The Euro it’s not

This should be fun to watch; Latin American socialists are planning a common currency:

The leftist Latin American ALBA trade bloc is scheduled Friday to approve measures that would replace US dollars with a new virtual currency for regional commerce, an official said here. . .

The new monetary system was adopted in principle at an ALBA summit in April by organization members, which include Venezuela, Bolivia, Cuba, Ecuador, Nicaragua, Honduras, Dominica, Saint Vincent, Antigua and Barbuda.

Initially the sucre system — the acronym comes from the Spanish name Sistema Unificado de Compensacion de Pagos Reciprocos — will be a virtual currency used in commercial exchanges between ALBA countries.

A common currency between a bunch of Latin American socialists and communists. Unlikely as this is to become reality, I nevertheless hope it does. It would be endlessly entertaining.

POSTSCRIPT: St. Vincent, Dominica, and Antigua and Barbuda have already said they won’t be joining the Sucre, and I’d be very surprised to see Honduras adopt it either (unless Zelaya somehow prevails and makes himself dictator). That leaves the effort with only the hardcore socialists.

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