Monday, October 19, 2009

General Sucre rises to smash yankee dollar?

Simon Bolivar's leading General and Bolivia's second President Antonio José de Sucre was given a new task by the Presidents of ALBA this weekend in Cochabamba, be the new currency of Latin American integration and regionally replace the dollar.

This announcement comes on the heels of a lot of talk about the falling dollar, and much like the hype the actual details of the Sucre are less so. It is planned to be a fictional unit of transaction ABLA nations would trade in between themselves, in other words basically nothing. But not altogether insignificant, the agreement lays part of the ground work for the creation of a genuine regional currency, should such a thing ever happen.

Below is an excellent interview on the political economy of the dollar with Leo Panitch.

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