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Tuesday, May 23, 2006

Stupid Currency Tricks

Reader "lawyerchik1" alerts me to this Jerome Corsi article in Human Events. The bulk of the story itemizes a few ideas proposed by Robert Pastor, the Director of the Center for North American Studies at American University. He wants to see a European Union-like alliance between Canada, the US and Mexico. Few details are specified. One is a customs service operated by the alliance that would outrank the US Immigration and Customs Enforcement (ICE). Another is this:

Pastor has also called for the creation of a new currency which he has coined the "Amero," a currency that is proposed to replace the U.S. dollar, the Canadian dollar, and the Mexican peso.

Aside from sovereignty issues, the chief concern over such a harebrained scheme is its workability. Canada, the US and Mexico have vastly dissimilar economies; crafting a single monetary policy that suits all three is impossible.

The article concludes thus:

If President Bush had run openly in 2004 on the proposition that a prime objective of his second term was to form the North American Union and to supplant the dollar with the "Amero," we doubt very much that President Bush would have carried Ohio, let alone half of the Red State majority he needed to win re-election. Pursuing any plan that would legalize the conservatively estimated 12 million illegal aliens now in the United States could well spell election disaster for the Republican Party in 2006, especially for the House of Representative where every seat is up for grabs.

Fortunately, Pastor's pipe dream is not an issue in Washington. But illegal immigration is, and if the GOP sides with the illegals, their future won't be worth a wooden Amero.

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