Free to Choose
I am currently reading the book Free to Choose (this links to a website) by Milton and Rose Friedman. I have found it very interesting. In the second chapter, it talks about different currencies across the world. I guess I'm about as dumb as they come when you start talking about Economics, but what would the big problem be to make a worldwide currency? We could commision a group of people to be in charge much like the US has the treasury, and leave them in charge of the distribution of the money. If we switched we could do it for a certain amount of countries each period. It seems that it could be a good solution to foreign exchange, and it would solve alot of the exchange problems discussed in the second chapter. Maybe I am off my rocker and totally naive to the whole concept of economics, but could someone tell me why it wouldn't work?