digg

Join DiggAbout

Discover the best of the web!
Learn more about Digg by taking the tour.

Warning: The Content in this Article May be Inaccurate

Readers have reported that this story contains information that may not be accurate.

'Dollar Worth Maybe Zero' In Amsterdam

reuters.com — The U.S. dollar's value is dropping so fast against the euro that small currency outlets in Amsterdam are turning away tourists seeking to sell their dollars for local money while on vacation in the Netherlands.

Bury
show profanity settings
expand all
  • oreo2123, on 03/20/2008, -20/+64bad form making your title a quote from American Jane Doe...i'm sure she is an authority on the matter.
    • siszam, on 03/20/2008, -36/+20If you don't like it then submit your own stories with your own titles and move on.
      • c0baltfish, on 03/20/2008, -5/+24All he was saying is that the article looks like it was founded just on something an American tourist said. Not enough to make me believe a dollar is worth nothing in a foreign country.
        • nick111, on 03/20/2008, -15/+7Oh well. Just pretend it doesn't happen then.

          I mean preteding things don't happen has got us this far right?
    • NJank, on 03/20/2008, -1/+20yeah, that is a misleading title. The article's about how fast the dollar is dropping, not how much it's worth. These small currency outlets make their money on margin. They do short term buys and sells in the different currencies to turn a small profit on the mild differences that come with the ups and downs of the exchange market. With the Dollar steadily declining, they don't get a chance to make good on the margin (even playing both sides) and get stuck with a large inventory of US Currency. Even if the dollar was worth $10000 euro, but it was steadily declining at 1 euro/day, they'd have the same problem. It's not the value of the dollar, but the continued trend that's the problem. In Amsterdam, "they're worth nothing" to the small traders who can't afford to exchange them for you. But anyone else could.
    • bsurette, on 03/20/2008, -0/+2Can't they just charge more to convert dollars to Euros? Are they held to some standard rate? Seems like they could increase their asking price to make up from the transctional slippage - if dollar is slipping X amoung in 1 day, charge X+1 if you think you can flip it in a day. 2X +1 if in 2 days, etc. I'm ignorant as to the details of FOREX though, so just musing here...
    • lukemandese, on 03/20/2008, -0/+9Ok, how much weed can i buy for zero dollars?
    • mirunit, on 03/20/2008, -2/+9The thing is, you do realize that there are Visa/Cirrus etc machines in Europe correct? That point alone invalidates this entire article, you go to an ATM and withdraw 1 euro which cost you aprox. 1.54 USD at this time. Newsflash "Japanese Yen worth maybe zero" in America, because I assure you most stores would not accept yen - that does not mean that the currency is worthless.
      • ayeroxor, on 03/20/2008, -1/+6"Newsflash 'Japanese Yen worth maybe zero' in America, because I assure you most stores would not accept yen - that does not mean that the currency is worthless."

        They're not talking about stores; they're talking about professional currency exchangers. If you can find a currency exchanger in the US that is so worried about the Yen's value dropping that they refuse to exchange Yen, that would be newsworthy too.

        You can put your head in the ground, but this really is big news.
      • godzillaWax, on 03/20/2008, -0/+3You're missing the point. The smaller change shops don't want the dollar because they won't get as much as they've paid for it back. This isn't about normal stores; I live in Amsterdam - you'd be hard pressed to find any normal stores in this country that accept anything other than the euro. But unless you want to head to Central Station in Amsterdam -- or a few other places -- it's pretty hard now to get dollars converted into euros.
    • danarama, on 03/20/2008, -2/+2"bad form" this is digg stupid not a newspaper
    • stickywheelz, on 03/20/2008, -0/+3Dollar rebounded today against the EURO. Oil and commodities also tanked today reinforcing strength in the USD. You haters enjoy the show now, it will be short lived.
  • gypsi, on 03/20/2008, -40/+131how's it feel living in a third world dictatorship? it's certainly starting to smell like one.
    • Jawoodyablowme, on 03/20/2008, -10/+85We're just a declining empire. The old farts just haven't noticed or are refusing to face reality. Our power and economy will decline, but the CEO types will get richer and the poor will get poorer. There will be this huge disparity between rich and poor just like a third world....never mind.
      • wintersland, on 03/20/2008, -31/+9Don't you mean "super power" ?

