First step by South America Union nations to create a single currency

...that will replace the U.S. dollar and drive a stake through the corrupt hearts of IMF and the World Bank.

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Latin American nations form Bank of South
December 12, 2007

BUENOS AIRES (ARGENTINA): Presidents from six Latin American nations on Sunday signed a document creating the Bank of the South, a regional development bank launched with capital from Venezuela, Bolivia and Argentina.

Presidents Nestor Kirchner of Argentina, Hugo Chavez of Venezuela, Luiz Inacio Lula da Silva of Brazil, Evo Morales of Bolivia, Rafael Correa of Ecuador and Nicanor Duarte of Paraguay signed the document. Uruguayan President Tabare Vazquez is expected to sign the document later.

The Presidents had previously said the bank aims to boost economic growth with cheap credit for infrastructure projects and private sector projects.

Mr. Chavez said the bank was the first step in creating a single currency to replace the U.S. dollar, and that step by step, it will replace the IMF and World Bank.

Its head office will be based in the Venezuelan capital of Caracas, with two branches: in the Argentine capital of Buenos Aires and Bolivia’s legislative capital La Paz.

The bank, with $7 billion as start-up capital, will be run by a Board of Directors made up of the Economy Ministers of member states. Each member of the Bank of the South will have a veto.

The bank came into being as international financial institutions have been witnessing a waning influence in South America. In the 1990s, Brazil and Argentina were plunged into economic crises. The IMF came to their rescue by providing loans, but it demanded that the two countries adopt stringent financial policies. — Xinhua

http://www.hindu.com/2007/12/11/stories/2007121156191600.htm

who would have thought Latin America would serve Satan!

Bryant
Check it out --> http://politicalcomment.blogspot.com

They are the beast.

i think at one point in history, the time would have been right for the us dollar to be the currency of the americas, and indeed ecuador and panama have already dollarized, but unfortunately the bush administration 1) destroyed the value of the dollar with their soft dollar policy, and 2) created so many enemies in latin america that this is no longer politically feasible

it's too bad, one currency for both continents would be better and more efficient than a range of currencies and the resulting losses to exchange fees

6 countries sharing a currency does help with the inefficiencies between those 6 nations and i'm sure this will be a boon to those nations but it COULD have been so much more

one world currency might be the mark of the beast to fundy minds, but to my mind, all having these multiple currencies does is create welfare for the money changers and the banks and the printers of the different currencies -- at huge cost to the average person who has to move in an international world