At least two online news organizations (here and here) picked up that bit on Russian President Dmitry Medvedev showing off to media at the recent G-8 meeting in L'Aquila a gold coin, which purportedly is a sample of the new "world currency". Between the two, I'm disturbed by the news published by Telegraph.co.uk whose headline and lead sentence are both written in a matter-of-fact manner that quickly draws a reader's impression that the adoption of the new "world currency" is already a fait accompli (no, it is not), a wrong impression which is further reinforced by the use of a photo of the Russian president holding the said gold coin. Here's that portion of the report I'm talking about:
Russian President Dmitry Medvedev pulls new world currency from his pocket
Russia's President, Dmitry Medvedev, pulled the world's new currency from his pocket at the meeting of G8 leaders in the Italian city of Aquila.
Mr Medvedev, who has been seeking ways to displace the dollar as the world's dominant reserve currency, produced a sample coin of what he described as a 'united future world currency'.
Well, how did that strike you? Do you think I have a point or do you think I need to retool on my English language skills for having misunderstood a few simple words?
You know, I spent a good half hour today checking and re-checking the online archives, using the Google, Yahoo and Bing search engines, in order to ascertain the facts about that so-called new "world currency." My research brought me to two websites (here and here) which basically explained that:
- World leaders attending the G-8 summit will each be presented with two gifts--one from the past and one for the future;
- The gift from the past is a Canova book commissioned by Italy's Premier Silvio Berlusconi from the Bologna-based art publishing house Fondazione Marilena Ferrari;
- The other gift is a gold coin representing an imaginary future world currency (emphasis mine); and
- The gold coins were made by Belgian Luc Luycx, who designed one side of the Euro coins, and produced by the United Future World Currency, a group pushing the idea of a global currency.
I'm taking the pains to point out the wrong impression that one could get from the Telegraph's headline and lead sentence because the idea of a "world or global currency," beyond its economic ramifications, is an emotional one as well.
For instance, here's an actual comment from one of the websites I visited where the news report on the new world currency was the buzz: "Say bye bye dollar, buh bye, US dollar will soon be devalued!!!" Here's another one: "It is progress in attaining a one world order. The drawback for us? We give up our national sovereignty..." There are also a number of (unnecessarily) anxious comments on another blog here, which clearly demonstrate what sort ill-informed reactions a misleading news report can generate.
Then, of course, there are the conspiracy theorists who believe that a One World Government dictatorship will be ushered in by the adoption of a global currency. And let's not forget the religious right, who are waiting for signs like the coming of age of a one global currency which has long been prophesied. These people, in fact, see the Eurodollar as the precursor to a one-world currency.
As you can see, media's burden is responsible reporting because of the apparently acute sensitivity of some of its publics to the notion of a one "world currency." I'd like to believe that media wouldn't deliberately whip up its various publics into a frenzy over something they very well know is imaginary. Having said that, however, I still wonder why Telegraph chose not to provide the proper context for the gold coin (see my research above) shown by President Medvedev to media. It may be part of what we can vaguely call journalistic license, but for now, I guess media should let the idea of a one-world currency remain a dreamer's dream, which it is at this point in world history.
3 comments:
The Russians have been contemplating on a new convertible currency backed up by gold for some time now. For it to be a 'world currency' is more of a dream...they need a lot of gold to back it up..and we know the US still has the largest world reserve in the world tho it has gone down to 22% in 1991 from 80% in the '70's. For their new currency to replace the dollar as a global reserve is, too, more of a myth and will require a lot of effort from them.
Thanks for joining the conversation, BigDaddyRichard. You're right, they can plot all they want, but going back to the gold standard is nothing but a pipe dream.
Great post, World Currency, definitely giving a wrong impression.
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