        America never had an "empire".
        • roodammy44, on 03/20/2008, -4/+20A trade empire.
          Learn about how the roman empire worked
      • LeadOffMan, on 03/20/2008, -23/+5did your college professor tell you that?
        • ayeroxor, on 03/20/2008, -1/+12Does one's job completely invalidate their opinions? Must make it lots easier for you to debate, huh?
      • markgl, on 03/20/2008, -2/+9Nah, the rest of the world is starting to catch up with the US. that's whats goin on.
        • BigLLamasHouse, on 03/20/2008, -1/+11...bceause of Bush's war, and general incompetence
        • SC4RP, on 03/21/2008, -0/+1in the 50's we were first in education the Fed's took over and we are now 13th. We had the best health care now we are 33rd in the world in the availability. Cut the Fed's back to the Constitution and we will start to clime again. BUT it is not up to us old farts I'll be dead soon. This affects you and your children so get up and do something.
      • BESTenemy, on 03/20/2008, -3/+9Correct. Internally the dollar rests upon expanding credit. The mechanism is simple - lend with interest the currency that only one organization manufactures and demand repayment only in the same currency. Exponential credit expansion guaranteed. Externally the dollar rests upon oil trade markets and the OPEC oil pricing in USD. Loose that, loose the foreign dollar backing and have all the checks flock back to our banks. Foreign oil backing was something we established when it became apparent that we didn't have the gold to back our money with. Economy was doing poorly in the early 70's and many countries (such as France) were calling our bluff. During WW2 we've reached prosperity by lending help to allies in exchange for gold. The war has left us untouched, compared to Europe. It left them broke for the duration of the following decades of reconstruction. God knows what we did with the gold between the 50's and the 70's. All was apparent is that we either did not have it anymore, or didn't want to give any of it up, when Nixon got us into default.

        Anyway. Back to basics - currency emerges in a barter market. It's a representation of value. It evolves into certificate exchange, where produce is represented by an intermediate (gold for instance) and then by a certificate (bank note redeemable in gold). When fractional reserve banking is practiced, then the gold part can be partially reduced and substituted with credit (the faith that the guy borrowing the money is going to produce physical asset to back the currency with). When the market expands to the global scale, the credit follows suit. The idea of abandoning sold backing becomes more tempting. When the gold goes, it gets replaced by foreign credit. Loose any of the 2 pillars - domestic credit or the foreign credit and you loose the whole system.

        The problem with dual credit backing system is that it assumes exponential expansion on each side, neither of which is possible. Oil backing disappears the moment the absolute monopoly over oil trade is lost. Domestic credit goes when the collateral grows as big as there there are assets in total circulation. All the assets become debt assets.

