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Platapus · 08-05-08, 04:59 PM

Our money may be ending up in Ecuador

"On January 9, 2000, the administration of President Jamil Mahuad announced its intention to adopt the U.S. dollar as the official currency of Ecuador to address the ongoing economic crisis. The formal adoption of the dollar as currency on September 10, 2000, as opposed to merely pegging the Sucre to the dollar as Argentina had done, theoretically meant that the benefits of seigniorage would accrue to the U.S. economy."

First time I ever heard of a sovereign country ditching its own currency and using the currency of another country.

08-05-08, 04:59 PM	#9
Platapus Fleet Admiral Join Date: Oct 2006 Posts: 19,395 Downloads: 63 Uploads: 0	Our money may be ending up in Ecuador "On January 9, 2000, the administration of President Jamil Mahuad announced its intention to adopt the U.S. dollar as the official currency of Ecuador to address the ongoing economic crisis. The formal adoption of the dollar as currency on September 10, 2000, as opposed to merely pegging the Sucre to the dollar as Argentina had done, theoretically meant that the benefits of seigniorage would accrue to the U.S. economy." First time I ever heard of a sovereign country ditching its own currency and using the currency of another country. __________________ abusus non tollit usum - A right should NOT be withheld from people on the basis that some tend to abuse that right.