oldeuropean
Posts: 1686
Joined: Thu May 19, 2005 5:19 pm

American Dollars? No, Thank You!

Tue Nov 06, 2007 8:18 am

More and more celebrities deny to be paid in US Dollar. Giselle Bündchen is the next:

http://www.bloomberg.com/apps/news?p...601109&sid=aUdDmoYyZhdY&refer=home

Axel
Wer nichts weiss muss alles glauben
 
Banco
Posts: 14343
Joined: Mon Oct 29, 2001 11:56 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 11:37 am

Currencies go up and down. Right now people don't want to be paid in dollars. In ten years time they might baulk at being paid in euros, pounds or yen. Hardly surprising that people want to be paid in currency that gains them the most.
She's as nervous as a very small nun at a penguin shoot.
 
N1120A
Posts: 26467
Joined: Sun Dec 14, 2003 5:40 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 11:38 am

Goodness I wish I had stockpiled Euros back when I paid $0.88 for them.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
767Lover
Posts: 3254
Joined: Fri Sep 26, 2003 6:32 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 12:00 pm

Does anyone know anything about the value of currency that no longer is in production? I have a bunch of pre-Euro stuff and wondered if it will be worth anything someday. My father-in-law just sold a coin collection for $150K!
 
MD11Engineer
Posts: 13916
Joined: Sun Oct 26, 2003 5:25 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 12:04 pm

Quoting Banco (Reply 1):
Currencies go up and down. Right now people don't want to be paid in dollars. In ten years time they might baulk at being paid in euros, pounds or yen. Hardly surprising that people want to be paid in currency that gains them the most.

As long as it is only some celebreties who insist on getting paid in Euros, it is ok, but the moment e.g. the oil producers decide that selling their oil in dollars will not bring them enough profit and insist on getting paid either in Pound Sterling or Euros, there will be a problem.

Jan
Je Suis Charlie et je suis Ahmet aussi
 
Banco
Posts: 14343
Joined: Mon Oct 29, 2001 11:56 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 12:10 pm

Quoting MD11Engineer (Reply 4):
but the moment e.g. the oil producers decide that selling their oil in dollars will not bring them enough profit and insist on getting paid either in Pound Sterling or Euros, there will be a problem.

The US dollar will not be the global reserve currency forever, any more than Roman Gold, Spanish dollars or Pounds Sterling were going to be. Yes, at some indeterminate point in the future we will have a problem when that happens, but i suspect at that point there will be another currency to move to, be it Euro or whatever else. And the sun will still come up.
She's as nervous as a very small nun at a penguin shoot.
 
MD11Engineer
Posts: 13916
Joined: Sun Oct 26, 2003 5:25 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 12:17 pm

Quoting Banco (Reply 5):
Yes, at some indeterminate point in the future we will have a problem when that happens, but i suspect at that point there will be another currency to move to, be it Euro or whatever else. And the sun will still come up.

It wouldn't be a problem for us in Europe if the Euro or the Pound take over, but it would definitely hurt the American economy big time. Prices there would skyrocket. Even at the moment we don't feel too much of the rise of oil prices in Europe due to the fact that part of the increase in price (in dollars) is taken up by the drop in dollars versus the Euro. I've read a few days ago that, if not for the drop of the dollar in relation to the Euro one litre of petrol in Germany wouldn't cost Euro 1.40 but Euro 1.70.

Jan
Je Suis Charlie et je suis Ahmet aussi
 
Banco
Posts: 14343
Joined: Mon Oct 29, 2001 11:56 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 12:22 pm

Quoting MD11Engineer (Reply 6):
I've read a few days ago that, if not for the drop of the dollar in relation to the Euro one litre of petrol in Germany wouldn't cost Euro 1.40 but Euro 1.70.

It's an interesting point, isn't it? When we keep reading how the price of oil has skyrocketed, I wonder how many people have taken into account the fall in the value of the US dollar at the same time.

Quoting MD11Engineer (Reply 6):
It wouldn't be a problem for us in Europe if the Euro or the Pound take over, but it would definitely hurt the American economy big time.

Well, anything that hurts the US economy does hurt us too, no doubt about that.
She's as nervous as a very small nun at a penguin shoot.
 