        Our system is dangerously tricky. Normally when one pillar goes, the problem becomes obvious. If the domestic credit is sinking, then credit adjustment levels the platform off (without solving anything). When foreign market goes, the platform has to be balanced by substitution of solid backing for the currency in order to maintain faith of the foreign investor. When both go, people on the platform don't register a change, cause they're used to sensing "tilts" while the platform is actually sinking all together. It's obvious to an external observer, but not to the people that are about to get consumed by the biggest flaw of it system - it's faulty initial design.
        • tdog138, on 03/20/2008, -2/+1I only read about 3 sentences of your comment, but needless to say, my head exploded.
        • slaizer, on 03/21/2008, -0/+1Never mind the above commenter. That was actually kind of enlightening.
    • EBFoxbat, on 03/20/2008, -3/+38It's a good thing the dollar isn't worth anything, other wise I'd be ***** I'm paying so much for gas. As it turns out, this $3.45 a gallon isn't bad since $3.45 isn't worth much!
      • MadAce, on 03/20/2008, -21/+2You bozo. If your dollar would be worth anything then you'd be paying less for gas. I doubt you were sarcastic.
        • alittleroy101, on 03/20/2008, -0/+22He was clearly sarcastic, you idiot.
        • BigLLamasHouse, on 03/20/2008, -0/+9haha, oh thats great
        • B3000, on 03/20/2008, -0/+5Um, how clear does sarcasm have to be before it registers in that tiny brain of yours? You are the reason people feel the need to befoul their posts with that awful "/sarcasm" tag.
      • skyh, on 03/20/2008, -1/+11That's the reason it's 3.45 a gallon.... because the dollar isn't worth anything anymore. If the dollar were worth more in the global marketplace, we'd still be making what we do here in the U.S., while our currency would be worth more worldwide. But since it isn't, everything from the rest of the world is now more expensive, and we're not making any more money. yay! our economy sucks!
        • B3000, on 03/20/2008, -0/+3If we're paying so much for gas strictly because of the plummeting value of the dollar, then why are Europeans still paying two to three times as much as we are?
        • Exact0, on 03/20/2008, -0/+0^Taxes.
      • slaizer, on 03/21/2008, -0/+1$3.45 a gallon isn't very bad. I'd take it gladly.
        I live in Finland, here the current price is $8.55 a gallon because of heavy taxation.
        Enjoy your cheap prices, Yanks.
    • veloscaper, on 03/20/2008, -15/+8welcome to Amexica.
      • SteeleJK, on 03/20/2008, -2/+4Clever. Mexico could be a well off nation if its government wasn't so corrupt. Is our country heading this way?...
    • MAnt, on 03/20/2008, -2/+24I thought there would be more mangoes.
    • postalblowfish7, on 03/20/2008, -6/+6a falling empire is not the same as a third world dictatorship. i can still do whatever the ***** i want (for the most part) and not worry about the thought police... yet.
      • dartmanx, on 03/20/2008, -1/+8Wow... new to Digg?
      • sweetholymosiah, on 03/23/2008, -0/+1Think as freely as you like, you'll have lots of time in the food lines
  • HUSTLER101, on 03/20/2008, -8/+50If you don't need them give them to me .
  • Scottievm, on 03/20/2008, -17/+74It works great as toilet paper though!
    • OptimismPrime, on 03/20/2008, -1/+28seriously dude, it's not nearly soft enough for that, and only 1 ply....
    • Syntaxis, on 03/20/2008, -3/+29When Bush is on the bills I'm certainly gonna consider that.
      • wordglue, on 03/20/2008, -0/+4Don't even joke about that.
      • wildkats74, on 03/20/2008, -3/+3In some cases that would be Bush on bush.
    • mufasa, on 03/20/2008, -1/+8Plus with the low dollar to NOK rate now, it's cheaper than actual toilet paper =D
    • jonnyboy1544, on 03/20/2008, -2/+2This printed article or the dollar?
    • j2002, on 03/20/2008, -1/+2I use a ten dollar note as a bookmark because tearing off the bits of card from my discarded rizla packets proved too expensive
  • HUSTLER101, on 03/20/2008, -38/+151 Euro = 1.55 Dollar
    But 1 Dollar = Zero .
    So 1 Euro = Zero .
    • mustang460, on 03/20/2008, -3/+27exchange rates don't mean anything here, something is only worth what people wil pay for it, if no one will buy dollars, they are worthless
      • darkdantae, on 03/20/2008, -7/+11But you are missing the point. Any bank will take your money and exchange it cause the transaction is immediate. A shop keeper just does not want to bothered with a volatile dollar. Just to prove me point go into New York City and pay for your groceries in Euro, they won't take it so I guess it's worth nothing, according the these same principles.

        So based on my the same calculations HUSTLER101 is correct.
        • sjmulder, on 03/20/2008, -1/+4They're talking about small exchange shops here.
        • Psych77, on 03/20/2008, -3/+5"Just to prove me point go into New York City and pay for your groceries in Euro, they won't take it so I guess it's worth nothing, according the these same principles."

