Thoughts on the Amero
Ever heard about the Amero? If not, you are probably not
alone. The Amero has become sort of an urban legend among people
with a financial bent. If you don't spend a fair amount of time
thinking about financial matters, you probably have not been
exposed to the Amero.
What is it?
Here's what
wikipedia has to say about it:
"The North American currency union is a theorized economic
and monetary union of the three principal countries of North
America, namely Canada, the United States, and Mexico.
Implementation would probably involve the three countries giving
up their current currency units (Canadian dollar, U.S. dollar,
and Mexican pesos) and adopting a new one, created specifically
for this purpose. The hypothetical currency for the union is
most often referred to as the Amero. The concept is modeled on
the common European Union currency (the euro), and it is argued
to be a natural extension of NAFTA and the SPP. Conspiracy
theorists contend that the governments of the United States,
Canada, and Mexico are already taking steps to implement such a
currency. No current members of any country's government have
stated a desire to implement a "North American Union"."
In short, the Amero is a possible unit of currency that
would replace the US Dollar, the Canadian Dollar, and the
Mexican Peso.
It is not yet real, but merely an idea.
And you may be surprised to know that the idea is not new.
The idea of an Amero was first introduced way back in 1999 by
Canadian economist Herbert G. Grubel. A senior fellow of
the conservative Fraser Institute think-tank, he published a
book entitled The Case for the Amero in September of that year,
which just so happend to be the year that the euro became a
virtual currency. He was not alone. Another Canadian
think-tank, the C.D. Howe Institute, followed his lead by
advocating the creation of a shared currency between Canada and
the United States.
Obviously, the Amero is more than just urban legend. It is
possible that the Amero is being planned now in order to replace
the dollar in the event of a hyperinflationary depression. While
this is certainly possible, it is not a
prediction at
this point in time.
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