767Lover
Posts: 3254
Joined: Fri Sep 26, 2003 6:32 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 12:26 pm

The article is a little misleading and sensationalized.

Gisele Bundchen wants to remain the world's richest model and is insisting that she be paid in almost any currency but the U.S. dollar.

Actually, she asked to be paid in euros for her most recent contract...not "almost any currency but the USD"

Contracts starting now are more attractive in euros because we don't know what will happen to the dollar,'' Patricia Bundchen, the model's twin sister and manager in Brazil, said in a telephone interview in September from Sao Paulo. She declined to discuss details of the arrangements last week.

Also, the "sky is falling" tone of the beginning of the article is tempered toward the end:

U.S. exports were a record $138.2 billion in August, government data show. Net exports added 0.93 percentage point to U.S. gross domestic product last quarter, offsetting a 1.05 percentage point drag from housing, government data show.

''As long as the dollar's decline doesn't trigger inflation, it's a good thing, helping the U.S. economy to stay out of recession,'' said Robert Mundell, a professor at Columbia University in New York who won the Nobel Prize for economics in 1999.


I found this fascinating:

The five-year, 67 percent drop against the Canadian dollar has made it cheaper for fans from Toronto to drive the 110 miles (177 kilometers) to Orchard Park, New York, to watch the Buffalo Bills play football.

Canadians account for 11 percent of the team's season tickets this year, up from 6.5 percent in 2005, according to Scott Berchtold, the Bills' vice president of communications. At yesterday's annual Canada Day game, where the Bills beat the Cincinnati Bengals, a record 23 percent of the 70,745 fans were from Canada, he estimated.
 
AA7295
Posts: 457
Joined: Fri Aug 03, 2007 8:19 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 12:58 pm

The US economy is worth more than US$28 trillion, four time as large as the next largest being Japan with US$7 trillion. Economies do go up and down. This could be the 21st Century start to the great depression. I say lets start it and get it over and done with.

If the US economy fails, it will affect the entire world. Who would buy Chinese, Japanese and European made products. Look at most European companies and the US market alone accounts for at least 20% of their profit.

I have a sneaking suspicion that the USA needs to deal with their national debt. It's rising rapidly. The solution, bring in the democrats because historically they reduce national debt. I have a question for all the economists. What will happen if the USA defaults on their borrowings? Currently debt is around $14 trillion while their eceonomy is worth $28 trillion. What would happen to their economy should debt go to around $30 trillion???
 
Banco
Posts: 14343
Joined: Mon Oct 29, 2001 11:56 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 1:12 pm

Quoting AA7295 (Reply 9):
What will happen if the USA defaults on their borrowings?

Jesus Christ!  Wow!

Complete global economic collapse! The entire economic fabric of the world would dissolve. There is absolutely no prospect whatsoever of that happening, thank God.
She's as nervous as a very small nun at a penguin shoot.
 
baroque
Posts: 12302
Joined: Thu Apr 27, 2006 2:15 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 1:45 pm

Quoting Banco (Reply 7):
It's an interesting point, isn't it? When we keep reading how the price of oil has skyrocketed, I wonder how many people have taken into account the fall in the value of the US dollar at the same time.

The non-US oil companies for starters have noticed, together with all the oil and gas exporting countries! When the Aus dollar was at about 65c to the USD oil was at about 65$ and now it is at 92c, oil is at about USD95. Gold has been almost constant over the year in $Aus but is about 30% up in USD. So not only oil, but all the other commodities priced in USD, coal, metals, iron ore, you name it.

In 1973, we had a Min for Mines called Rex Connor who called our mining companies a bunch of hill-billies for writing their contracts in USD and was abused for his cheek. Perhaps his views will come back into fashion.
 
Toast
Posts: 1249
Joined: Thu Aug 30, 2007 4:04 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 3:08 pm

Quoting 767Lover (Reply 3):
Does anyone know anything about the value of currency that no longer is in production? I have a bunch of pre-Euro stuff and wondered if it will be worth anything someday.

Your pre-euro currency still has the same nominal value as it had when its exchange rate to the euro was established. So even though it isn't legal tender anymore, you can still exchange it against a nice, crisp pile of euros.  Smile The hassle is that you can only do it at the central bank of the country it was issued in. AFAIK, only coins aren't exchangeable anymore in most member states.