          Funny, I've just seen on the news how more shops in New York are accepting Euro's now, hoping to cash in on tourists. So I guess you fail.
          • xienze, on 03/20/2008, -6/+2I doubt grocery stores are among the list of shops accepting Euros. You fail.
          • Eiknujrac, on 03/20/2008, -0/+2@xienze

            You think he's wrong because you "doubt" grocery stores are taking euros? If anything, YOU fail.

            The fact is more and more shops are taking them because the euro is much more stable right now, not only because of the tourist aspect.
        • seven999, on 03/20/2008, -1/+5Actually more and more shops in NY are accepting Euro money. A service for the European visitors who are also because of a growing economy (the words first economy is now the euro economy http://www.reuters.com/article/newsOne/idUSL149197 ... and favorable exchange rates spending big.
        • kreneskyp, on 03/20/2008, -0/+3maybe you should go travel outside the us sometime and you would understand.

          In any foreign country (europe at least) there are money exchanges all over the place. These aren't banks. They are tiny shops that deal in trading money only and are primarily used by tourists. Sure you could still goto a bank, or exchange money ahead of time but that isn't always convenient or safe (dont want to carry alot of cash).
        • bugmenottt, on 03/20/2008, -2/+0simulder,
          darkdante said shop keepers, owners of small exchange shops are shop keepers. Get with the program.
          • ayeroxor, on 03/20/2008, -1/+1quickiemart =/= exchange shop, you stupid *****.
          • bugmenottt, on 03/20/2008, -1/+0No one mentioned anything about quickiemarts. Your lack of intelligence is exemplified by your crude outburst.
    • Fockzhound, on 03/20/2008, -6/+1U = $
    • benhollister, on 03/20/2008, -7/+1The maths. Learn them.
      1 Euro = INFINITY.
      Duh.
      • Knucklecallus, on 03/20/2008, -0/+1By your logic, if I invested my Euro and got even a .01% profit, I would still have a value of infinity greater than the infinity that was infinity before I invested.
        Unless... Infinity times Infinity...
        Unthinkable.
      • slashbot, on 03/20/2008, -0/+1Do you understand math?
    • pauliusuza, on 03/20/2008, -7/+2var _Dollar = 1
      var _Euro = 1.55 * _Dollar
      _Dollar = 0;
      Write(_Euro + '!=' + _Dollar) //1.55 != 0
  • turdblossom1, on 03/20/2008, -10/+18No worries. Just use them as rolling papers for your copious amounts of weed there.
    • CognitiveD, on 03/20/2008, -1/+2Sounds healthy...

