Since Nixon released from the gold peg in 1971, the supply of dollars has been allowed to grow to large and the dollar has been debased. Since 2001, the speed of debasement has increased due to: 1) stimulating american domestic consumption and 2) financing military campaigns in Iraq and Afghanistan.
More importantly, the USA only accounts for 5% of the global population and around a quarter of global GDP. It’s unreasonable that any single country should be expected to manage the global money supply. Nations exist foremost to care for their citizens and secondarily to interact in world affairs.
Interesting enough, MetaMoney already exists and is traded globally. It’s a little known part of the IMF called “SDRs” (Special Drawing Rights). The SDR currently includes:
– Dollar (42%)
– Euro (36%)
– Yen (12%)
– Pound (8%)
You can check the current price of the SDR at the IMFs website.
Professor Ho in Hong Kong suggests calling this: WCU (World Currency Unit)