I have no idea whether you can exchange your money by correspondence from abroad. Maybe the European Central Bank can help you out. (www.ecb.eu).
Shit Piss Fuck Cunt Cocksucker Motherfucker Tits
 
aerobalance
Posts: 4308
Joined: Sat Sep 23, 2000 8:35 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 3:09 pm

LOL, I've known why my European customers have waited til the 30th day of a Net 30 days term to pay up - can't blame them!
"Sing a song, play guitar, make it snappy..."
 
L-188
Posts: 29881
Joined: Wed Jul 07, 1999 11:27 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 3:22 pm

Quoting AA7295 (Reply 9):
f the US economy fails, it will affect the entire world. Who would buy Chinese, Japanese and European made products.

Especially the Chinese, who tie their currency to the Dollar.
OBAMA-WORST PRESIDENT EVER....Even SKOORB would be better.
 
MD11Engineer
Posts: 13916
Joined: Sun Oct 26, 2003 5:25 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 3:31 pm

Quoting Toast (Reply 12):
Quoting 767Lover (Reply 3):
Does anyone know anything about the value of currency that no longer is in production? I have a bunch of pre-Euro stuff and wondered if it will be worth anything someday.

Your pre-euro currency still has the same nominal value as it had when its exchange rate to the euro was established. So even though it isn't legal tender anymore, you can still exchange it against a nice, crisp pile of euros. Smile The hassle is that you can only do it at the central bank of the country it was issued in. AFAIK, only coins aren't exchangeable anymore in most member states.

I have no idea whether you can exchange your money by correspondence from abroad. Maybe the European Central Bank can help you out. (www.ecb.eu).

On the other hand, some of the money might have developed a collector's value by now.

Jan
Je Suis Charlie et je suis Ahmet aussi
 
LH423
Posts: 5868
Joined: Sun Jul 11, 1999 6:27 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 3:48 pm

Quoting MD11Engineer (Reply 6):
, if not for the drop of the dollar in relation to the Euro one litre of petrol in Germany wouldn't cost Euro 1.40 but Euro 1.70.

They're saying the same thing here in Canada. Oil has never been higher yet gas in the Ottawa area refuses to break the $1,00 mark. At least the last time I looked. I don't drive so I don't often see gas stations. But, gas prices are definitely lower than they should be if the CAD wasn't trading above the USD ($1.07 as of yesterday).

Quote:
Gisele Bundchen wants to remain the world's richest model and is insisting that she be paid in almost any currency but the U.S. dollar.

Maybe she should be paid in Brazilian reals.  devil 

LH423
« On ne voit bien qu'avec le cœur. L'essentiel est invisible pour les yeux » Antoine de Saint-Exupéry
 
Flighty
Posts: 7686
Joined: Thu Apr 05, 2007 3:07 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:04 pm

Quoting LH423 (Reply 16):
Maybe she should be paid in Brazilian reals.

She does take Reals. Another article said so.

Quoting AA7295 (Reply 9):
I have a sneaking suspicion that the USA needs to deal with their national debt. It's rising rapidly. The solution, bring in the democrats

Hardly. The democrats have been lucky. For example during the 1990s we would have had a boom no matter what. Tax policy did not cause the boom. But Clinton certainly deserves credit for not *destroying* the boom. Which Bush did.

The USA is dealing with its debt by devaluing its currency (which devalues the debt). Additionally, this causes imports to fall and exports to rise. This allows the USA to get rid of its deficit and start paying down debt. The USA still has a lot of human capital, machinery, and talent. The USA participates in the top rung of most every industry, so in that sense the USA can just charge more dollars and endure a bit of inflation. I think inflation is likely to happen in the USA in order to pay for the Iraq War. It'd uncivilized, but it gets the job done.
 
MD11Engineer
Posts: 13916
Joined: Sun Oct 26, 2003 5:25 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:17 pm

Quoting Flighty (Reply 17):
The USA is dealing with its debt by devaluing its currency (which devalues the debt).

But this is exactly what Germany did in 1920 to pay the reparations after WW1. Ok, the country exported more (though back then countries were usually more protectionist, e.g. the famous "Made in Germany" label introduced by the British, which backfired because many German products were of a higher quality than British ones and instead of blocking German imports became a sign of quality). The result was that a few people profited from the drop in value of the Reichsmark, but the majority of the population became impoverished.