      maybe if you were using hemp for "money paper"
  • MonarchWastxD, on 03/20/2008, -36/+124Is this really a surprise though? I mean come on America, you saw the signs, the warnings... and you did nothing. Nothing.
    • sinurgy, on 03/20/2008, -33/+36I voted for Ron Paul but unfortunately no one else seemed to....I know it's now "cool" to bash his supporters but is there anyone left in the race that has good ideas on the economy?! Seriously?!?!
      • LeadOffMan, on 03/20/2008, -0/+22"is there anyone left in the race that has good ideas on the economy?! "
        no
      • Mortikhi, on 03/20/2008, -6/+18I voted for him, too.
        Now watch that digg number go negative heh
      • chuckDontSurf, on 03/20/2008, -1/+15"know it's now "cool" to bash his supporters "
        Well, maybe if you guys hadn't spammed digg on a daily basis with RP-related crap, people would be a little more forgiving.
        • GhostyBoy, on 03/20/2008, -2/+12To be fair Paul supporters spammed the entire internet, not just digg. It was an attempt to make up for the lack of media attention he got.
          • chuckDontSurf, on 03/20/2008, -1/+11"It was an attempt to make up for the lack of media attention he got."
            Sure, I can understand that. But ease up on the sensationalism next time. Constantly proclaiming that the country is on the brink of imminent implosion and setting up your candidate as the messiah gets a little tiring after a while.
        • skyh, on 03/20/2008, -2/+10What about digg being "spammed" with Obama stuff?
          Let's be fair here.
          • chuckDontSurf, on 03/20/2008, -0/+10Sure, that's equally as off-putting. I never said anything to the contrary.
        • BESTenemy, on 03/20/2008, -3/+4 If you believe the economy is a low priority issue or that it is doing great, then go on and enjoy the falling dollar, the rising cost of gas and the mortgage market collapse. Forget RP. People are not ready for an honest politician and they fully deserve what's coming.
          • chuckDontSurf, on 03/20/2008, -0/+4Nice strawman. I think the economy is quite important, yet I don't believe it's as broken as RP supporters would have me believe. I also don't think he's the only one to fix it.
          • BESTenemy, on 03/20/2008, -1/+2He's not the only one to fix it. True. But those that are like him enjoy the same media blackout and won't make a dent. As for people believing things are going great, I can think of one - Ben Bernanke. Would I rather listen to him? Would you?
          • chuckDontSurf, on 03/20/2008, -0/+1"As for people believing things are going great, I can think of one - Ben Bernanke. "
            I don't recall him saying things are going great: http://tinyurl.com/2hbcw5
            I'd list a bunch more articles like this, but no need. Just go to google news and search for "Bernanke warns"
    • ButchersBoy, on 03/20/2008, -2/+49Don't be naive, our spending and borrowing habits here in the UK are as bad - if not worse - than in the US. The US is our biggest - by a long way - export market. Our banks have also been caught with their hands in the sub-prime till. Less be smug and prepare for the UK to follow the US into recession.
      • andibarnes, on 03/20/2008, -12/+7The threat of a recession is much lower in the UK - the government doesn't have an economic policy predicated on the use of foreign borrowing to pay domestic bills, and aren't making stupid errors in trying to print more money without the economy growing at the same rate. Reaganomics failed in the 80s, and it's failing again, but this time we aren't on the bandwagon - zero growth is a possibility (which is annoying, as I'm just leaving uni!) but a recession will come as the fault of the US more than our economy
        • LeadOffMan, on 03/20/2008, -7/+10Reagonomics ddn't fail, it unleashed the greatest wealth building cycle in history. Buried as inaccurate
          • BESTenemy, on 03/20/2008, -0/+4There are 2 ways to deal with wealth.
            1. To invest it into energy independance and eliminate foreign debt.
            2. To spend like there's no tomorrow.
            Reagonomics worked, indeed, but guess which path we ended up taking.
        • snoogit, on 03/20/2008, -5/+7Reagonomics was more of a money shift then anything else. It generated nothing, only redistributing money to the upper fringes. It failed with 95% of the population at least, and it's failing with the current 95% of the population.
      • Octaman, on 03/20/2008, -5/+12"The US is our biggest - by a long way - export market."

        UK exports: USA 15%, Germany 11%, France 10%, Ireland 7%, Netherlands 6%, Belgium 6%, Spain 5%, Italy 4%, etc. Please grab your calculator and put it to use.

        Hint: you do know that there is this thing called "the EU"?
        • Metasquares, on 03/20/2008, -6/+11Comparing the US to the combined economy of an entire continent isn't really apples-to-apples.
          • Octaman, on 03/20/2008, -3/+6So you're saying it's better to compare the US (304 million inhabitants) with countries like Ireland (4.3 million), The Netherlands (16.4) or Belgium (10.6)? The surface area of the US is more than double that of the EU.
          • BESTenemy, on 03/20/2008, -1/+2Comparing USD to Euro is apples to apples.
          • pugs909, on 03/20/2008, -0/+1maybe we can talk when the EU has sovereignty--a foreign policy etc.
    • elpohl, on 03/20/2008, -2/+3Of course they did, they voted!
    • cshipley, on 03/20/2008, -0/+29Aww, gee Monarch.
      I tried to get an appointment with the president to try and convince him to to change his foreign and economic policies. I left a message with his secretary, but he never got back to me.

