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E. Timor Adopts Dollar As Currency

By HEATHER PATERSON Associated Press Writer

"DILI, East Timor (AP) -- The U.S. dollar will be the official currency of East Timor while the territory prepares for self-rule, U.N. administrators said today."

"U.N. mission spokesman Manoel de Almeida e Silva said the dollar is now legal tender in East Timor, which also has been using the Indonesian rupiah, the Australian dollar and the Portuguese escudo."

"Officials of the main pro-independence coalition, the National Council of Timorese Resistance, said the decision to use dollars was made in consultation with their group."

"East Timor voted for independence from Indonesia last year in a U.N.-supervised ballot on Aug. 30 that triggered a bloody backlash by anti-independence militiamen. International peacekeepers restored order in September."

"Several other countries, including Argentina and Mexico, have recently considered switching to the U.S. dollar. Earlier this month, Ecuador announced it was joining 10 other countries and territories where the dollar is legal tender."

"Separately, the head of the U.N. authority in East Timor, Sergio Vieira de Mello, has approved a regulation setting up a central payments office to regulate East Timor's financial and banking system, Almeida e Silva said."

``The central payments office, which is to ultimately become East Timor's central bank, is an institution crucial to efficient payments and a sound banking system in East Timor,'' he said."

[SNIP]

So, my question is, with a possible higher demand for the U.S. dollar, what will that do with the prices of imports/exports? What about excessive liquidity (with a world-wide demand, print more $$$)?

-- Deb M. (vmcclell@columbus.rr.com), January 24, 2000

Answers

The better question is "who" has been sponsoring the client-state tyrants in Indonesia for the past 35 years. For what purpose would they foment the oppression of East Timor? To destabilize the entire Indonesian region? In whose best interest, ultimately, is it for Timor to become "independent"? Now contrast this with the current coup in Ecuador, where the masses, esp. those 700 oil refinery workers, extracting juice for our middle class, went on strike. Rising up in protest against the the "dollarization" of their economy. Can you say "amerikan imperialism" children? Or have we all just simply forgotten "Sukarno Feed Your People"? Hey lets go shopping

-- revolting peasant (lowwagevictim@usainc.com), January 24, 2000.

One World Currency? Before you know it everyone in East Timor will get a dozen pre-approved Visa Applications and a 250 hour AOL trial CD. What's next? Territory status?

-- Powder (Powder47keg@aol.com), January 24, 2000.

Well, if I was a .gov type in a foriegn land, what better way for me to reduce costs than to let the good'ol USA print my money for me? Does anyone know the cost to the US taxpayer for printing physical money used by other nations? I know it must be a chunk of change, millions of bucks.

Kook

-- Y2Kook (Y2Kook@usa.net), January 24, 2000.

So, now the guys (NWO?) that own the FRB, will 'own' a little more of the world?

Crow

-- Eating Crow (suzan@monad.net), January 24, 2000.

Kook, I found the following link:

Monthly Government Outlays

On page 14 is breaks down the treasury outlays into its respective departments. It's difficult to read but if I get the meaning of it right, the Bureau of the Mint has spent 100 million so far THIS year, and the Bureau of Printing and Engraving has 11 million dollars so far this month budgeted, but hasn't (reported) spending any of it.

FWIW

-- Powder (Powder47keg@aol.com), January 24, 2000.

Sorry, I meant "Fiscal Year"

-- Powder (Powder47keg@aol.com), January 24, 2000.