Jan
Je Suis Charlie et je suis Ahmet aussi
 
AM744
Posts: 1435
Joined: Thu Jun 07, 2001 11:05 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:19 pm

Quoting LH423 (Reply 16):
Maybe she should be paid in Brazilian reals.

Even those might be rising against the USD. The MXP has.
 
User avatar
WildcatYXU
Posts: 2607
Joined: Sat May 06, 2006 2:05 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:26 pm

Quoting Flighty (Reply 17):
The USA is dealing with its debt by devaluing its currency (which devalues the debt). Additionally, this causes imports to fall and exports to rise.

 checkmark 

Some of my friends who have customers from the US can already feel it. Projects that were profitable two years ago are getting very close to red numbers. I wonder how much longer will it take to the jobs exported from the US to come back...
310, 319, 320, 321, 333, 343, 345, 346, 732, 735, 73G, 738, 744, 752, 762, 763, 77L, 77W, 788, AT4, AT7, BEH, CR2, CRA, CR9, DH1, DH3, DH4, E75, E90, E95, F28, F50, F100, Saab 340, YAK40
 
Banco
Posts: 14343
Joined: Mon Oct 29, 2001 11:56 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:28 pm

Quoting MD11Engineer (Reply 18):
though back then countries were usually more protectionist

They were only protectionist in that immediate period post-WWI. Previous to that, the Pax Britannica had ensured free trade across most of the world - because it was in Britain's interests of course.
She's as nervous as a very small nun at a penguin shoot.
 
LH423
Posts: 5868
Joined: Sun Jul 11, 1999 6:27 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:43 pm

Quoting AM744 (Reply 19):
Even those might be rising against the USD. The MXP has.

Dare I say that the value of flatulence is rising against the USD.  biggrin 

LH423
« On ne voit bien qu'avec le cœur. L'essentiel est invisible pour les yeux » Antoine de Saint-Exupéry
 
Derico
Posts: 4209
Joined: Mon Dec 20, 1999 9:14 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:45 pm

Quoting LH423 (Reply 16):
Maybe she should be paid in Brazilian reals

Actually every currency in Latin America has moved significantly higher to the dollar:

Brazilian real: 2,90 to 1,70
Colombian Peso: 2.700 to 1.900
Chilean Peso: 620 to 510
Peruvian Sol: 3,60 to 3,27
Uruguayan Peso: 31 to 24 (and they are next to Argentina)
Mexican Peso: 11,2 to 10,7

The only currency that has not appreciated is the Argentine Peso, which has actually devalued against the dollar. And since the rest of the world's currencies have risen against the dollar, they have appreciated double.

Quoting AA7295 (Reply 9):
The US economy is worth more than US$28 trillion,

No way it is. The World economy is about 42 trillion, and there's no way the US is 60% of world GDP. Even at the peak of US economic power in the 1950s (with a destroyed Europe, a still struggling Japan, and China, India, Brazil etc still underdeveloping), it was 50% of world GDP.
My internet was not shut down, the internet has shut me down
 
LH423
Posts: 5868
Joined: Sun Jul 11, 1999 6:27 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:48 pm

Quoting Derico (Reply 23):
The only currency that has not appreciated is the Argentine Peso, which has actually devalued against the dollar.

And I trust you'll be doing your best to keep it that way until the after the next time I visit Argentina? lol

Why is that, out of curiosity? I recall it getting better for a while after I was last in Argentina in 2005.

LH423
« On ne voit bien qu'avec le cœur. L'essentiel est invisible pour les yeux » Antoine de Saint-Exupéry
 
Derico
Posts: 4209
Joined: Mon Dec 20, 1999 9:14 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:57 pm

Quoting LH423 (Reply 24):
Why is that, out of curiosity? I recall it getting better for a while after I was last in Argentina in 2005.

It's being artificially devalued by the Central Bank buying record amount of dollars, reserves are approaching 50 billion, for a country of 38 million that is a substantial amount, adding extra liquidity to the economy to keep it growing at high rates, and doing a few other tricks like re-buying repos and stuff.

Of course the byproduct of such policy is high inflation in the 15-20% range, one of the highest in Latin America.