      So then I called up Fox news, CNN and MSNBC to tell them that they way the main-stream media was filtering the news to benefit the president and the corporations was hurting the world economy. The voice on the messaging system sounded nice though.

      I voted in several elections to try and get someone else making the decisions, but I don't think the Diebold voting machines recorded my vote correctly. I have a call into them too.
      • GhostyBoy, on 03/20/2008, -2/+3You owned him by pointing out that we are all owned?
    • isaactwito, on 03/20/2008, -6/+24Go choke to death on your own dick. We don't like it either and some of us have been trying to stop it, so ***** you.
    • okaroleo, on 03/20/2008, -1/+7I did my duty, voted for the other guy...
    • scififan9009, on 03/20/2008, -1/+6"You saw the signs, the warnings... and you did nothing. Nothing."
      I'd like to knock you off your high horse, figuratively speaking. What would you have had us do? Since this affects you also, what did you do? It's easy to stand back in hindsight and say "Oh now I told you so!" - the people who actually make things happen never have to say I told you so.
      • ManOfVirtues, on 03/20/2008, -0/+2Can I put him on a horse, just so I can knock him off literally?
    • dema, on 03/20/2008, -2/+7You said nothing twice. That made it more serious. Serious.
    • scififan9009, on 03/20/2008, -1/+1This comment is a dupe, but I'd really like a response to my question. What would you have had us do? Since this affects you also, what did you do to help prevent this problem? I've done what I can as an individual, but I'd love to hear your ideas and suggestions.
    • bwdd, on 03/20/2008, -1/+2What did you suggest we do?
      We don't have control over what congress does. We barely even influence them anymore.
    • RememberAmerica, on 03/20/2008, -1/+1Great thing is how the same thing has already happened in britain years ago. Same government style, you go to war with us, you bomb your own people in subways, you shoot innocent people in the head multiples time....in subways. You all are already part European Union, We are head to a North american one......and sometime down the road, it will be a world union. So stfu you british "tart" you have no understanding about your own backyard so these silly things you throw up there don't hold much weight.
      Your going down with us :). Once our economy crumbles its going to effect the world harder than ya know........see you at the local internment camp! I will probably be grabbed up for talking about civil rights
    • Pritchard, on 03/20/2008, -0/+1There's thousands of innocent people dying right now. We don't know who they are and who they were, or could have been. We do, however, know who is responsible for it. We have the President and many other members of the Executive Branch. We also have a good number of Congressional members who are perpetuating this needless bloodshed.

