Tuesday, May 22, 2007

The Amero....again.

Globe&Mail :
"Bank of Canada Governor David Dodge says North America could one day embrace a euro-style single currency. (snip)
The idea of a common currency has long been a subject of curiosity, particularly among Canadian academics, who see it as a way to escape sharp gyrations in the exchange rate.(snip)
Some proponents have dubbed the single North American currency the “amero.”
It is more likely, however, that a common currency would mean that Canada and Mexico would adopt the U.S. dollar, giving up significant economic control to a central bank dominated by the United States."

In 1999, former Alliance MP Herb Grubal wrote a paper for the Fraser Institute entitled The Case For the Amero : The Economics and Politics of a North American Monetary Union.

In it he describes how in March of 1999, Reform Party members Rob Anders, Rahim Jaffer and Jason Kenney
"spearheaded a debate in parliament over the issue of monetary union for North America. In the process, they asked the Prime Minister to form a committee of parliament to study the subject."

Well, so much for "being a subject of curiosity, particularly among academics".
Interesting how far back the public record on this idea goes among the gnugovs, although they do say they were expecting "some resistance".

In endnote #39 to The Case For the Amero, Grubal notes : "Resistance to the amero will be lessened by continuing to call it officially a "dollar" in the United States and Canada."

Oh come on now, Reformers, you know you really want to call it the "The Almighty Dollar" - after, you know, "Him".
However, given the current US trade deficit with China, a very good reason among many other very good reasons for Canada not to consider this idea at all, they might have to settle for the "Almighty Yen".

(crossposted at The Galloping Beaver)

2 comments:

scout said...

i've flet a strange brew a 'comin' for a while....common currency then a merge with the eu to create a force against 'the yellow peril'. all the g8 crap and other scummits are up to something we're not privvy to.

oops, am i being a conspiracy theorist?

Alison said...

A Cons' piracy theorist?
You're one of the best, Scout.

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