, Russia, and Qatar all have common interests. Which is to improve their economy against US trade war.

Same question can be asked with Europe. Why would France want to have the same currency as sh*t countries like Lativia, Estonia, and Lithuania?

Europe wanted to create a common market and it took them 10 odd years to physically introduce the Euro - even then countries like UK sat out of it. China and Russia don't see eye to eye. The whole plan is a non starter.
Maybe in the future an economic block like ASEAN or even SAARC can have a common currency. Can't forsee just a bunch of countries getting together because Trump doesn't like them.

 

[my2cents]

This need to be start at some point and yes we can do it because we are gold producing country and we can make it step by step

Gold backed currency has its own flaws. Not much money to go around. No way to control inflation. You can hoard gold and reduce the money supply. It is not flexible for modern service oriented economy.

 

[My-Analogous]

Gold backed currency has its own flaws. Not much money to go around. No way to control inflation. You can hoard gold and reduce the money supply. It is not flexible for modern service oriented economy.

Every system is replaceable

 

[Khanate]

Have you learned nothing from the Eurozone crisis?

Currency union without fiscal policy union is a recipe for disaster.

 

[the_messenger]

Common currency will takeaway power to adjust internal monatery policy form the state and place that into a new super block goverment.
For example , Greece could not print Euro and has to earn it while the US go through the ressesion in 2008 literaly by printing money to bail out banks , inflation did not go up because these money is used to clear the debt in bank book , not flush to the market.

 

[Fireurimagination]

How will this block of countries then deal with the rest of the world?

 

[GHALIB]

in fact asia should have own euro man all the damn asia

asia should have rupio or dinaro or tanka instead of euro .

 

[Super Falcon]

Yes why not good for the region

 

[Imran Khan]

asia should have rupio or dinaro or tanka instead of euro .

its can be asiana

 

[hassan zohaib]

Pakistani Rupee is a failing currency. Turkish Lira is a also falling currency. There are many currencies out there which are also failing. US is imposing sanctions against every country not sucking up to it. The “China” block of countries is taking a hit. So we should solve our currency problems to ensure strong competition against the United States and it’s future trade wars against our countries. We need a new currency that will kill the dollar into shreads. This currency should be shared uniformly by the “China” allies. Likewise to the Euro, this currency should be the standard for dozens of countries. For every form of trade, business, banking, sales. It should be used by every individual. People should earn and spend only using this currency.

What countries should use this currency?

-China
-Pakistan
-Turkey
-Iran
-Qatar
-Russia
-Tajikistan
-Kazakhstan
-Turkmenistan
-Uzbekistan
-Kyrgyzstan
-Plus more

View attachment 493365


What should be the name of the new currency? Few options but not limited to.
-Dirham
-Dinar
-Mal
-Harir
-Sil

Like euro???
Alot of difficulties even in its establishing phase..
Determination of its value..
Acceptability in the developed as well as developing countries...
Trade wars..
Perpetual interest of countries..
Dependance of countries on west..
Unequal growth of participating countries hence their respective trade offs, benefits n losses..
In short qualitative as well as quantitative factors will not make such dream come true YET...

 

[Hey I'll love you]

Europian union without britain is so so

 

[Hakikat ve Hikmet]

100% agree!!! Turkey has already started with the baby steps, and is planning for more!!!! Slavery to $ is worse than being a house nigger.....

 

[Cybernetics]

You lose control over your currency, you your sovereignty.

Your idea sounds good from an idealistic point of view; however falls short on actual reality.

The Euro worked as a currency because there was a centralized governance model. Your collection of countries will not gel.

Another alternative would be to push for the Chinese Yuan to become an alternative global reserve currency. Then you may have an alternative to the hegemony of the US $$.

I agree a better proposal would be greater internationalisation of the Yuan over time. Other nations can hold it as reserve for stability, currency basket like SDR, etc. It won't be over night but a process. There are certain reforms and adjustments China has to make first.

For a currency bloc to properly function, there would be convergence requirements to join, central management and barrier-less movement of capital and people. Currently this is not possible with the proposed union.
https://en.wikipedia.org/wiki/Euro_convergence_criteria

Without the ability of each nation to adjust its currency rate, some nations would be over priced while others under-priced. Nations with competitive economies would attract investment and industries while non-competitive ones would be deindustrialised because the competitive economy's currency would be priced cheaper than if it was a stand alone currency and the low competitiveness economy would be priced higher thus making them even less competitive. This is evident with even the EU (even though convergence is required), where Germany concentrates the industries of the EU and produces the largest trade surplus in the world, twice the size of China's trade surplus. Germany is essentially creating buffer states out of other European nations, especially Eastern and Southern Europe.

In the proposed currency block industrialization would be going to China (Turkey might do decently) and concentrated even more there but it wouldn't benefit China that much since it composes 80% of the bloc's gdp. Other nations would be hollowed out over time.

In this hypothetical currency block, the strength of the currency would basically come from China/Yuan as it composes 80% of this currency block's GDP.

Compared to the Eurozone nations where GDP is more distributed.

A non-convergence model can work but not with nations that have large populations relative to the industrial core.