The global dollar (GLB) is a unit of value that is designed to reflect global investment opportunity cost. As the only currency unit based on a properly financial standard of value, the global dollar avoids many of the problems associated with conventional fiat currencies. It also eliminates the traditional trade-off between liquidity and return, turning money itself into an investment asset equivalent to a highly diversified passive fund.

Each global dollar represents a share in a balanced and diversified international portfolio, the ‘Global Reserve Portfolio’ (GRP). The objective of the portfolio is to approximate a generally acceptable standard of financial value with investments that are diversified internationally and between major asset classes. Global dollars represent a neutral disposition of funds, removing the opportunity cost of uninvested money and the value uncertainty of national fiat currencies, while having regard for both long-term returns and short-term stability.

Economists traditionally define ‘money’ in functional terms as a medium of exchange, a unit of account, a store of value, and sometimes a standard of deferred payment. All of these functions relate to questions of value and opportunity cost. As a stable and meaningful unit of financial value, the global dollar promises to be the core of a functionally superior kind of money.

The ‘base money’ of the global dollar is the Global Reserve Note, a largely conventional over-the-counter debt security that represents the value of the global dollar as a share of the Global Reserve Portfolio. Notes are effectively the GRS version of cash or central bank deposits, and can be used directly as a reserve or exchange asset. They can also serve to define derivative types of money, such as commercial bank accounts. Global dollars can be used in much the same way as any other currency.


The global dollar is the only currency that is tied directly to global financial wealth, making it a better medium of exchange for international commerce. The value of national fiat currency through time is essentially unknowable, but the global dollar is a stable measure of wealth defined by investment opportunity around the world. Money is only one class of financial asset; a general rise in other asset prices can also be described as a fall in the value of money. Individual national currencies rise and fall relative to each other and other financial assets. There is no ‘home’ currency that is immune to risk if the ultimate concern is global financial wealth. A stable nominal value in Australian or US dollars represents an unknown measure of financial value in the future; to use a national currency is to speculate in it.

The global dollar is a stable measure of financial value not only around the world but also through time, making it a better unit of account than anything previously available. Global dollars make discount rate estimates and ‘time value of money’ calculations redundant. Adjustments occur in real-time through the value of the unit, avoiding the need for forecasts and inevitable forecast error. A global dollar this year is financially equivalent to a global dollar in any future year. This property also simplifies the measurement of financial performance, as investment assets will rise and fall in nominal value relative to their performance against the GRP standard.

The global dollar gives an implicit ‘reasonable rate of return’ that is expressed in unit value without the need for explicit interest, making it a better store of value than any other currency and arguably any other asset. This property also makes it ideal for uninvested funds held with stock brokers, and as a base for ‘stablecoins’ in the cryptocurrency world. As a truly international medium of exchange the global dollar promises the greatest possible liquidity, while offering returns that are at least competitive with any other low-risk investment. There is no longer any need to reallocate funds away from money itself, eliminating the financial trade-off between liquidity and return.

The global dollar also effectively establishes a ‘zero base rate’ of interest that is derived directly from the real world of investment opportunity, making it a better standard of deferred payment. There is no risk-free rate of interest in national fiat currency; even if it is assumed that a government will always meet its obligations, there is no way to know what its currency will be worth when it does. Debts are subject to both the risk of the creditor and the risk of the currency. The absence of this financial currency risk makes the global dollar the only monetary unit that can express a true risk-free rate, which it does without the need for explicit interest.

The GRP is designed to approximate the global opportunity cost of funds given the most balanced, diversified, and non-speculative allocation reasonably available. There is therefore no need to estimate a future economic rate of return component of interest, as this will be reflected in the value of the currency unit. Without forecasts there can be no forecast error. Explicit interest is limited to compensation for risk and effort, which effectively means a risk premium specific to the borrower and a management fee specific to the lender. Interest rates can become simple and stable.