Nexus - 1604 - New Times Magazine-pages

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presented in this study is designed to include Canada, The former President of Mexico, Vicente Fox, while the United States, and Mexico" and that a "North appearing on CNN's Larry King Live in 2007, was asked American Central Bank, like the European Central a question regarding the possibility of a common Bank, will have a constitution making it responsible — currency for Latin America, to which he responded by only for the maintenance of price stability and not for saying: “Long term, very long term. What we propose full employment".” together, President Bush and myself, it's ALCA, which He opined: "...sovereignty is not infinitely valuable. is a trade union for all of the Americas. And The merit of giving up some aspects of sovereignty everything was running fluently until Hugo Chavez should be determined by the gains brought by sucha came. He decided to isolate himself. He decided to sacrifice... It is important to note that in practice | combat the idea and destroy the idea..." Larry King Canada has given up its economic sovereignty in many then asked: "It's going to be like the euro dollar, you areas, the most important of which involve the World mean?" Fox responded: “Well, that would be long, Trade Organization (formerly the GATT), the North long term. I think the processes to go, first step into is American Free Trade Agreement" as rading agreement. And then further well as the International Monetary on, a new vision, like we are trying to Fund and the World Bank.” do with NAFTA."”! Also in 1999, the C.D. Howe In January 2008, Herbert Grubel, nstitute, another of Canada’s most "As perceptions he author who coined the term prominent think-tanks, produced a "amero" for the Fraser Institute report titled "From Fixing to grow that the report, wrote an article for the American Currency. toenation’. In world is gradually recumalende fixing the Conadion his document, it was written: "The segmenting into oonie to the US dollar at a fixed NAMU [North American Monetary | @FeW regional | one orobleme with havin Union| is to view it as the North currency blocs, the he US Federal Reserve thus control b) fey courant ot Te] gical extension | ran cesta cet EMU) and, by extension, the of such a trend of credibility. In Europe, it came euro,"” through the creation of the euro It further stated: "That a also emerges and formal end of the ability o NAMU would mean the end of as a theoretical national central banks to se interest rates. The analogous creation of the amero is no possible without the unlikely co- operation of the United States. This leaves the credibility issue to be solved by the unilatera adoption of a currency board, then Governor of the Bank of which would ensure tha Canada (Canada's central bank), international payments said that "North America could one day embrace a__ imbalances automatically lead to changes in Canada's euro-style single currency". It was reported that money supply and interest rates until the imbalances "[s]ome proponents have dubbed the single North are ended, all without any actions by the Bank o American currency the 'amero’". Answering questions Canada or influence by politicians. It would be following his speech, Dodge said that a single desirable to create simultaneously the currency board currency is "possible”.” and a New Canadian Dollar valued at par with the US In November 2007, one of Canada's richest dollar. With longer-run competitiveness assured a billionaires, Stephen Jarislowsky, also a member of the | US90¢ to the US dollar..."” board of the C.D. Howe Institute, told a Canadian In January 2009, Market Watch, an online publication parliamentary committee that "Canada should replace _ of the Wall Street Journal, discussed the possibility o its dollar with a North American currency, or peg itto hyperinflation of the United States dollar and then the US greenback, to avoid the exchange rate shifts stated, regarding the possibility of an amero: "On its the loonie [the Canadian one-dollar coin] has face, while difficult to imagine, it makes intuitive experienced". He added: "I think we have to really sense.” seriously start thinking of the model of a continental currency just like Europe."” Continued on page 81 sovereignty in Canadian monetary policy is clear. Most obviously, it would mean abandoning a made-in-Canada inflation rate for a US or NAMU inflation rate."* In May 2007, David Dodge, possibility: a single world currency." "As perceptions grow that the world is gradually segmenting into a few regional currency blocs, the logical extension of such a trend also emerges as a theoretical possibility: a single world currency." ensure 16 ¢ NEXUS JUNE — JULY 2009 Continued on page 81 www.nexusmagazine.com