As Nitin said, if you want to select a dummy row, say , you want the current timestamp , you use the sysibm.sysdummy1 table
select current timestamp from sysibm.sysdummy1 will retrurn a single row ...
The other option is to use VALUES
VALUES(CURRENT TIMESTAMP)
Not sure if this is supported on OS/390 DB2 ...
About the privileges, it depends on the privileges you grant to other objects ... If all tables are granted access to a group, say GRP1, then it makes sense to grant access to this view also to GRP1
HTH
Sathyaram