[mattduke]

Even if the US’s massive financial rescue operation succeeds, it should be followed by something even more far-reaching – the establishment of a Global Monetary Authority to oversee markets that have become borderless.

Single global fiat currency. The ultimate power.

ft

[Rod_Cloutier]

Then let's have a monetary system that's actually fair.

Lets set it up so people all get paid the same wage for the same work! Set up a catchy slogan like 'One days wage for one day worked'! Everyone nomatter what they do get paid the same money!

No more of this 250:1 ratio of CEO's to factory workers. People who do fair work get a fair wage comparable to everyone else. Those who don't work don't get anything. No more of the need of taxes from 30,000 factory workers to pay the annual salary of one doctor specialist.

Make the currency and terms global in nature then you would have real social progess and fairness restored to the world.

[Gerben]

Lol

Why?

Regulate your own market. Limit transactions to unregulated markets.

If the US were to implement strict regulation, 90% of its banks would become insolvent. Don't expect other countries to deregulate their markets so they too can enjoy your bust and boom style economy. You had your boom. Now enjoy the bust.

[Cloud9]

No we don't. We don't need a global anything. The larger the scale the larger the disaster.

[Fishman]

Repent
You are just too funny! So my kid is in college, with your logic I'll tell her to study Philosophy or Basket weaving to the exclusion of all else. Don't work any harder than you have to, you'll get paid the same. Don't even think about Medicine and a residency. Course with your logic there will big a huge supply of highly skilled NOTHING.

[TheDude]

You're pretty funny too, fish. Dunno about philosophy but would shoot for basket weaving the way things are going. Major in medicine.

Equitable wage levels all over the globe? That would put all at, what, $4 a day?

In terms of US and international politics, a Global Monetary Authority is probably an idea whose time has not yet come. That may change as today’s crisis evolves.

You bet - in 10 years it will seem utterly quaint.

[Rod_Cloutier]

Some times revolutionary ideas are needed and can be benificial. I don't care what the skeptics say- I think everyone would be better off if everyone was on even footing. That the two tier society we currently live in was abolished. Not just in terms of weathy doctors, lawyers and bankers vs. everybody else, but also in terms of having 1st world vs. 3rd world interests.

Everybody, by law, making the same wage would level the playing field so you don't have the super rich, the absolute destitute and very little in between. It would elliminate absurdities such as a small number of wealth people living a grand high life at the expense of everyone else. It would end the 'casino economy' where the winners win and the majority of people lose.

The world I grew up with was more equitable. Most people were middle class. Government's had moral obligations to keep the books balanced or else. There were fewer super rich and fewer absolute destitute. If this means doctors have to live like factory workers so be it, it is a social price worth paying to have equity and fairness in society.

The majorities right now are being screwed over by the minorities of the super rich- now's a good of time as any to change that.
Time to get back to fair work for a fair wage, and that everyone should have the opportunity to live the good life.

[venky]

Competance and hard work have to be recognized and rewarded or society will stagnate. Most people would also have a strong incentive to slack off.

But I do like the idea of a reasonable amount of equality. So lets suggest a fair wage cap of $1 million/year. This can be increased to $10 million a year on a case by case basis when it can be show that some individual is really deserving based on his or her brilliance and achievement.

This should be enough for 99.99 % of the more ambitious amongst us to rise to their full potential. For the 0.01% who have the capability to be the Bill Gates or Warren Buffet of the their field, well, tough luck. They have to be content with $10 million. Thats the price society has to pay for equality.

Ofcourse there is then the problem of wealth that very rich people have in property and equity. We would probably need some kind of cap in that too. And some way to manage that excess wealth to the benefit of society.

Lets pave the way for the revolution comrades ...

[nobodypanic]

Repent
You are just too funny! So my kid is in college, with your logic I'll tell her to study Philosophy or Basket weaving to the exclusion of all else. Don't work any harder than you have to, you'll get paid the same. Don't even think about Medicine and a residency. Course with your logic there will big a huge supply of highly skilled NOTHING.

you have some nerve lumping philosophy w/basket weaving!

this may come as a shock to you, but some people do things because they actually like doing them and not simply for the money.

in fact, if you ask me, it is precisely because the profit motive is the sole (or most dominant) motivation for doing anything in our society, that we are in this mess in the first damned place.

and now that i think about it, in ten years basket weaving might be more in demand that a lot of other things.

[Snowrunner]

Repent
You are just too funny! So my kid is in college, with your logic I'll tell her to study Philosophy or Basket weaving to the exclusion of all else. Don't work any harder than you have to, you'll get paid the same. Don't even think about Medicine and a residency. Course with your logic there will big a huge supply of highly skilled NOTHING.

The question should be why does a CEO deserve so much more money than the people who actually MAKE the product?

Of course, my theory is a rather simple one: America was in dire need of an aristocracy so they "bought" themselves one.

If this wouldn't be so sad, it would be utterly funny.