Panama, Ecuador, El Salvador, East Timor, the Federates States of Micronesia and the Marshall Islandss are dollarized.

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Much of the world is dollarized no matter the currency used locally.

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Ecuador dollarized its currency, pegging the exchange rate of its peso to the dollar, and Panama has used the dollar alongside its own currency for decades.

FORBES: Magazine Article

Of course, dollarized countries, not to mention the U.S. itself, would benefit even more if the Federal Reserve ceased its deflation-oriented policies and pumped sufficient liquidity into the American banking system.

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And with a dollarized monetary regime, the M3 measure of broad money would soar from its current anemic annual growth rate of about 6% to between 20% and 30%.

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The global village is already getting dollarized--this is the way Russians pay for used cars, for instance, or the way Ecuadorians pay for everyday things--and we might as well encourage the practice.

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El Salvador dollarized about a year ago.

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Zimbabwe is effectively dollarized.

FORBES: 40 Years Of Floating Money, 40 Years Of The Average Worker Getting Poorer