What would happen if other nations banned their local currency and adopted US dollars?

Let's say that Europe, Middle-East, Asia, Oceania, and South America ban their local currency and adopt US dollars. What would happen to our currency and standard of living? Is this possible for America to do with diplomacy? How can we encourage other nations to stop using their currency and start using ours, IF it helps us.|||In my home country we use the $ in parallel with our local currency.


It has benefits for us as the $ is generally stable so we fix our own currency to the $ which helps stabilize it.


Us using the $ also helps you because it increases demand on the $ which like everything else will gain value as it gains demand.





I don't see how the world can just drop all other currencies and deal with $ since there are so many variables to consider.





Imagine, it took europe decades of planning and a lot of efforts to launch the euro and then many years to completely substitute local currencies with it.





Consider something else. Wouldn't you be insulted if your government decides to drop the dollar and adopt...say the peso or the yen???





Apart from being a system for exchange, money is a part of any country's identity so both economics and politics have to be really though of before trying to find a valid way of doing what your are proposing.|||Obama is destroying the value of the US dollar.... why would anyone want to adopt it?|||Travelex would go out of business.





So basically if it helps "us" (I assume you mean the US) to possible the detriment of the rest of the world then that would be alright with you. How very American.





Unfortunately, the collapse of fiat money isn't prevented by the adoption of a single currency. Sorry, you're going down with the rest of of us!|||It will probably be more convenient LATER ON, but at first there might be some anarchy....|||if you notice


countries like Russia already do this as their currency was crap


lately in Asia they preferred Korean money over ours


and we are not the best investment in currency|||Our dollar has been plunging for over 7 months now. No one would want an unstable currency. Our economy is negatively effecting their monetary units indirectly as it is, and that's more than enough for most of them.|||it would mean inflation would rise and the worlds poor would increase just like in america|||The Euro and Pound Sterling make the US Dollar look like worthless tissue roll, why would we want to have your currency?|||the same thing that would happen if you got an education|||Why should we do that? It's bad enough that we have to endure plastic US 'culture' like McDonalds and Burger King in every High Street. Why would we want their currency too?|||I think if you really want to progress America would adopt some one Else's currency.Say the Pound STERLING for instance.