Could Latin America Have a Single Currency? - VisualPolitik EN
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From a political and social point of view, Latin America is one of the most homogeneous regions in the world: in terms of language, culture and religion, most of the countries in this region share the same roots.
However, all these similarities and all these ties have a very clear limit: the economy. Surprisingly, in the economic field, the region is very poorly integrated and the variety of policies is vast.
Despite this, the dream of a single currency, the dollar or the “Latin American euro”, has emerged periodically. Now it is Brazil and Argentina who are leading this trend. In this video we tell you all the details.
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I don't understand why are you talking about the dictatorship of the dollar like it is some kind of hallucination, it is a fact and whoever challenges it get Fucked spectacularly from Iraq, Libya and now the Bricks countries using their local currencies for bilateral trade and getting attacked economically by the US.
Every time i watch this channel, it becomes more obvious to me how biased and closer to a propaganda mouthpiece for the West and its interests you are.
Indeed shame on you, Visual Politics! You haven’t made even a single video about the ongoing revolution in Iran these days! Very disappointed at you!
Indeed shame on you, Visual Politics! You haven’t made even a single video about the ongoing revolution in Iran these days! Very disappointed at you!
@@nickolaspyrovetsis1366 my teeth that are 6 gould? And u are who ? U Lil junkie!!
Having a common currency in LA is like opening a shared bank account with people who can't control their own finances.
Best analogy describing EU
Imagine joining a currency union with Argentina
@@youtindia eurozone at least has France and Germany until they go bankrupt so at least next 10 years will probably survive
@@pepperonish It is like making suicide
Can't explain better than that. What I don't understand is how Europe did it anyway eventhough knowing there are countries recklessly irresponsable withe their finances.
For Christ sake NO. God please, no. It took us half a century to build a stable (ish) currency in Brazil. A common currency would jeopardize everything we did so far.
Yeah Brazil and Chile have almost no reason to even risk this.
Eu vim do futuro pra dizer que o "brasil e argetina" vão fazer uma moeda comum para os dois paises
That would mean that Brazil would have to take other economies on its back. And it’s not a big deal if the other economies in the block aren’t that big, but having the second biggest economy in the continent (Argentina) to be completely broken this is just not feasible. For this to happen we need AT LEAST that Argentina get their economy in order and Venezuela to ditch their communist dictatorship.
I have lived 7 years in Brazil. Very nice people, but corruption and public spending the Latin American countries rule out all hope for a stable common currency there.
Couldn't agree more as a Brazilian, some country would want to devalue or print money in order to pay for their enormous expenses, the currency would collapse due to infighting
Yep I agree as a Brazillian myself I do not see why a country should help another countries finance
@@jinwoomoraes4012 that’s a monetary union, the EU DOES NOT have that.
@@oppionatedindividual8256 What does the Eu has to do with this? Unifying LATAM's central banks to create a single currency will only make debt from countries like Argentina to become part of Brazil's debt sounds like a loosing deal to me.
@@jinwoomoraes4012 no. That’s not how debt works. The EU has a common currency and Eurobonds haven’t existed until this year despite the currency union being decades old. Collectivisation of debt is not necessary.
For gringos that do not know: Yes, Brazil is a great piece of shit, but today our inflation are a bit lower than US and European Union or UK, while Argentina is heading to 100% in 12 months.
Brazil is nothing even near the mess that Argentina had become. Our "Plano Real", that stabilized our currency was a success and we were able to turn our whole debt into BRL(Real), different from Argentina. And we have laws to stop our central bank to finance our government.
It's not what your inflation is under Balsonaro but rather what it will be under the next four presidents.
The Real had an average inflation rate of 90.54% per year between 1980 and today. So, don't expect anyone to put their savings in a Brazilian bank, any time soon. :D
Brazil adopted the Real on 1994, in 25 years it had a 505% cumulated inflation rate.
The Brazilian population is not likely to accept even the suggestion. Brazil can hardly keep itself together. A fanciful idea but hopelessly unrealistic.
As a brazilian, I hope that never happens.
Way too much instability
Seguro bolsonaro es super estable
It won’t
@@IsMaEl2332 no, he isn’t, but economically speaking his term was one of relative stability.
This would be more viable in the Pacific Alliance countries. They have already integrated their stock markets. Currency integration would be a natural progression.
I can see it working with Chile and Brazil, but Argentina and Venezuela are completely unreliable right now
No country in LA can be considered reliable. You're talking about countries that can't promise to keep any policy going after an election, considering that whenever there's a presidential change they drop the former government programs out of spite and start from scratch until they themselves get replaced!
