Max, There has been a move by the ultra-right in Canada to move to a common currency between the US and Canada -- perhaps also Mexico. The argument they make is that this would stabilize Canada 'loonie' (though they fail to mention that had we done so ten years ago the Canadian economy would have been in the tank for a decade due to an overvalued currency). It is interesting, however, to hear the real reason when one gets to ask the real reason for such a system -- it is to prevent the Canadian government (with all its socialist bents) from implementing non- market determined policy. In short it is the Canadian Quisling policy. Interestingly enough, its major proponent is the Fraser Institute (the radical right 'think tank' (sic)) and members of the Reform party. Outside of the lunatic right, however, it hasn't had much of an audience here. Paul Paul Phillips, Economics, University of Manitoba Send reply to: [EMAIL PROTECTED] From: [EMAIL PROTECTED] (Max Sawicky) To: "Pen-L" <[EMAIL PROTECTED]> Subject: [PEN-L:6998] Dollarization Date sent: Tue, 18 May 1999 22:54:19 -0700 > There have now been two op-eds in the Washington Post about the spectre of > 'dollarization,' which means the adoption of the U.S. dollar by Latin/South > American countries as their regular currency. Supposedly it's been talked > up by the imminent Secy. Summers, among others. Argentina was mentioned as > a likely, willing candidate. (Quebec?) > > I'm a little surprized nobody has mentioned this here. Maybe it's too > improbable. It certainly boggles my mind. It seems like a pretty tangible > expansion of the U.S. economic order, narrowly construed in terms of a trade > block (vis-a-vis the EU and the evolving Japanese co-prosperity sphere). It > likens the Fed to the Bundesbank, though if some national working class > below the equator goes on strike, nobody in Washington will give a shit. > > War is a sideshow, albeit a bloody one. It allows us to go through old and > familiar motions. But finance is where the action is, IMO. > > mbs > >
[PEN-L:7004] Re: Dollarization
ts99u-2.cc.umanitoba.ca [130.179.154.225] Tue, 18 May 1999 22:43:58 -0500