As with everything in Argentina, we go from one extreme (having a currency more expensive than the US dollar in real terms in the 1990s), to having one that is by many analysts 30% undervalued. The reasoning of that is too keep real wages low and prices of utilities and other things low, to make it competitive to export. Of course, because the country still has a dubious investment policy, it has not attracted all the investment it could have with such a competitive exchange rate against every currency on this planet from the dollar, to the yen, to the Bolivian Boliviano.
My internet was not shut down, the internet has shut me down
 
Arrow
Posts: 2325
Joined: Wed Jun 19, 2002 7:44 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 5:57 pm

Quoting Banco (Reply 5):
And the sun will still come up.

Not in Washington.  Smile

This affects me personally. I have a client in New York who has owed me about $US1500 for nearly six weeks now. When I did the work, the Cdn dollar hadn't reached par yet; today it is trading at $1.08. If this keeps up, pretty soon I'll owe him money.
Never let the facts get in the way of a good story.
 
slider
Posts: 6806
Joined: Wed Feb 25, 2004 11:42 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 6:28 pm

Gisele, that economics major...

Hey baby, go back and give Tom Brady some love. And shut up.
 
MD11Engineer
Posts: 13916
Joined: Sun Oct 26, 2003 5:25 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 6:42 pm

Quoting Slider (Reply 27):
Gisele, that economics major...

She sees it quite right: If she gets paid in dollars, she is loosing money.

Jan
Je Suis Charlie et je suis Ahmet aussi
 
N1120A
Posts: 26467
Joined: Sun Dec 14, 2003 5:40 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 7:13 pm

Quoting Banco (Reply 7):

It's an interesting point, isn't it? When we keep reading how the price of oil has skyrocketed, I wonder how many people have taken into account the fall in the value of the US dollar at the same time.

I don't think many people have.

Quoting Banco (Reply 7):

Well, anything that hurts the US economy does hurt us too, no doubt about that.

That all depends.

Quoting AA7295 (Reply 9):

I have a sneaking suspicion that the USA needs to deal with their national debt.

Ya think? The national debt is the most serious problem facing this country.

Quoting L-188 (Reply 14):

Especially the Chinese, who tie their currency to the Dollar.

They can float anytime they want.

Quoting Slider (Reply 27):
Gisele, that economics major...

I am thinking she has far more money that most anyone, if not anyone, on this site.
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
slider
Posts: 6806
Joined: Wed Feb 25, 2004 11:42 pm

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 7:20 pm

Quoting N1120A (Reply 29):

I am thinking she has far more money that most anyone, if not anyone, on this site.

That doesn't mean she has a brain to go with it.

In fact, I’d say standing around in lingerie is probably one of her best attributes, and that’s not a skill nor a talent.

With all of the more pressing priorities in the world, listening to a vapid supermodel yammer on about how she wants to be paid should be about as important as us trying to figure out which came first, the chicken or the egg.

Hey Gisele baby, come here, I have a dollar for your g-string…
 
MD11Engineer
Posts: 13916
Joined: Sun Oct 26, 2003 5:25 am

RE: American Dollars? No, Thank You!

Tue Nov 06, 2007 7:33 pm

Quoting Slider (Reply 30):
In fact, I�d say standing around in lingerie is probably one of her best attributes, and that�s not a skill nor a talent.

You could try it and see if somebody (outside the "Blue Oyster" bar) wants to buy the pictures.  tongue 

Jan
Je Suis Charlie et je suis Ahmet aussi
 
Arrow
Posts: 2325
Joined: Wed Jun 19, 2002 7:44 am

RE: American Dollars? No, Thank You!

Wed Nov 07, 2007 5:07 pm

There's a momentum building here that does not look healthy. The world will not be improved by a collapse of the US dollar, but we're getting dangerously close to a critical mass here where everyone bails out like it was failing bank. It's hard to know what would stop the roller coaster.

http://www.reportonbusiness.com/serv....wloonie1107/BNStory/Business/home

Excerpt:

China sends loonie flying above $1.10
TAVIA GRANT
Globe and Mail Update
November 7, 2007 at 11:39 AM EST
China's move to diversify its $1.43-trillion (U.S.) in foreign reserves caused a collapse in the U.S. dollar Wednesday and sent the Canadian currency hurtling over the $1.10 mark.
Never let the facts get in the way of a good story.
 
deltagator
Posts: 6170
Joined: Fri Sep 23, 2005 9:56 am

RE: American Dollars? No, Thank You!