The common currency in Latin America, is the US Dollar. It is the official currency in both Panama & El Salvador, while being widely used throughout the region.
You can apply that logic to practically every country in the world that use US dollar for trade.
What??? It is only used in countries with instable economies
Although the dollar is used in Panamá, it's not the official currency. The official currency is the balboa.
@@NewAb22 no.
Hahaha only in weak economies. We don’t use US Dollars in Brazil.
The rich people stay wealthy by spending less and investing more without stopping then most poor people stay poor by spending like they are rich yet not investing but impressing.
You're right
You see many people remain poor because of ignorance
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They should call it the Monopolyo.
We know that on the first sign of crisis or even before they'll just set the money printing machine on "BRRRRRRRRRRRRRRRT!"
Love the name of the currency 😂 we could also rename the euro monopolyo
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Sad to say to all questions: "no".. or "highly unlikely" at best.
It's like thinking getting a child will magically solve all issues in a partnership. Or buying and taking some sugar pills thinking that they will cure a severe condition you have.
You guys should do a video about the “African Gold Dinar” that Gaddafi wanted to setup as a continental currency that Libya’s oil would be priced in.
He held ~160 tonnes of gold at the libyan central bank which he repeatedly refused to send to the federal reserve for “safe keeping”. The dinars would be cast from this libyian gold and used around Africa for commerce.
Shortly after Gaddafi was overthrown Libya’s gold reserves disappeared.
Please bear in mind - I’m not saying Muammar Gaddafi was a good person. Simply that he was willing to stand up to federal reserve hegemony.
It would have never worked. Africa is too corrupt to have one currency.
The euro has shown us that without a fairly unified economic policy, it ends up being some countries shouldering more of the burden than others (Greece, Spain and Italy come to mind as those who have been irresponsible) and I do think the problems for the Euro are probably mild compared to what they could turn in to without some structural changes.
That said, I think the idea of the eurozone is a good one, just think there are some poor choices made that hurt everyone
@Hyponakte the difference is that france is making money and can pay back the debt easily. this means that france actually contributes to the bank. countries that struggle to pay off their debt are the ones that are budernsome. when you put your money in a savings account, you arent burdened by not having the money on hand, and the bank will pay you in interest so you end up better off. that payment is being made by france. when you put it in the stock market, theres a risk you lose it all and thus all you can do is cut your losses or double down. that risky investment is spain and greece, except cutting your losses isnt an option, you have to keep losing more and more hoping for a jackpot.
@Hyponakte reducing =/= paying off. pretty sure these guys just did an explainer on the ludicrous debt japan has accumulated that is has no issue paying off. i have seen no indication france is struggling on their interest payments, would you mind pointing me in the direction of some indicators?
But there are those (mostly left for some reason) people wanting more magic money in pointless social programs (wellfare or subventions which only make trade deficit worse), instead of investing in real stuff such as housing, hospitals, infrastructure and industry
There are so many nice things that Latin American countries could synergize, like transport infrastructure, exporting capabilities, industrial complexes, and energy generation. But from all of them, having a common currency definitely doesn't seem to be one of them.
A common currency would serve more as a political token/symbol and less as an effective tool to achieve anything.
Visual Politics Grant absolutely nailed it in the last minute of this episode. It’s impossible to create a new common currency to stabilise a country’s economy unless it’s stable to begin with. The US dollar is strong because it’s backed by an economy that is largely held in private hands and able to access investor funds based on competing of strengths.
Latin America for sure is the most homogenous large area In the world. Same language, mostly same religion, most cities look similar (due to Spain city planning and architecture), and music and other cultural elements are shared across much of Latin America. Africa is the complete opposite lol. Genetically sub Sahara Africa is similar but that’s about it - so many languages and religions.
Depends on who's definition of latin america. I counted 8 primary languages, 18 different cultures, and 7 different European influences according to the Wikipedia definition.
Two languages: Spanish and Portuguese.
Only 🇧🇷 Brazil 🇧🇷 speaks PT-BR, but accounts for 30% of the LA population.
@@RS-ls7mm 8 languages but basically 70% Spanish 25% Portuguese and 5% others. Btw, Latin America usually only covers the Spanish and Portuguese speaking countries.
@@RS-ls7mm it’s kind of odd to disagree that relative to other large regions, Latin America isn’t the most homogeneous.
@@RS-ls7mm France is technically a latin american country. They speak a latin based language and part of their territory is in south america.
Can we have an episode on if the brics currency possible?
