4 ms·

Countries that use the USD for their official currency, and are not a part of the US, have a broken financial system. They need to fix that to a point where the

Countries that use the USD for their official currency, and are not a part of the US, have a broken financial system. They need to fix that to a point where they can implement their own sovereign currency.

joosters 5y ago
Maybe it's not as simple as you think? These countries generally chose to use USD, do you really believe that they all just made a stupid decision with no upsides?
- zakember 5y ago
  You are right. It isn't easy. But no one ever said running a country would be easy. If you are choosing to use another country's currency for your economy, you carry all the risks associated to that currency
  - throwaway4good 5y ago
    In general the USD or the euro emerges as defacto form of legal tender on the other side of some sort for societal collapse. It can be a temporary thing, but it is not a healthy thing.
  - lowkey 5y ago
    In the case of El Salvador, they adopted the US dollar when their native currency collapsed after a bloody 12 year long civil war. Notably the civil war was covertly funded by the United States in order to support regimes aligned with US interests. At the height of the war, the US was funneling $1-2 million USD per day (1980 dollars) to fund an army of child soldiers. [1] The US is a proximate root cause for the loss of ES’s currency. I could see why they would want an alternative to the USD as legal tender. [1] https://en.wikipedia.org/wiki/Salvadoran_Civil_War https://en.wikipedia.org/wiki/Salvadoran_Civil_War
vermilingua 5y ago
Countries that use the Euro for their official currency, and are not the European Union, have a broken financial system. They need to fix that to a point where they can implement their own sovereign currency.
- rualca 5y ago
  Besides the blatant whataboutism, is there anything in OP's message that you don't agree with?
- throwaway4good 5y ago
  Yes. That is the case too.
- Ekaros 5y ago
  Doesn't really change anything which foreign currency they would use, be it pound, yuan, franc, riyal etc....

joosters 5y ago

Maybe it's not as simple as you think? These countries generally chose to use USD, do you really believe that they all just made a stupid decision with no upsides?

zakember 5y ago
You are right. It isn't easy. But no one ever said running a country would be easy. If you are choosing to use another country's currency for your economy, you carry all the risks associated to that currency
- throwaway4good 5y ago
  In general the USD or the euro emerges as defacto form of legal tender on the other side of some sort for societal collapse. It can be a temporary thing, but it is not a healthy thing.
- lowkey 5y ago
  In the case of El Salvador, they adopted the US dollar when their native currency collapsed after a bloody 12 year long civil war. Notably the civil war was covertly funded by the United States in order to support regimes aligned with US interests. At the height of the war, the US was funneling $1-2 million USD per day (1980 dollars) to fund an army of child soldiers. [1] The US is a proximate root cause for the loss of ES’s currency. I could see why they would want an alternative to the USD as legal tender. [1] https://en.wikipedia.org/wiki/Salvadoran_Civil_War https://en.wikipedia.org/wiki/Salvadoran_Civil_War

vermilingua 5y ago

Countries that use the Euro for their official currency, and are not the European Union, have a broken financial system. They need to fix that to a point where they can implement their own sovereign currency.

rualca 5y ago
Besides the blatant whataboutism, is there anything in OP's message that you don't agree with?
throwaway4good 5y ago
Yes. That is the case too.
Ekaros 5y ago
Doesn't really change anything which foreign currency they would use, be it pound, yuan, franc, riyal etc....