
Why There Won’t Be One Global Currency - rchen8
https://thecontrol.co/why-there-wont-be-one-global-currency-f86a5934eeff
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resalisbury
Love the discussion of “Optimal Currency Areas”. However, some people argue
that even the dollar has issues, since it unites a large area with very
different economic realities at the local level.

Here’s a piece that blew my mind on the subject connecting quantitative easing
& housing shortages with the idea of Optimal Currency Areas. Basically, the
author, Yale Professor, David Schleicher argues that since housing supply is
severely constrained in certain places like San Francisco and New York, the
Federal Reserve is unable to satisfy the dual mandate of low inflation and low
unemployment at the national level without causing inflationary pressures in
places with tight housing markets (ie San Francisco).

Agree or disagree (and I tend to agree), it makes for a great read!

[https://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?arti...](https://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=6299&context=fss_papers)

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jordhy
There already is, and is called bitcoin.

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resalisbury
The idea of an "Optimal Currency Area" is a long standing area of economic
research and shows clearly why having one currency is not ideal. Bitcoin is
cool, but it doesn't change fundamental economic realities...