There is no way that one country would tolerating another inflating a common currency. Brazil doesn't want to pick up Argentina's bill. And nobody in Central or Northern South America wants to pick up Venezuela's bill.
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Latin America DOES have a common currency…they use the US Dollar.
I live in Brasil and I can assure you no one transacts in Dollars here unless its a gringo coming over and isn't smart enough to transfer to the Real
Only failed countries do that, like Ecuador, Perú oro Venezuela.
@@j.m.palacios5318 "Failed" because they can't control their finances and have to rely on an outside force to keep them in check. Keep in mind that national banks are directly controlled by the governments that sponsor them. Often those nations simply print money until it is as worthless as the Weimar Deutschmark or the Zimbabwe banknote.
""The issuing power of currency shall be taken from the banks and restored to the people, to whom it properly belongs." -Thomas Jefferson
@@Will-le8yj Brazil is not a Latin Country.
@@Will-le8yj Will you can't even spell Brazil correctly and you want to lecture us, really dude?
The Sur cannot work because Argentina is simply too irresponsible fiscal-wise. Brazil is much better-off with economic treaties with the BRICS than with the rest of South America, unfortunately. In South America we have 3 economically insignificant countries, 1 failed state, 1 autocracy, 1 Argentina, 1 heaven of corruption and 1 country who just found out they can become what Venezuela is today. They all border Brazil.
and Mexico is now better then Brazil lol
Which countries are those? 😅
@@TheRealIceman10 Argentina is Argentina
Let's see :
. 3 Economically insignificant Countries : Suriname, Guyana and Uruguay
. 1 failed State : Venezuela
. 1 Autocracy : Bolivia
. 1 Argentina
. 1 Heaven of corruption : Paraguay
. 1 Country that found out that they can become a Venezuela : Colombia
"1 country who just found out they can become what Venezuela is today"
That also applies to Brazil
Something that needs to be brought to the South American Summit. From mexico to Chile from Argentina to Cuba, all the great Latin American countries. We should run a currency monitoring system to analyze which currency is running stronger against the dollar or at least keeping out with the dollar. Just food for thought
From an economic perspective South American Nations would unlikely be able to support a unified currency due to the number very poor nations.
Most of these countries are plagued with bad fiscal accounting and corruption, introducing a common currency would most likely be a huge burden and cause a lot of political unrest if introduced. This is just like the African golden Dinar headed by Libya back in the day. Each country would loose its ability to compensate for inflation or to stimulate local businesses to a large extent. Most of these countries are very indebted like Argentina, how on earth would they be able to bankroll debt and variance in neighboring local businesses outputs? Many would say that you should have low corruption ratios, stable political government with at least a hint of transparency, good tax collection and at least some sort of a fiscal accounting before you start thinking of merging your currency and peg it and let it float with other countries. I’m all for it because it’s a stabilizing factor for countries able to cooperate and run a common currency, but often it hurts a lot for those countries that have an unstable economy, just look how Greece has been struggling the last 10 years.
Latin America still produces a lot of silver. It would work out if a common currency was pegged to the value of silver.
And THAT would be their salvation, a regional Peso fixed to a stable commodity likes silver as you propose. Hell, I would convert to using it if it was backed by Silver.
it produces a lot of copper as well, and in the mid future will be the biggest supplier of lithium as well, but all those are finite resources. I would not use this as reference for the value of the currency of such a big region
Keep dreaming. Latin America will never unify. Even Simón Bolívar couldn't keep Gran Colombia together.
@@Venezolano410 a monetary union is not the same as a political union. Think €uro.
this is very easy, other latin american countries adopt the brazilian real unilaterally and let brazil take care of them.
After Odebrecht, I doubt too many Hispanic countries would be willing to take that leap of faith 😅
I remember I brought like 900 lempiras 300 Mexican pesos and 1 quetzal,and some white guy on the bus started calling them Salvador money,and I told them El Salvador currency isn’t printed anymore and now take dollars.
Hey Simon
El Salvador has adopted Bitcoin as legal tender. Because it's a decentralized currency it can not be manipulated by any one nation. While it's volatile price fluctuations are not ideal it's better than being dependent on the usd or other centralized bank currency.
sure, creating a common currency is nice too bad if it's backed by couuntries facing record breaking inflations and they aren't exactly stable economics xD
Okay the title made me chuckle. Oh man, imagine the fun a single currency in LatAm would be. Financial pages would be lit, lmao.
The question is not wether they could but wether they should! Looking at the Euro, this doesn` t seem like a way to go!
bro missed the toothbrushing routine
No a common currency DONT FIX your problems look at Grece or italy local economics must develop in their own ways
This is the most stupid idea ever 😂😂.