      So I say we take them out. ... You know, for dinner. Yeah, that's right, for dinner. Try and you know... convince them that our political views are the more reasonable ones?
  • spuncoke, on 03/20/2008, -6/+33WHAT? Where am i going to go for my legal weed and hookers
    • eclip5e, on 03/20/2008, -0/+1Jamaica or Nevada. You'll get more in Nevada.
    • kiltboy1675, on 03/20/2008, -5/+1just a correction, cannabis isnt legal in the netherlands. its overlooked.
      • PabloIV, on 03/20/2008, -0/+1I don't think that's true. Coffee Shops advertise as selling marijuana, and are typically quite clear about the whole thing.
        • lithera, on 03/21/2008, -0/+1According to the law it is still officially illegal here. The shops are allowed to sell marijuana and hashish here because we have a policy that's called "gedogen". There's no good translation for it but basically the law 'tolerates' selling and smoking it. The shops are allowed to have small quantities of stock and there is a maximum of what you are allowed to carry with you.
          Of course no one gives a ***** about it so to the outside world it certainly must look like it's legal here ;p
    • IsoJanis, on 03/20/2008, -0/+1Portugal
    • B3000, on 03/20/2008, -0/+1Come to Cali for the legal weed. All you have to do is go into a clinic and tell them you have insomnia and a loss of appetite. They even have doctors on hand to give you a reefer-al.
    • Frnnkdlxx, on 03/20/2008, -0/+1Aids infested Kyrgystan.
  • robotto, on 03/20/2008, -4/+18Amsterdam is expensive
    • sjmulder, on 03/20/2008, -1/+11Currently everything here (Netherlands) is expensive compared to the USA.
      • deeceefar2, on 03/20/2008, -1/+4Most places in europe I've been to are far more costly then the US. Except of course the Czech Republic where everything was incredibly cheap at the time. IMO that is the mexico of europe.
    • lukasvermeer, on 03/20/2008, -1/+17Every city is expensive when you're a tourist and don't know or care where to get a decent bargain.
      • nick111, on 03/20/2008, -0/+6Not if you come from England it isn't.
      • senatorpjt, on 03/20/2008, -2/+5Every city is expensive when you're trying to spend USD in it.
    • lukasvermeer, on 03/20/2008, -3/+10New Amsterdam, on the other hand, was a bargain. Back in the day.
    • fearlessfx, on 03/20/2008, -0/+3especially when your money is worth nothing, i suppose.
  • ncgmac, on 03/20/2008, -15/+67This story is lame. The dollar is dropping, but the Euro is quite strong. Now when the Peso is worth more than the dollar, that's when people should panic.
    • KingGorilla, on 03/20/2008, -5/+79We used to make fun of Canadians for their dollar. Even the simpsons did! Now the tables have turned.
      • JasonCox, on 03/20/2008, -6/+35Yup, now we're just back to making fun of the Canadians for all those other reasons.
        • frogstomp, on 03/20/2008, -3/+6While you’re doing that the rest of the world is making fun of Americans since you guys are the laughing stock of the world.
        • soupdawg30, on 03/20/2008, -0/+2Comeon we can't be worse then Gibraltar....
        • SpeedSteamBoat, on 03/20/2008, -0/+4Yeah, like their socialized health care, friendly attitude, and superior world image. Silly Canadians.
      • Zaneris, on 03/20/2008, -1/+2Meh, whatever, you can make fun of us, invade us, poke us, just so long as you don't take my coffee away.
    • zmjone2992, on 03/20/2008, -2/+36$2000 for a taco. ***** me...
    • nick111, on 03/20/2008, -0/+7Ah, the ever shifting benchmarks.
    • senatorpjt, on 03/20/2008, -0/+27I don't care what a peso is worth, the problem is that I'm getting a pay cut every week because my paycheck doesn't go up every time the value of the dollar drops.
      • Marglar, on 03/20/2008, -0/+1word... I just got a nice raise and it definitely feels like I have the same ammount of money around thanks to gas costs and food costs increasing.
    • PueSi, on 03/20/2008, -2/+5Don't make fun of the Peso : (
    • derjames, on 03/20/2008, -0/+4before 1 USD = 11.50 MXN
      now 1 USD = 10.50 MXN
    • SchmuckofNI, on 03/20/2008, -1/+2At lest then people would stop whining about illegal mexicans crossing the borders...
  • pigfister, on 03/20/2008, -22/+44wow now the federal reserve has destroyed the dollar its time to introduce "The Amero"

