Explain the concept of different currencies and why there is no singular world wide currency/ what are benefits and downsides of having a world wide currency?
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Countries like being in control of their own currency.
Lets say we have a worldwide currency. Who makes and issues it? Who determines whether it is real or counterfeit? If every country can issue and make it, how do you prevent one country from printing a bunch of this currency and using it to pay other countries?
If you only allow one country to issue and validate this currency, you get them massive control over the entire world economy. What’s the incentive for all the other countries to give up this control?
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