Having a single currency would be good if the managing entity was truly independent from the member states. South American governments are addicted to printing money to fix their financial irresponsibilities.
But I find strange a left leader like Lula (who the whirring sound of a printer working turns him on) talking about this.
South america isn't in a civilizatory state for that yet. We're still thinking only on what's for lunch or dinner. Especially after the hyperinflations in the past, Brazilians especially only think about the now.
We have a lot to grow to have financial stability.
Still, I'm totally up for a currency if the members have to be held accountable for their finances and there's a cap on the printing.
Having a common Currency with Argentina would make Brazil become like Zimbabwe and Argentina. It is impossible to make a good deal with bad people.
So like dont u need stable business in order for this to work how do u convince the corruption to stop or least taper down everyone would screw the system till nothing left and none that says anything about Argentina. In eu u had bunch rich countries to bail out few very very poorly run countries but in south america it's not the same story at all would it make more sense for them to switch to the usa dollar? It's what there population prefer to have anyways in alot cases
Answer NO because just like the euro to HYPOTHETICALLY “work” all nations adopting the currency would need to be around a certain level of economic development and have regulatory alignment
There should be a single common currency for the entire world and that currency should be GOLD.
But silver, platinum, palladium and the other precious metals could be used as well.
It's called the US Dollar.
Nice shirt do you sell them??
isnt a single currency regime possible in South Asia
Why didn'they de-dolarize by pegging the Sucre to the Euro?
The symbolic message is stronger that way (I think)
Does he REALLY speak that fast? Or it's the video sped up?
No, Brasil would never give up its currency.
👀This video focused more on Brazil, Argentina and vaguely on Ecuador & Venezuela’s brief version of crypto. Which btw, you forgot to mention and explore El Salvador’s current dabbling in Crypto. Where is the 1 of the biggest players in Latin America - Mexico? They have the 2nd largest economy in LA and there was hardly any mention of them.
It’s also important to note that currently, with the election of Lula in Brazil, Latin America will become 1 of the most left leaning regions in the world. Which would be an important topic to explore in a future video and ties with the economics of the regions and their respective countries.
"with the election of Lula in Brazil"
He will be an island as a president. Too many politicians of the opposition in the congress.
Only way for him to get his plans to work is by bribing everyone like in his previous government
Darth, you are very ill informed. Lula had a center-left government when in power. Now, he won with the help of a big coalition from left to right. Big right-wing leaderships were with him. Even the banks. He will have a center-wing government. Mark that.
This would destroy LA. Mass migrations would be essentially encouraged by the fact that no matter where anyone goes for “better opportunity” they can always rely on their currency having the same value. Many countries would become population deserts while bigger more prosperous cities/countries draw migrants. Slowly these less populated regions would become major farm/ranch lands as with the US in states like Kansas/Montana/Etc. If there was serious unity, the nations would need to push for unionization before it reaches this level of unsustainability
The problem in Argentina is very few related with money print!!
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People prefer to spend money on liabilities,Rather than investing in assets and be very profitable.
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Haven't watched yet. As someone from Chile, no. I do not want to share our currency with... anyone else in latin america. I guess Uruguay is fine? Uruguay seems to do things right. I have never heard anything bad about Uruguay. Everyone else though? No.
Edit: I suppose Peru isn't all that bad, they seem reliable. Maybe Colombia is reliable too, not sure, I've heard that things have turned bad in the last couple years but the last 20 years they seem to be doing good.
Yes, there will be common currency, just a matter of time
The Common Market was introduced in 1958 and the successor, the European Union, didn't introduce a common currency until 1999...what coordinating multi-national entities does Latin American have?
None. How do you have a common currency when cross-national co-operation doesn't exist...
Nigeria is the most populous country in Africa, and I have been waiting for you guys to make a video on the forthcoming election. I believe this will make an interesting video.
Gee what could possibly go wrong with a single currency without a common treasury and federal gov't to recycle surpluses to deficit regions? Hmm...said the Greeks
If they are serious - make it gold backed... ;-) Ohhh... not interesting any longer? I thought so...
Or fixed to silver, then it would be the most reliable currency in the world.
Please change “Kin Jon Un” to “Xi Jin ping”
The currency should be called the latte
Argentina in 2019 was a dreamy country 🤣🤣
Is this a serious question? :-) Think about Venezuela. One currency means one monetary policy, one central bank interest rate, et cetera. These banana countries (some of them are literal banana countries) would absolutely wreck a common currency, which requires some level of economic discipline.
