What If We Weren't Monetarily Sovereign?

• Take the case of a country which has given up its own currency and uses U.S. dollar

• Ecuador, El Salvador

  • Must spend U.S. dollars

  • But cannot issue U.S. dollars

  • They're currency users -- not currency issuers

  • Cannot use their own currency as tool to pursue the public purpose

  • So, poor Ecuador and poor El Salvador