Caribbean Countries Urged To Consider US Dollar As Their National Currency

The former governor of the Central Bank of Barbados, (CBB), Dr DeLisle Worrell is urging regional countries to seriously consider using the United States dollar as their national currency.

Writing in the July edition of his monthly newsletter under the caption “Sovereignty and the US Dollar,” Worrell said one question which always surfaces in response to his lecture “The time has come to permanently retire all our Caribbean currencies”  is about national sovereignty.

“Most people seem to believe that sovereignty is “lost” with the retirement  of the local currency,” he wrote.

However Worrell expressed the view that on the contrary, replacing domestic currency and deposits with US currency and deposits gives everyone in the country wider access to goods and services.

“With domestic currency you can buy only local goods and services; with US dollars you can purchase from anywhere in the world, wherever you can get the best value for your money,” the Economist argued.

According to the former Barbados Central Bank Governor, the fact of the matter is that the US dollar is sovereign in international transactions.

He asserted that there is nothing that can be done about that.

Worrell declared that even China, the world’s second largest economy, with 15
percent of global GDP to the US’s 24 percent, accepts payments in US dollars.

“A Jamaican travelling to Haiti, a Guyanese to Suriname, a Dominican to Guadeloupe, a Trinidadian to Barbados, all take US dollars with them. All hotel rates and oil and  commodity prices are quoted in US dollars,” he observed.

The former Central Bank Governor noted that ironically, having a domestic currency in today’s digital world may make a country more susceptible to US sanctions than a fully dollarised country would be.

He  said that Iran and Cuba, countries which are currently subject to harsh US sanctions, both have domestic currencies.

“The sanctions bare effective because Cubans and Iranians earn in a local currency whose value continues to fall because the country’s access to US dollars is limited,” Worrell stated.

16 COMMENTS

  1. I do not agree to your position. What are the pros and cons for doing so? Discuss them so we the public can see where you are coming from.

  2. This doesn’t make sense in the slightest. The US dollar is already widely accepted throughout the Caribbean; the examples given have the EXACT same approach that the Caribbean is taking in terms of acceptance of foreign currency, if in fact there is a topic to discuss it would be to the acceptance of the EURO. Not absolving the local currency and enforcing a military states currency. Barbados is really corrupt, there’s no ratification of this thought process. The Caribbean would also benefit from becoming additional US bases so why don’t we just do that, and enlist their police force for them to shoot us down too – all viable options.

  3. Hi crow

    I did take a position in it based on the little that I know. I wanted to know what are the advantages and disadvantages from his point of view.

  4. 07/16/2019
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    When you see this happening, you will know “I am the Lord”. A great famine will cover the nations, the sun will heat and dry the surface. The lakes, streams, and rivers will empty. I will shut up my fountains from beneath. The rain from heaven will cease, you will see your crops wither on the vine. The wind will carry the dust and clouds across the land. Fire will break out above and below the surface. Your throat and lungs will struggle with each breath. The cattle and beast that are used as your food source, will waste away and die. The oceans will boil, the fish in the sea will bloat and then washed to the shore. The birds in the sky will fall to the ground and rot. Many will journey looking for food and water; because they will find none, they will look to consume each other.
    * These are exclusively the words of –Yahuwah and his son Yahushua Mashiach.
    God the Father, the Great King wants his name to be promoted in the four corners of the earth. Repent now; get baptized and receive the gift of the Holy Spirit, those of you who are in the valley of decision. Do not procrastinate any longer but go ahead and choose God, for when the door and the books are closed no one will be able to enter in. God is sending warnings after warnings. We are in the End Times and he does not want ANYONE to Perish. Time is running out, get saved now while you have time. He is the only way to salvation. Amend your ways and you will be allowed to remain in the land. Let those who have ears to hear and those who have eyes to see. Repent now! Remain strong, be bold, courageous and steadfast in your faith.
    The Lord is saying that: there are people in the churches, in the pulpits, the choir, the church boards, (church in general), who claim to know him but do not have a personal relationship with him, his spirit does not dwell in their hearts and they need to learn how to build a relationship with him, so he can dwell in their hearts. Repent now, pray without ceasing, read his word daily and speak to him as your best friend or father. Do not hesitate to do this as his judgments have already begun. The end of everything has begun.
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    – God’s messenger, chosen vessel and prophet to the world.

  5. Doesn’t having a president like Trump show you the folly in this idea . That would be like giving a crook the keys to your house

  6. REALLY THEY CAN’T POSSIBLE BE THAT BLOODY STUPID???!!!! THIS IS INCREDULOUS! WHY? CAN’T THEY SEE THE VALUE OF THE US DOLLAR FALLING? WHAT’S SO WRONG WITH THE EC DOLLAR? THESE ****HEADS IN CHARGE REALLY DO NEED THEIR HEADS CHECKED.

  7. Why should St.Lucians have dollars? The President Trump doesn’t like black whites or yellows so why carry dollars for the American people. This is the stupidest idea that any caribbean island government could have come up with. Eastern Caribbean Dollars say who we ¹are

  8. There is lots of merit in this statement. The value of our currency is not in the amount of gold we have but the amount of USD we have in reserves which is a little over $1Billion. We have lots of restrictions because of our currency. Case in point a Trinidadian have a quota of only $500 USD for month.

  9. This **** don’t make no sense. When this happens, trump is now in charge if our currency, he will feel like he owns the caribbean so he may want to do as he pleases with us. He’s already considering if not already started to deport people back to the caribbean who over stayed their welcome. This is some cock and bull that worrell is talkin.

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