Robert Pastor Proposes the Amero as a North American Currency

The most interesting surveys, however, show that a majority of the public in all three countries is prepared to join a larger North American country if they thought it would improve their standard of living and environment and not threaten their culture. Mexicans and Canadians do not want to be incorporated into the United States, and they are ambivalent about adopting the American dollar, but they are more willing to become part of a single country of North America and of a unified currency, like the “Amero,” proposed by Herbert Grubel. 2 The “Amero” would be equivalent of
the American dollar, and the two other currencies would be exchanged at the rate in which they are then traded for the U.S. dollar. In other words, at the outset, the wealth of all three countries would be unchanged, and the power to manage the currency would be roughly proportional to the existing wealth. The three governments’ remain zealous defenders of an aging conception of sovereignty whereas the people seem ready to entertain new approaches.

2 Herbert Grubel, The Case for the Amero: The Economics and Politics of a North American Monetary Union (Vancouver: Simon Fraser Institute, 1999). An October 2001 survey in Canada found that 55% favored the same currency as the United States, but 59% opposed adopting the U.S. dollar. See Allison Dunfield, "Canadians Feel Closer to the U.S., but Reject Currency," Globe and Mail, November 6, 2001

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Tags: Amero, Herbert Grubel, Pastor, Robert Pastor, NAU, NAFTA

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