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this post was submitted on 27 Nov 2023
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The reason this kind of thinking is popular among the masses is often because the local currency is worthless and subject to hyperinflation. So people see a stable currency in the US dollar, and the central bank of their country constantly failing to curb runaway inflation, and think oh lets just use the USD. Without considering any of the macroeconomic consequences of essentially having no domestic economic policy or economic sovereignty.
In Zimbabwe it's basically all South African Rands and US dollars for instance.