patrick.net

And somehow interest rates stay low ( they better ).

I can see the possibility of a world government developing much sooner than most think, although probably not in my lifetime.

Nomograph says

Personally, I don’t get economics lessons...

I've noticed.

Nomograph says

...from youtube.

You do realize this is humor right? Sarcasm is sometimes hard to pick up on via the written word. I thought you, of all people, would have enjoyed the video.

marcus says

possibility of a world government

We already have the UN. Are you trying to say that a UN type of organization, or perhaps regional UN's, would be the main legislative body for an area rather than each country's federal government? Cultural differences would probably make this impossible to sustain. Look at Europe, for example. Or the middle east, or even asia. The people of each region may look the same to us, but those little local pockets of cultural groups hate their neighbors. Do you think the Japanese would group themselves with the Chinese? Or the Lebanese with the Israelis?

George Soros has touted a single global currency.
Paul Volcher has said that a "global economy requires a global currency."
The only question is when, it seems.
It could be the reboot to the fiscal system dilemmas that all nations are facing.
When you're out of money, start a new currency and pay off your debtors with the new funny money instead of inflating, to which debt holders are wise and won't fall for anymore.
All nations being in the same trouble means all nations will likely agree.
Technically, defaulting without the stigma: a smoke and mirrors cure. A way out.

mikey says

All nations being in the same trouble means all nations will likely agree.

I see. Instead of a single world government, we are talking about a single world financial system. One currency, one central bank, one lender of last resort, one board of directors...

Yeah, that is a bit scary. The people running the single central bank would have more power than anyone in the history of our planet.

Hopefully it will not come to be.

Maybe the world government comment is too serious a reaction to that piece. But it is true that the financial and economic interdependence that has developed in the past 40 years or so is remarkable. Still, speculating about hopeful ways that things might evolve many decades from now is probably pointless. There are too many big questions and hurdles that will come first.