If you haven't been there, and don't have a craving for economic trivia, you probably don't know that the South American nation of Ecuador uses the U.S. dollar as its official monetary unit. It has done so for the past 15 years.
Those concerned with worsening economic conditions in Venezuela are recommending Ecuador-style "dollarization" for that troubled nation. See an article in Pan Am Post for details, hat tip to Lucianne.com for the link.
Ecuador adopting the U.S. dollar didn't mean they were particularly pro-U.S. As a matter of fact, Ecuadorian President Rafael Correa feels much warmer toward Cuba, Venezuela, Bolivia, and Nicaragua than toward the U.S.
Dollarization is viewed as a way of preventing runaway inflation, which occurs when local governments print money. Nations that don't much care for the U.S. understand that our Federal Reserve Bank closely controls inflation of the dollar.
Giving up the national currency and adopting the dollar instead is the equivalent of a compulsive shopper giving the family's credit cards to their spouse. It is an "I need protection from my self-destructive impulses" action, not one taken in pride.
