In the world will be a new single currency

The Shanghai Cooperation Organization (SCO) , celebrating this year a decade needs its own regional currency , said a member of the Institute of EurAsEC Valery Munirov .

Imminent loss of the U.S. dollar value of a single measure (EMC) and the subsequent events that lead to the ” Reset ” dollar accounts of individuals and companies. Suffer as public corporations and central banks (foreign currency reserves of banks ) . Therefore, the SCO is designed to perform the first important task – to get away from the U.S. dollar in mutual and go to the currency clearing stressed Munirov .

” The Soviet Union had a good experience using the conversion ( clearing ) the ruble between the countries – members of the Council for Mutual Economic Assistance (CMEA ) . Transferable ruble was a measure of value , means of payment and savings. It is not converted into the national currency , not cashed , and existed only as a recording accounts , “- said the expert. With the help of the transferable ruble kept records on trading operations . What is important , transferable ruble could lend a mutual deliveries of goods and services.

Interestingly, the transferable ruble was backed by gold : ruble exchanged for 0.987412 grams of fine gold. At the same time the Soviet Union is no seigniorage ( seigniorage ) from the transferable ruble did not receive.
Currency clearing and used in the calculations with dozens of other countries. However, in this case, was not the clearing currency transferable ruble and other currencies credentials . For example, between the USSR and China from the 1960 ‘s until 1993 the clearing currency was the Swiss franc. Until the end of the 1990s , the Russian customs used to calculate the currency of fees and charges . ” Today , if there is political will and responsibility to future challenges, the SCO countries can agree on the introduction of settlements within the organization for a new supranational currency clearing ” – said Munirov .

This currency , as well as the transferable ruble , to bind to the gold standard or other tangible assets . The new currency should be paperless – just as an entry in the accounts. It should not bring seigniorage , converted into national currencies , and should be used to account for the mutual trade and lending.

For a start , you can use currency clearing within the SCO , and then connect the observer countries – India, Iran , Pakistan, Mongolia. Further clearing should be extended to other countries , such as Belarus , Turkmenistan, Venezuela, Cuba and other countries , he said.

Moreover, the new clearing currency SCO can be used for any demurrage agree with what many market participants . Demurrage ( in merchant shipping ) – a fine ship charterer ship owner demurrage at the port. With demurrage currency – is a negative real interest loan and replacement of the present banking and financial system . In fact , the owner of the money under the new system pays for the inefficient use of the money. That is not beneficial to accumulate financial capital , and as soon as possible to let him in turn , stressed Munirov .

” In the last century , during the financial crisis after World War I , the successful experience of demurrage currencies had already taken place . Due turnover rate immediately ” embroider ” defaults , began rapid economic growth . Depressive enterprises , cities and districts dramatically revived , then it called ” economic miracle ” – said the expert .

But here’s the problem . Once the experience began to spread, central banks lose seigniorage and related benefits , immediately impose a ban on such exchange.

Current financial system allows the U.S. Federal Reserve to receive seigniorage from around the world . But while this system is unlikely to survive beyond 2015. And SCO countries , especially Russia and China , to offer a new world financial order . China has succeeded in giving the yuan a regional reserve currency status on stage – reaching the level of the international reserve currency .

” Two things – the vast natural resources of Russia and China’s huge workforce – today allow the SCO to create international companies in coal mining and ore processing wood. Moreover, the experience of using Chinese labor Russia has since the last century ,” – says Munirov .

The third factor – the introduction of a clearing currency SCO – will allow to develop without borrowing dollar new oil and gas fields , oil and gas to create international companies , and possibly syndicates monopoly on sales. Thereby improve relations between Russia , China and the European Union, which is also suffering from fluctuations in the U.S. dollar against the euro .