The EU and single currency only benefits countries like Germany. The poor countries will remain the poorest in Europe. Check the countriy in the EU who benefits the most with exports within EU countries... Germany of course. Joining the Eurozone was a mistake and didn't benefit the average person in the poorest countries within the EU. I hope latin American countries don't make the same mistake.
Of course they will all have a common currency. It'll be either the US$ or Bitcoin.
Don't want the Argentinians anywhere near any new currency 🤣
There's already a currency that's accepted all over Latin America and that is the US dollar.
A Latin America currency should name peso.
The dollar, make the dollar the currency of all America's.
Yeah... it's not going to happen anytime soon.
It is ideal that we use a currency that could not be printed by any country.
Sorry if my words sound too rough, but given how desperately some Latin America politicians seem to want the guillotine to come back into fashion, that is an idea bound to come up in the near future.
I watch VisualPolitik EN and am Latin American, but every time you put that tropical music It feels... condescending... I listen to phonk, Metal and Lofi too, you know.
😆 it's particularly irritating when introducing Brazil to Cuban music.
I am brazillian and I ask to you all, pray so this nightmare never come true!
The US dollar is the common currency. None of the banks south of the border are capable of running a sound currency. The US can barely do it. So they need and external currency.
LA should be one country altogether.
Join our peso gang 💪
Argentina intensifies... MHUAAAJAJAJAJA!
I think the Peruvian Sol is the most viable currency in South America as a continent wide currency. Tho it'll most likely become abused rather quickly and collapse unless Peru was the one to soley control it.
Otherwise, it's a rather refreshing currency one does not have to worry constant inflation or zeros. Beautiful designs too.
What's with all the bots in comment section XD just happens to be people discovering investment platforms in comments of every video aids
It could... The US Dollar.
Imposible con Bolivia, venezuela, argentina, el Salvador, honduras nicaragua y demases
Basically what Chavez was saying is that he wants Bitcoin
Should make Latin America union as EU first
Yes. A latin Euro. That'll work. Because the Euro itself is so fantastic. Honestly, I'd love to see it. That would be quite the 💩 show.
The only way a Latin regional Peso would work if it was fixed to the price of silver.
You don't need to be a fortune teller to know the ending of this "awesome" idea. Just look at Argentina printing money like crazy to pay for the country's enormous fiscal debt due to spending more than it can can generate in tax revenue.
@@davidford3115 Yes! We're all aware of how well silver served the Spanish empire. Let's do THAT again! 👍
@@RtenorioF Indeed. It really makes you wonder if anyone takes the time to think these things through.
@@Rjsjrjsjrjsj New Spain is not modern Latin America. I fail to see how Age of Sail applies to today.
Yes....I hope it's called the "TACO"...... 🌮....☝️
Short answer: No
Long answer: Why having a single currency, when if that is even close to happening, will just have no economy running at all...
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on the govt. Especially with the current economic crisis around the word. This is still a good time to invest in Gold, silver and digital currencies(BTC, ETH..).
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It’s just too complex and somewhat dangerous
Yes the us dollar
Too much corruption and instability - sadly. South America in general and Argentina in particular want everything now but without taking the time to build the foundations. A common currency might eventually come, but it needs to be step-by-step: like the Europeans. Think how long it took from the establishment of the Common Market to the creation of the Eurozone.
One of the biggest problems I have noticed in Argentina (and it applies equally to other countries in the region) is that there is no "Plan". There is no consensus on the direction of the country and what it is trying to achieve. A new government comes in to simply undo what the previous one tried, and any long term in office - Kirchnerismo, for example - finishes up spinning in circles and arguing between themselves. Having a transnational goal which all are working towards might be a solution.
The European Project had/has a special foundation and goal. It was imagined as a peace project to finally put an end to centuries of war. And that is still the fundamental driving force behind it (something the UK never really understood). A Latin American Project would have to find it's own common reason to exist.
Does this mean that there is a demographic bulge of young latino men in South America
Talk about new pink wave latine America with 6 major economies now having a left government
Finally
One single currency of Country will not prove why it alone will loose opportunity where continent Single Currency will be better reason of have same currency for all Latin America is Good for Business if Africa has Single continent Currency Afro will be great and Euro for European Countries Currency will always be better then Single Country Currency is alone.
I think we found a use for Latinx.
Well they it already ,it’s called dollar $ , USA never allow it .
If Latin America could unit in a federal government like the US, we could be a world power but political short sights will never allow it to happen
Caricom needs 1 single currency