Changing a Game Mode

I have a hypothetical question for a problem I have been having in a few of my games, this is a simple example of what my problem has been. What if I created a game where every object was a certain speed, and the game had options, an easy mode, or a hard mode. For each mode every object would have a different speed and difficulty. Would I have to make two sets of all of the game events, and then insert an event into each one that would check to see whether a certain flag is on or off? Or is there an easier way to set a game mode?

I would choose global values.
1 stands for easy
2 stands for hard

If global value = 1 -> set speed to 50
If global value = 2 -> set speed to 75

That would work for a simple game like I described, however, if I have a much more complex game where everything needs to change when the option changes, that does the exact same thing as a flag would do, unless I might be misunderstanding what you are saying. Do you have any other ideas for how it could work?

I'm not that advanced in MMF2 yet. Can you simplify what you just said?