Write a 4 pages paper on fiat currency and its role in the global economy. While the Bretton-Woods conference had proposed a supranational currency this idea was ignored and instead international currencies were pegged to the United States dollar. In the 1970s the United States went off the gold standard, effectively moving all world currencies to floating. There have been a number of attempts at supranational currency including the implementation of the SDR. still, there are some weaknesses to this currency, including it not effectively reflecting contemporary GDP concerns. In addition to the SDR there was the ECU, the ASU, and the African Monetary Unit. in large part these currencies are or were ineffective as a world currency for their largely regional affiliations. Recognizing the inefficiency of these currency units the WDX Organisation Limited was established to develop a more effective world currency. Incorporating modern risk theory, mathematics, and real-time technology infrastructure this organization developed the Wocu. In addition, the Wocu a major innovative aspect of the Wocu is that it implements a research-based algorithm that is unknown to outside sources. b) Specification of thesis – main point The main thesis is that the Wocu is both effective and necessary as a world currency in response to the current fiat model.
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