A link is offered below. The link goes to a web page with an article by a professor at the University of Havana. The topic is the amero. The amero is a proposed currency for the 3 member countries of NAFTA. It is not legal tender, yet. But it was proposed under wraps, and as of yesterday, it was not a currency that has been discussed openly and in public by anyone of the 3 congresses or parliaments of the 3 members: Canada, Mexico and the US. The US Congress has not discussed this proposed currency openly, yet. The Federal Reserve Board has not brought the topic into the open, yet. Neither has any one of the 12 Federal Reserve Banks. The Bank of Canada has not yet brought the issue to the fore, and neither has the Banco de Mexico, in their respective territories. Some internet searches bring forth links to sites that claim the amero is more or less a 'vanity coin', as in a privately issued coin that may be purchased by collectors, even via the internet. But the Cubans seem to be better informed. Thus, I offer the link. Sorry, it is in Spanish, with footnotes, for us skeptics. The plan is apparently to install or establish this new currency in all 3 countries, on January 1, 2010. Is this the "change"?
One interesting detail is that the 3 economies mentioned are not fully integrated. If a currency such as the amero is established as legal tender under all 3 flags, then who is going to exercise monetary policy? Have the 3 central banks carefully quantified the macroeconomic effects of such a move, such a change? The other question is in such case, what will other countries do, who have accepted to make the US dollar (not the amero) their own legal tender currency? For example, we have Panama, Ecuador, El Salvador and Guatemala. There are others. Has the Federal Reserve Board thought about the fate of so many countries which are tied to the USD? The citizens of such countries do not vote in the US. Their central bankers have limited influence in the Fed. They have virtually no influence upon the Bank of Canada or upon the Banco de Mexico.
http://www.eleconomista.cubaweb.cu/2009/nro347/amero.html
English link - the Amero
Submitted January 14, 2009 - 11:20 pm by Narco NewsHere is a Wikipedia link in English explaining the NAU - North American Union and the Amero currency, which to date has only been privately minted as a collectible from a private company. See Photo