Wed Nov 07, 2007 5:17 pm

Quoting N1120A (Reply 2):
Goodness I wish I had stockpiled Euros back when I paid $0.88 for them.

Why? You trying to get in the sack with a UA stewardess now and she is more high maintenance?  Wink
"If you can't delight in the misery of others then you don't deserve to be a college football fan."
 
mham001
Posts: 4237
Joined: Thu Feb 03, 2005 4:52 am

RE: American Dollars? No, Thank You!

Wed Nov 07, 2007 5:35 pm

Quoting AA7295 (Reply 9):
I have a sneaking suspicion that the USA needs to deal with their national debt. It's rising rapidly. The solution, bring in the democrats because historically they reduce national debt.

I assume you are talking about the late 90's. If so, you need to remember it was the Republican controlled Congress that led Clinton, kicking and screaming, towards deficit reduction.
I believe its not so much the debt, its the trade deficit that we need to deal with. Our budget deficit has been higher before and as a percentage of GDP, is lower than some other industrialized economies.

Quoting Flighty (Reply 17):
But Clinton certainly deserves credit for not *destroying* the boom. Which Bush did.

Bullocks, the economy had already started its downward cycle before any votes were ever cast for Bush.
 
StarAC17
Posts: 3400
Joined: Thu Aug 07, 2003 11:54 am

RE: American Dollars? No, Thank You!

Wed Nov 07, 2007 5:39 pm

Soon NHL players on Canadian teams will want to be payed in Canadian.
Engineers Rule The World!!!!!
 
PPVRA
Posts: 7878
Joined: Fri Nov 12, 2004 7:48 am

RE: American Dollars? No, Thank You!

Wed Nov 07, 2007 5:51 pm

Quoting Slider (Reply 27):
Gisele, that economics major...

She probably knows a thing or two from experience in her home country.
"If goods do not cross borders, soldiers will" - Frederic Bastiat
 
Tom in NO
Posts: 6725
Joined: Thu Nov 11, 1999 10:10 am

RE: American Dollars? No, Thank You!

Wed Nov 07, 2007 6:38 pm

I forget what comedy show I saw it on, and it must be at least 20 years ago...but there was line in it to wit: "it's nice that they take dollars these days, and don't want something of value." Little did they know...

Tom at MSY
"The criminal ineptitude makes you furious"-Bruce Springsteen, after seeing firsthand the damage from Hurricane Katrina
 
usflyer msp
Posts: 2195
Joined: Tue May 23, 2000 11:50 am

RE: American Dollars? No, Thank You!

Wed Nov 07, 2007 8:20 pm

Quoting 767Lover (Reply 8):
The five-year, 67 percent drop against the Canadian dollar has made it cheaper for fans from Toronto to drive the 110 miles (177 kilometers) to Orchard Park, New York, to watch the Buffalo Bills play football.

Canadians account for 11 percent of the team's season tickets this year, up from 6.5 percent in 2005, according to Scott Berchtold, the Bills' vice president of communications. At yesterday's annual Canada Day game, where the Bills beat the Cincinnati Bengals, a record 23 percent of the 70,745 fans were from Canada, he estimated.

I was in Buffalo a few weeks ago and make the mistake of attempting to go to the mall. There were Canadians everywhere, at least half of the people, due to the currency strength. I couldn't even find a parking space (which is traditionally not a problem anywhere in Buffalo) due to all the Canucks so I just went back to my parents house. But they were parking on the sidewalks it so bad. It reminded me alot of when Icelandic people hit the malls here in MSP and just go hog wild. But, I guess it does help Buffalo's economy which I am in favor of.
 
User avatar
Aaron747
Posts: 8545
Joined: Thu Aug 07, 2003 2:07 am

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 12:59 am

Quoting Banco (Reply 7):
It's an interesting point, isn't it? When we keep reading how the price of oil has skyrocketed, I wonder how many people have taken into account the fall in the value of the US dollar at the same time.

