I was comparing different currencies and their values. It's astonishing that the system of currency has evolved from simple give and take form to a today's virtual currency. Nevertheless, it's challenging to think about future of the financial system. Last year, I read Alvin Tofler's Future Shock, it occurred to me that everything changes at a fast rate. Everything in this world is followed by the exponential law. When we talk about change in anything, it is related to acceptance of that change by society.
We have a different financial system in different parts of the world. I want to evaluate, if this system is changed to a single system just like the traffic system, having few ground rules which are followed by everyone. There are few financial laws and methods which are used universally. Still I feel that due to Globalization, certainly after few years, we will have same currency everywhere which will definitely be the virtual numbers. We will not be converting or comparing the currency in this virtual system.
I am not an economist and I can not evaluate its impact to deeper extent. But, It will definitely bring revolutionary change in today's global world. We always talk about profit and loss in the financial system. During initial phases of its change, its going to be tough because all the countries with strong economy will have to bear loss and definitely to other struggling countries , it will be good kick start for growth. It will bring equality as well as reduce competition in the financial world. I may be sounding like dumb, but ultimately money is the power. Everyone wants that power to be used to rule the world. I am suggesting that money should be considered equal in all the part. I can see that to certain extent, this concept has started evolving in other terms. For example, when we want to compare billionaires, we always convert their wealth in USD. It's simple to think that comparison should be always made in same units. Other examples can also be thought on the same lines.
I was caught with this weird thought and I wanted to write it down to have more discussion. It's tempting to ask the question, " What if we have universal virtual currency all over the world ?"
