In preparations for the G20 Summit in London next week, China has emerged as a loud and clear voice about their belief that a new worldwide currency needs to be developed. In an essay posted on the People’s Bank of China Website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to stay stable in the long run, thus removing the inherent deficiencies caused by using credit based national currencies.”

While the idea of the possibility of a new worldwide currency raises scoffs from some countries and praise from others, economist and theologian David Cowan, who divides his time between the U.S. and Europe, has a different perspective about these recommendations. According to Cowan, a past writer for the Financial Times, the Washington Times, the Times of London, and Euromoney and a former bank executive for the World Bank Group in Washington D.C., “China’s call for a global reserve currency is an attack on America, suggestive of a global economic war. Bringing down the U.S. dollar would be cheered by all socialists and former Communist states.”

However, China sees the creation of a new reserve currency as a solution to the global market crises. In response to this proposal, Cowan, a conservative thinker comfortably able to straddle economic and moral/theological ideas, recently commented, “It seems that China yearns for a new Communism with the idea of a global economy. But it is hard to have any confidence in a supranational version drawing on the incompetence shown by national central banks in this economy.” He further went on to state that the U.S. dollar remains the global reserve currency and America has shown that it both deserves and handles the responsibility better than any global central bank could possibly achieve.

According to U.K. Prime Minister Gordon Brown, doing nothing is no longer an option. But while China sees the call to action as a creation of a new reserve currency to reduce “inherent vulnerabilities and systematic risk,” Brown sees the solution as making sure that the London banking system is reformed to come to the aid of the poorest countries, fearing that no changes to the system will cause millions of deaths in the poorest of countries.

International Market Chief, Dominique Strauss-Kahn in Paris, thinks the idea of a new currency is “absolutely legitimate” but thinks the debate isn’t likely to move quickly. He believes that the bigger current focus of the Summit will be on finding a way out of the current global financial crises.

On the U.S role in this debate at the G20 Summit, Cowan advises that President Obama might allay some fears in America that he wants to turn the nation towards socialism by explaining to the G20 meeting and China what a ridiculous idea a global currency is. “It is time for government to take a back seat and let the free markets do their job and get us all back on the road to recovery,” said Cowan.