Americans don't think about these things much at all. A few comments I liked from Jim Rogers on FT:

The dollar is a flawed currency. America owes the world $13,000bn - a figure that is growing by $1,000 every 15 months. Rogers finds this terrifying and cannot for the life of him think why anyone would want to own a currency that has been debased in this way. He is quite happy to blame Fed chairman Ben Bernanke:

"The head of the central bank has been printing money since he got there. This is a man whose whole intellectual career has been spent studying the printing of money — and now America has given him the printing presses. I don’t want to be in a currency like that."

Bernanke, Rogers says, has been a disaster - witness his decision to bail out his friends on Wall St in the summer, cutting interest rates because the stock market had fallen 6 per cent.

"What’s he going to do when the market is down 36 per cent? What’s he going to do when there’s a real crisis?"


http://ftalphaville.ft.com/blog/2007...bles-and-bernankes-printing-press/
If you need someone to blame / throw a rock in the air / you'll hit someone guilty
 
CupraIbiza
Posts: 547
Joined: Mon Feb 26, 2007 1:55 pm

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 1:39 am

Quoting MD11Engineer (Reply 4):
it is ok, but the moment e.g. the oil producers decide that selling their oil in dollars will not bring them enough profit and insist on getting paid either in Pound Sterling or Euros, there will be a problem.

They wont do that. The last one who tried that was Mr Hussein of Iraq

Quoting Baroque (Reply 11):
Min for Mines called Rex Connor

Oh Baroque!! Dont get me started on that era!!
Everyday is a gift…… but why does it have to be a pair of socks?
 
N1120A
Posts: 26467
Joined: Sun Dec 14, 2003 5:40 pm

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 4:22 am

Quoting Slider (Reply 30):

That doesn't mean she has a brain to go with it.

It means she has management that are making the deals for her.

Quoting DeltaGator (Reply 33):

Why? You trying to get in the sack with a UA stewardess now and she is more high maintenance?

Cute. Actually, I am off on a trip to Morocco tomorrow and the room is priced in Euros, which would be a lot more palatable at $0.88 than at $1.47. Also spending a night in England, so I am wishing the rate was the $1.30 I paid in 2001 and not $2.09
Mangeons les French fries, mais surtout pratiquons avec fierte le French kiss
 
L-188
Posts: 29881
Joined: Wed Jul 07, 1999 11:27 am

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 4:45 am

Quoting N1120A (Reply 29):
Quoting L-188 (Reply 14):

Especially the Chinese, who tie their currency to the Dollar.

They can float anytime they want

They can but not without causing significant harm to themselves since they hold so much of our debt.

Quoting Mham001 (Reply 34):
Bullocks, the economy had already started its downward cycle before any votes were ever cast for Bush.

Agreed, the economy started headed the wrong way about six months prior to the election, but nobody noticed because it was an election cycle and economies do tend to head south prior to them, something to do with the uncertainty of who will take over.

Markets don't like uncertainty
OBAMA-WORST PRESIDENT EVER....Even SKOORB would be better.
 
luisde8cd
Posts: 2444
Joined: Thu Aug 12, 2004 12:02 am

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 6:55 am

Quoting Derico (Reply 23):
Actually every currency in Latin America has moved significantly higher to the dollar:

Venezuela's Bolivar has gone from 2800 Bs/USD on Nov 2006 to 6600Bs/USD in Nov 2007, that's a 135% devaluation against the USD.

Quoting Derico (Reply 25):
Of course the byproduct of such policy is high inflation in the 15-20% range, one of the highest in Latin America.

Venezuela's real inflation is around 25-30% and the government's inflation rate is 15%.


Saludos desde Monterrey,
Luis
 
Flighty
Posts: 7686
Joined: Thu Apr 05, 2007 3:07 am

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 7:15 am

Quoting Arrow (Reply 32):
It's hard to know what would stop the roller coaster.

Lots of things... the world buying US assets, which are very valuable... The world building new factories or law offices / drug research centers in the USA... you name it.

The USA has been importing too much stuff lately, exporting jobs overseas. That, too will backwash a little bit as we realize we can stay put (since foreign wages increased in our view) and run our businesses locally, exporting if needed. The USA is a good place to open new businesses. Perhaps people have heard of Google, Apple, etc...

It is neat to watch the world economy shift gears. But there is nothing inherently dangerous about it. There was pent-up energy that is being released now, which will allow the world economy to function more strongly. This will be mostly good for the USA.

