How can entire globe follow one currency system?

Answer 1

This dream can be fulfilled in case of one of the following situation :
- All people accept the principle of "Whole Earth as a Single Family ";
- One very powerful country comes up which can compel all others to accept one currency;
- One individual comes up and dominates the whole world;
- All human being get rid of greed and pseudo pride for money;
- Once the whole world gets finished and new set up is to be established.

Answer 2

That's not the right question. The right question is, SHOULD the entire globe follow one financial system? And the answer to that is no.

A common currency may be beneficial for a group of nations if they (1) trade a lot with each other, (2) tend to respond similarly to external shocks (such as, for example, change in oil prices or the dollar-yen exchange rate), (3) have substantial international (within the proposed common currency area) mobility of labor, (4) have substantial international (within the proposed common currency area) mobility of capital, and (5) have a common tax and transfer system. If most of these conditions are not met, common currency will do more harm than good.

Answer 3

HaggisMoffet has it right.
Up to 1971 the international financial system worked very well using an American dollar that was redeemable in Gold.

What happened?

Well, instead of 'floating' the 'value' of Gold to supply & demand the politicians thought they could control economic laws by placing a set value of $35 dollars equaled 1 ounce of Gold.

The Gold/Silver based systems worked very well for hundreds of years until the IMF took over the worlds banking laws.
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Answer 4

easy. fix all currencies to a commody like gold. then all currency is really in terms of gold so all currency is in terms of each other so money becomes what is was meant to be a medium of exchange instead of an opportunity to speculate