People much more knowledgeable than I have been issuing warnings to the world that America cannot go on printing money to solve its debt crisis. They suggest quite strongly the US dollar is in danger of losing its status as the world’s reserve currency.

In such a nightmare, whither the Barbados dollar?  

For us to consider buying gold at today’s prices as a hedge is really not an option. Certainly, there is no shelter in the euro. What then?

That is not a question for political posturing but for letting all the ideas contend. And I say that as I remember a man (whose name escapes me) speaking at a meeting some time in the mid-1990s suggesting that a fertility clinic would bring visitors and foreign exchange to the island. The other members at the meeting laughed him to scorn. I wonder who has the last laugh now.

There is no doubt that there are several people with wonderful ideas that may be used to ameliorate the impact on Barbados of a further global economic meltdown. The trick is to, initially, allow these ideas to contend without rebuttal – brainstorming. This is then followed by a close look to determine congruity of ideas and then onwards.

As far as our currency is concerned, what then may be on the horizon?

Michael Snyder writes in One World Money – New Global Central Bank From The IMF: “Over the past few years, there have been many rumours about a coming global currency, but at times it has been difficult to pin down evidence that plans for such a currency are actually in the works. Not any more.

A paper entitled Reserve Accumulation And International Monetary Stability by the Strategy, Policy and Review Department of the IMF recommends that the world adopt a global currency called the “bancor” and that a global central bank be established to administer that currency. The report is dated April 13, 2010.

“. . . Anyone who follows the IMF knows that what the IMF wants, the IMF usually gets. So could a global currency known as the “bancor” be on the horizon? That is now a legitimate question . . . .”

So we must prepare ourselves for the end of an era. What will our new economic face look like?

I have no answer to that question, but it is time that we all begin to look to the future without fear and panic but with a sense that there are ideas and ways and means that can bring hope and a solution, leading to a new era.

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