Plus, if we are worried about the dollar risks (as we should be) we are free to diversify our investments into Europe, China, Japan, etc... and many of us have done that recently. A lot of our rich people do not care what happens to the dollar.

Finally, I would say this. The dollar has fallen a lot. This has been orderly and smooth. But I would not be short-selling the dollar right now. These nations take 5-10 years to adjust to exchange rate shifts. We just had a whopper of a shift. This much shift is already more than enough to reap big changes ahead. People who think the Euro will be wirth $2.00 or $2.25, I really question that. I do not think such a strong Euro would be sustainable... nor should Europe want that, and the President of France agrees with me.
 
BA
Posts: 10133
Joined: Fri May 19, 2000 11:06 am

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 7:32 am

What does a supermodel know about currency valuation?  duck 

 Wink
"Generosity is giving more than you can, and pride is taking less than you need." - Khalil Gibran
 
Klaus
Posts: 20594
Joined: Wed Jul 11, 2001 7:41 am

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 9:33 am

Quoting CupraIbiza (Reply 40):
They wont do that. The last one who tried that was Mr Hussein of Iraq

And look where the invasion that followed has brought the USA!

The US simply doesn't have many expendable resources left to stem that tide another time - and oil has already begun to be priced in Euro de facto when you're looking at the price. The main thing missing these days is the label.

Quoting Flighty (Reply 44):
eople who think the Euro will be wirth $2.00 or $2.25, I really question that. I do not think such a strong Euro would be sustainable... nor should Europe want that, and the President of France agrees with me.

When it's primarily the US Dollar falling against all other currencies, we're not talking so much about a strong Euro as about a weak Dollar - and the rest of the global economy would certainly be bothered, but not killed by the Dollar sliding further if the underlying weaknesses aren't addressed (such as the trade deficit and the out-of-control military spending).
 
oldeuropean
Posts: 1686
Joined: Thu May 19, 2005 5:19 pm

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 10:46 am

Quoting 767Lover (Reply 3):
Does anyone know anything about the value of currency that no longer is in production? I have a bunch of pre-Euro stuff and wondered if it will be worth anything someday. My father-in-law just sold a coin collection for $150K!

Some Mark and Pfennig coins can be worth up to 500 Euros. It depends on the year of issue and the place, where they were produced (single letters on the coins dedicate where in Germany they are minted).
I thing the same applies for the other currencies. Take a look at Ebay. It's a good overlook over the prices of coins and banknotes. In some cases you can make more money by auction them there, instead of bringing them to a bank.

Axel
Wer nichts weiss muss alles glauben
 
baroque
Posts: 12302
Joined: Thu Apr 27, 2006 2:15 pm

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 10:57 am

Quoting CupraIbiza (Reply 40):
Quoting Baroque (Reply 11):
Min for Mines called Rex Connor

Oh Baroque!! Dont get me started on that era!!

Best to find out what actually happened and not the fictions from the Liberal party. Connors negotiations with Khemlani were indeed a scandal and he was sacked for them, but he before that he did manage to raise coal prices by the highest % amount ever until the rise in 2004. He did that by sidelining the coal companies and sending his own delegation to Japan to negotiate backed by his own technical experts from CSIRO. That was worth some billions to Aus until of course Fraser relaxed the export controls that Connor imposed.

Also try tracking the Utah sinking fund after GE bought Utah - the money vanished between that purchase and the resale of the mines to BHP. Courtesy of the Fraser government and guess who as Treasurer.
 
CupraIbiza
Posts: 547
Joined: Mon Feb 26, 2007 1:55 pm

RE: American Dollars? No, Thank You!

Thu Nov 08, 2007 2:09 pm

Hey I will read anything written by anyone! cant find anything about Utah and GE on the net. Maybe I would need to go into those buildings that have rows and rows of books. What are the called again and where the hell are they!

Connors may have done lots of good that I am unaware of. I can comfortably admit it (just like I often admit Hawke/Keatings reforms of the 80s are what set us up for our current prosperity) Having said that he will always be remembered for the Khemlani affair
Everyday is a gift…… but why does it have to be a pair of socks?

Who is online

Users browsing this forum: aerlingus747, Bing [Bot] and 9 guests