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"Now we prefer the euro. It gives us more riches." Taj Mahal no longer takes dollars!

techs

Lifer
Sep 26, 2000
28,561
3
0
http://news.yahoo.com/s/ap/200...on_bi_ge/diving_dollar

Dollar's clout sinks worldwide
AP Business Writer

Antique store owners in lower Manhattan, ticket vendors at India's Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don't want U.S. dollars.

Hit by a free fall with no end in sight, the once mighty U.S. dollar is no longer just crashing on currency markets and making life more expensive for American tourists and business people abroad; its clout is evaporating worldwide as foreign businesses and individuals turn to other currencies.

Experts say the bleak U.S. economic forecast means it will take years for the greenback to recover its value and prestige.

Negative dollar sentiment is growing in nations where the dollar was historically accepted as equal or better than local currency ? and dollar aversion is even extending to some quarters in the United States.

At the Taj Mahal, dollars were always legal tender, alongside rupees, for entry into the palace. But because of the falling value of the dollar, the government implemented a rupees-only policy a month ago. Indian merchants catering to tourists have also turned bearish on the dollar.

"Gone are the days when we used to run after dollars, holding onto them for rainy days," said Vijay Narain, a tour operator in the city of Agra where the Taj Mahal is located. "Now we prefer the euro. It gives us more riches."

In Bolivia, billboards feature George Washington's image on a $1 bill alongside a bright pink 500 euro note, encouraging savers to turn to the euro to tuck away money earned abroad or sent home in remittances.

"If the dollar's going down ... save it in Euros!!!" say the signs popping up around La Paz for Bolivia's Banco Bisa.




Wow. Just Wow. After our first budget surplus in many, many years, it only took Bush 7 years to make the dollar less valued than the rupee!.
Spectacular!
Fail.
 

Starbuck1975

Lifer
Jan 6, 2005
14,663
1,887
126
Some analysts would tell you that devaluation of the dollar is not necessarily a bad thing for our long term economic interests.

Recent headlines of BMW moving production to the USA, and others, suggest that a devalued dollar, or at least one more in line with the world economy, will actually create jobs here, and provide a boon to demand for now more affordable American technologies, products and services.

I don't remember which thread it was in, but one forum poster provided a rather lengthy and quite interesting analysis that suggests dollar devaluation was actually an intended strategic economic decision.

A devalued dollar will also reduce outsourcing to a certain extent, which is also a good thing.

Let the world switch the Euros...that decision is short sighted, as there is a bubble factor to the surge of the Euro...France and Germany cannot sustain the Euro forever with their economies.
 

Genx87

Lifer
Apr 8, 2002
41,061
494
126
The Bush administration has pursued a develuation of the dollar since he came into office. What we are seeing are the results. Higher cost of oil, but in an increase in production stateside and a lowering of our import deficit.

My big concern now is the lowering of the interest rate while we see higher inflation might cause an out of control inflationary cycle. Kind of worries me but I have heard the great depression was helped along due to the lack of liquidity in the markets. So if they raised rates it could be worse.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
2
0
Some analysts would tell you that devaluation of the dollar is not necessarily a bad thing for our long term economic interests.
Every cloud has a silver lining, but this is a storm cloud. If a weak dollar is worth while, a government can make one any time it wants by just printing money and dropping it out of airplanes. Germany did it to pay off its great debt, maybe the US needs to do it to pay of its near doubling of debt in two short terms of bush.
 

Deadtrees

Platinum Member
Dec 31, 2002
2,351
0
0
Having U.S dollar as an international curreny has been the best economical weapon for the U.S.

U.S gov. did print out dollars in order to stay above the surface. It worked when it worked but as more private firms and foreign goverments are throwing away dollars, the value of U.S dollar is going down hill. Pretty fast, too.
 

rasczak

Lifer
Jan 29, 2005
10,453
20
81
Originally posted by: techs
http://news.yahoo.com/s/ap/200...on_bi_ge/diving_dollar

Dollar's clout sinks worldwide
AP Business Writer

Antique store owners in lower Manhattan, ticket vendors at India's Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don't want U.S. dollars.

Hit by a free fall with no end in sight, the once mighty U.S. dollar is no longer just crashing on currency markets and making life more expensive for American tourists and business people abroad; its clout is evaporating worldwide as foreign businesses and individuals turn to other currencies.

Experts say the bleak U.S. economic forecast means it will take years for the greenback to recover its value and prestige.

Negative dollar sentiment is growing in nations where the dollar was historically accepted as equal or better than local currency ? and dollar aversion is even extending to some quarters in the United States.

At the Taj Mahal, dollars were always legal tender, alongside rupees, for entry into the palace. But because of the falling value of the dollar, the government implemented a rupees-only policy a month ago. Indian merchants catering to tourists have also turned bearish on the dollar.

"Gone are the days when we used to run after dollars, holding onto them for rainy days," said Vijay Narain, a tour operator in the city of Agra where the Taj Mahal is located. "Now we prefer the euro. It gives us more riches."

In Bolivia, billboards feature George Washington's image on a $1 bill alongside a bright pink 500 euro note, encouraging savers to turn to the euro to tuck away money earned abroad or sent home in remittances.

"If the dollar's going down ... save it in Euros!!!" say the signs popping up around La Paz for Bolivia's Banco Bisa.




Wow. Just Wow. After our first budget surplus in many, many years, it only took Bush 7 years to make the dollar less valued than the rupee!.
Spectacular!
Fail.

Kinda a feels like the peso all over again doesn't it? not to say that the peso was ever equal to the dollar in anyway, just remids me of that currency going down the toilet.
 

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