For an international currency: An open letter to UN President Miguel d’Escoto Brockmann

Dear UN President Miguel d’Escoto Brockmann:

I would like to propose myself as the head of a new central bank for a new global currency with a focus on trade facilitation and investment.

For such a bank to become a reality, we need important diplomatic and economic commitments.
1. The Arab League and Russia must accept the new currency as payment for oil.
2. The Chinese state sector must accept the currency for commodities and China should make a five year plan to phase out use of the dollar within its territory, including in the private sector.

With these core commitments as a critical mass, the bank can extend from there and achieve take-off for its currency. It is a mistake to believe that other banks can squelch such a bank via access to old means of wealth. The ability to secure labor-produced commodities and natural resources going forward is the real source of economic power.

The strength of a currency is not based in old wealth, much less the clothing bankers wear or the buildings they sit in. The strength of a currency is based on what commodities can be obtained for it.

The exploited countries that have yet to reach the imperialist phase of capitalism have much to gain by an international bank with real clout behind it. Currently, the national bourgeoisie is delivering hundreds of billions and trillions in annual aid to the rich countries, because the developing world has outgrown the old banking system.

The academics from the West failed to point out this problem and while the World Bank and IMF continue to evolve, there is much room for a bank that suits the needs of the majority of the world’s people. Such a bank will exert a much-needed influence in universities around the world.

While Russia has raised the idea of a joint Russia-China currency, the full gains of a new currency stem from gaining its widest acceptance and serving the largest unfilled needs. Serving as the head of an effective central bank with the above commitments would be more useful than being president of the United States. Such a bank can contribute to the solution of the world’s most vexing geopolitical problems.

As a central banker, I have no vested interests in any business interests or country. This makes me well-suited to head up the new currency effort. I would like a 20 year term and a five year training period before my board of directors can replace me for incompetence or negligence.

Many of the countries that would most benefit from such a bank have been reluctant to take up classic forms of imperialism and usury. I can detach the new currency from such concerns, while still doing the most to aid the national bourgeoisie of the exploited countries.

Many of the economic development and geopolitical problems we see in the world stem from internalized racism. A new central bank should also train people how to recognize what is really innovation and productivity and what is really just old wealth and exploitation calling itself innovation, productivity and hard work. The current economic crisis has exposed the old way of doing things as literally and figuratively bankrupt.

In the old system, the individual countries compete through a system of neo-mercantalism that has long ago been discredited. To advance international trade and prosperity to the next level, we need a bank unattached to Western interests and prejudices.

As central banker, I will be able to influence all economic negotiations with the West. Our protectionist national bourgeoisie is caught on a treadmill of ever worsening exploitation in order to compete for Western markets. Exchange rate fears stem from this economic competition and the internalized racism that goes with it. To overcome this difficulty, the central bank must have the power to invest, not just influence exchange rates. In the current economic system, it is only through the power to create money that trade-related fears about exchange rates can be overcome. The developing world is long past due for better indigenous means of investment.

The economists of the West recognize that the prosperity of the developing world means better markets for their countries’ goods. When we see the private sector in the Third World delivering money to the United States in the purchase of Treasury notes or bonds that effectively bear 0% interest or close to it, we must act on the urgent need to create a credible currency alternative to the dollar and promote investment opportunity in the Third World and other non-dollar zones.

Sincerely,
Henry Park

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