
Ep 248 - RP Live Presents: Inside a Failed State Q & A with Michael Hudson
Macro N Cheese
The Consequences of Using the Dollar as Currency
Argentina and Ecuador both used to use the dollar as their currency. This meant they had to obtain dollars either through exports or selling off public assets. Exporting in a foreign currency means giving away their economy for nothing. Ecuador has been giving its export proceeds to the US Treasury for its international spending. Argentina also wants to use its surplus to finance the Cold War, instead of creating its own economy. These countries are sacrificing their economies to use foreign currencies.
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