Astute students of imperialism understand that "voluntarism" on the part
of the ruling class
of the victim nation does not disguise imperialism. In fact, imperialism
works always hand
in glove with an indigenous comprador class. Having been born and raised
in Hong Kong, I am
an expert on this phenomenom.
Henry C.K. Liu
"William F. Hummel" wrote:
> Henry Liu wrote:
>
> >Furthermore, the dollarization of the Americas would logically be
accompanied by the
> >surrender of the Federal Reserve of its authority and powers to a new
Central Bank of
> >the Americas, like the ECB. Is the Us prepared to do that? Not
likely. Dollarization
> >without an Central banks of constituents nations is pure monetary
imperialism. But then
> >Alan may argue that imperialism is good. It certainly worked for the
British Empire
> >with the role of the pound sterling. The curious thing is the some
very influential
> >Americans, including Greenspan and Summers, are against the idea of
dollarization, as
> >they do against the tolerance of euro-dollars. Summers is famous for
his admonition of
> >Japan: sound macro-economic cannot be substituted by an exchange rate
policy.
> >Dollarization is of course the ultimate exchange rate policy.
> >
> This confuses dollarization with a treaty for a common currency
> which would involve a central bank for the treaty members.
> Dollarization (meaning adopting the US dollar as the official
> currency) is a voluntary act of a sovereign nation. It may or
> may not be beneficial to that nation, but the assertion that it
> is pure monetary imperialism is absurd. The US monetary
> authorities have not encouraged any other nation to dollarize.
> They are well aware of the negative implications of
> dollarization, both for the dollarizing nation and for the US.
>
> William F Hummel