We cannot talk about world security without talking about financial stability for all. We're going to focus on one aspect of it in this post, currency devaluation.
In the past decade, several currencies have not only lost more than 50% of their value against the USD but have effectively collapsed. Here are some of these most devalued currencies and by how much:
- Venezuela - Bolívar ~100%
- Zimbabwe - Dollar >99%
- Lebanon - Pound >98%
- Argentina - Peso >98%
- Turkey- Lira >90%
- Iran - Rial >90%
- Egypt - Pound >80%
- Nigeria - Naira >75%
- Pakistan - Rupee >60%
Which is turning the vast majority of these populations from comfortable middle class to below poverty line, in no time, through no fault of their own (meaning ordinary people, regardless of how you may feel about their governments). This is typically driven by hyperinflation, political instability/incompetency, and often, aggressive manipulation from more powerful nations.
We need to stop and think: what can be done?
Not every country needs its own currency. It's very expensive to maintain and requires some economic conditions that most countries don't have (e.g. strong exports, significant reserves, etc..).
That's why the world needs one fallback international digital currency for banking that is backed by the UN.
Opponents of a global currency can list a dozen of good reasons against (sovereignty, interest rates, imports/exports, etc..), but whether we like it or not, currently the USD is the de facto global currency, and most of these now-poor countries resort to using it anyway instead, out of necessity, making these reasons obsolete. So, a true global currency, would be at worst, like the USD but without all the burdens that are attached with the dependency on the USD.
To be clear, this isn't about replacing all currencies with one global currency. Countries that would rather keep their own currencies would do so. And others who have the infrastructure to completely switch to a digital currency, could switch to it. While the rest could opt to use it only for banking (as a way to protect their savings) while having their own paper currency for everyday transactions.
The BRICS is already building an alternative banking system, which is good step in the right direction, but it's not exactly a global currency that will address this devaluation epidemic,
The Euro is a great success story, but it's only for the euro-zone, a digital currency, backed by the UN, would work better world-wide.
The alternative is that the list above will only grow and grow in the next decade, and more populations will fall under poverty. And for every poor country squeezed out, its riches go to the top already exceedingly rich countries, who would then complain again about mass migrations.