grimmeissen
Administrator
Join Date: 1/14/2004
Posts: 1217
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Posted: 2/6/2008 6:13:43 PM
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Quote: In the latest example that the U.S. dollar just ain't what it used to be, some shops in New York City have begun accepting euros and other foreign currency as payment for merchandise.
"We had decided that money is money and we'll take it and just do the exchange whenever we can with our bank," Robert Chu, owner of East Village Wines, told Reuters television.
The increasingly weak U.S. dollar, once considered the king among currencies, has brought waves of European tourists to New York with money to burn and looking to take advantage of hugely favorable exchange rates.
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SeekerDarksteel
Corporal Sucka
Join Date: 10/11/2005
Posts: 25
Location: Champaign-Urbana
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mccracken
VIP Member
Join Date: 1/16/2004
Posts: 262
Location: USA
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Posted: 2/8/2008 5:56:08 AM
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I wouldn't be terribly adverse to it as long as I could get paid with it.
This and the inflation post remind me of a book I read about 12th or 13th century China where they tried to print paper money and inflation made it to where people took wheelbarrows full of money to buy loaves of bread. I would say we're about 15-20 years from that.
Check it out.. check it out... and then pick it out....... Then show me my dinero!!!
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SeekerDarksteel
Corporal Sucka
Join Date: 10/11/2005
Posts: 25
Location: Champaign-Urbana
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Posted: 2/8/2008 10:00:57 AM
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Heh, in post WW1 Germany, the mark was so devalued that it was actually more efficient to burn the bills for heat then use them to buy firewood.
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littlp
Lieutenant Spork
Join Date: 1/28/2004
Posts: 145
Location: Indianapolis, IN
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Posted: 5/20/2008 10:22:25 AM
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Quote: Quoted From SeekerDarksteel:
Heh, in post WW1 Germany, the mark was so devalued that it was actually more efficient to burn the bills for heat then use them to buy firewood.
I'd say that we are getting pretty close to that again...
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grimmeissen
Administrator
Join Date: 1/14/2004
Posts: 1217
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Posted: 5/29/2008 9:58:11 AM
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The problem is that our government is clueless with regards to how the inflation gets so bad. They think that inflation is prices rising, when in reality inflation is increase of money. The prices come as a result of too much money in circulation. The big driver of increases in money supply are the massive deficits are country runs. So until they actually realize that the inflation is their fault, they are helpless to stop it.
One thing I find funny is that there are actually many more times the amount of euros in circulation than there are dollars, yet it takes 1.5 dollars to get a euro. This shows the importance of the acceleration of money versus just the supply itself. There may be more euros in circulation, but they are being increased much more slowly. This allows them to stabilize and their values settle in versus the output of their economies.
The dollar, on the other hand, is burning up the printing presses right now.
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