Speculation on the North American Monetary Union, aka the Amero, has been increasing in recent months. This may just be a result of the economic recession that the U.S. is facing, but regardless, more people are talking about it almost a decade after it was first proposed in 1999 by Canadian economist Herbert G. Grubel. Mr. Grubel introduced the idea in the release of his book, which it’s release was the same year that the European Union implemented their currency, the Euro.
With the growing notion that corporate globalization, is the way of the future it makes perfect sense as to why the Amero would be a good thing. With the US economy in a state of financial turmoil it seems to make sense that the Fed could be using an invisible but guiding hand to lay the ground work for a majority to willingly accept the Amero proposal, and minimize any opposition.
Introducing monetary unions can do some amazing and unique things. It alligns countries political ambitions and requires them to work together in the interest of everyone’s financial well being. It could be said that in the future, it may not be a country that is considered a world super power, but a monetary union. Creating a monetary union in North America would ad some liquidity for the citizens by allowing them to use the same currency in a larger geographic area. Furthermore, strength in numbers, China is often viewed as a friend best kept at arms lenght. Their population is driving their economy right now, and by implementing the Amero, it would put more people under the Amero “flag”, China and Mexico both have inexpensive labor forces, the Amero would allow the US and Canada to take advantage of Mexico’s labor and help level one of the strategic advantages that China has.
The US trade deficit with China is a cause for alarm and Americans pray that they don’t call on our debt, but if we were to implement the Amero, even though the debt is the US’s to pay, it would severally stress the US’s economy which subsequently would be under the Amero. The pressure which would be put on the Amero, instead of a US dollar, is divided amongst 3 political borders instead of just one. Sort of a cushion… for Americans anyway. Or maybe a parachute to save ourselves from crashing completely, then again it could be the anchor that drags Canada and Mexico down with us.