Lula: “A unique digital currency for Latin America!”

For Lula it is a question of independence for the entire continent. “God willing, we will create a common currency for Latin America, so as not to depend on the dollar”. It is the proposal of Luiz Inácio Lula da Silva, candidate in the next Brazilian presidential elections.

It should be called Sur (South in Spanish) and it would be a complementary (not printed) digital currency for the trade and financial flows of the entire continent. “Issued by a South American central bank, with an initial capitalization made by member countries, proportional to their respective shares in the continent’s trade”. The countries of South America, instead of using the dollar, would use the digital currency (they would be free to adopt it nationally or keep their own currencies) assigning it part of their foreign exchange reserves, and the exchange rate with the various currencies of America Latin would be variable. All commodity prices are currently valued in dollars. A South American state that wants to buy these resources inevitably has to pay in dollars. With the South, the continent’s economic sovereignty would be strengthened and at the same time its dependence on the United States would be weakened.

The idea of ​​a single Latin American currency was devised by the economist Gabriel Galípolo, former president of Banco Fator, who collaborated on Lula’s government program. In a recent article published in the newspaper Folha de S.Paulosigned by the economist and former mayor of Sao Paulo Fernando Haddad, both promote its implementation, in a model similar to the European euro, as a means of increasing regional integration and strengthening the continent’s monetary sovereignty.

Meanwhile, Lula also expressed his intention to strengthen ties with Africa; “We will give priority to our relationship with the African continent, because Brazil has a debt to pay with Africa, this Brazilian debt is not measured in money, it is measured in solidarity, in the transfer of technology. Brazil has an obligation after all, it has been 350 years of exploitation of blacks. We are what we are because we are African blood ”.

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Source: Il Blog di Beppe Grillo by beppegrillo.it.

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