    http://www.youtube.com/watch?v=6hiPrsc9g98

    http://www.youtube.com/watch?v=vuBo4E77ZXo&feature ...
    • WaxenPith, on 03/20/2008, -2/+1whoa.
    • UMDirector, on 03/20/2008, -14/+10Enough with the stupid Amero crap. It doesn't really exist and WILL NOT exist. Even the name Amero is clearly xenophobic relying on the fear of Mexico. You don't see it sounding Canadian, do you? You people are watching too much Lou Dobbs.
      • LeadOffMan, on 03/20/2008, -1/+3yeah right
      • senatorpjt, on 03/20/2008, -1/+10Mexican? The word is a portmanteau of "America" and "Euro". Of course, "America" sounds sort of Spanish (although it's really from an Italian name), but unless you think calling it America is somehow a ploy to play on fear of Mexicans, then it's not the case.
      • mikesbaker, on 03/20/2008, -2/+10Camaro?
      • snoogit, on 03/20/2008, -1/+6We should just call it the NAFTA Dollar...
      • rv36116, on 03/20/2008, -2/+5YOu ***** idiot and your type will blindly walk into the gas chambers when the time comes too, won't you? Or are you just going to deny it all exists...
    • Stonekeeper, on 03/20/2008, -2/+6And after that, there will be a merger between the euro and amero, and we'll all be good little subjects, or we'll have our chip turned off.
      • snoogit, on 03/20/2008, -1/+2I say we call that currency the Beaver.
    • MAnt, on 03/20/2008, -3/+4Is there any way that the North American Union and the Amero could be a good thing? For example won't we be able to keep Cartels from running Mexico? Could it bring more manufacturing to Canada? I'm not sold on this stance. I'm just wondering if there is a discussion we can have about this. Its probably bad since its being done behind closed doors and without referendum.
      • BigLLamasHouse, on 03/20/2008, -0/+3seems to me the only good thing would be having a stronger currency, but it wouldn't necessarily be that because Mexico's central banks don't seem to have much control over their current currency
      • bagelpirate, on 03/21/2008, -0/+1Its just one peice to a bigger puzzle, soon all the unions will become one union, then we will have a one world government.
    • TeacherOfHeroes, on 03/20/2008, -1/+18Oh no, us Canadian folk don't want to be taken on a downward spiral with you - our economy is doing considerably better than yours right now, and I'd like it to stay that way, thank you very much.
      • BlackStrain, on 03/20/2008, -0/+5I think this is the biggest flaw in the whole North American Union thing. People seem to think Canada is more than willing to sign up but we're not. I think any government that even suggested it would be thoroughly defeated in the next election.
        • StayPuft21, on 03/20/2008, -0/+1Esp. given the flux of our current minority government.
        • LeadOffMan, on 03/20/2008, -0/+1none of the people (on all 3 sides) are "willing". They're gonna do whatever the H--- they want
      • sweetholymosiah, on 03/23/2008, -0/+1Hip Hip Hooray! for the Canadian electoral system.
    • blindhammer, on 03/20/2008, -0/+4Our entire economy, for better or for worse, is based upon consumer spending. Nearly 70% of GDP comes from people buying stuff they don't need. The problem with all the Amero talk is that it doesn't make sense from a realistic perspective.

      How will changing currencies change consumer confidence? How will it change investor confidence? I don't think it will. If anything, it will make it worse. Is someone really going to go and spend their money on useless consumer goods after our currency has been changed? No -- if anything, they'll look towards foreign currency or realize that the times of deficit/credit spending is over.
      • LeadOffMan, on 03/20/2008, -0/+2Do you have confidence in the dollar? Really?
    • mempko, on 03/23/2008, -0/+1One world government governing what and whom? I am fine with a federated one world government as long as they don't have dictatorial powers
  • RyomaNagare, on 03/20/2008, -0/+14The same is happening in my country dollar has lowered its value aroudn 15% since last year. its just your interest tax is too low right now, the fed reserve is trying really hard to avoid the recesion coming
    • Ethek, on 03/20/2008, -1/+3Just let it happen, the crash will be so much worse with the FED intentionally throwing the dollar under the bus before hand.
      • theonewolf, on 03/20/2008, -1/+2Um, I don't believe you understand basic economics. The reason the dollar is lower in value is, as the OP suggests, due to the lowered interest rates charged by the Fed. They are essentially increasing the supply of money by doing this, hoping Americans will revitalize their economy.

        Lower dollar value in other countries HELPS the American economy. Think about it, if it's suddenly cheaper to buy anything in America--where do you think European countries and people are going to start buying things? This really is basic economics, a weak dollar HELPS the internal American economy. A strong dollar HURTS the American economy.
    • BigLLamasHouse, on 03/20/2008, -0/+3it's interest rate, but i guess you could call it an interest tax. you're absolutely right. also it would seem that we have stagflation right now
    • allahuakbar, on 03/20/2008, -0/+2What is an interest tax?
  • slipperysnider, on 03/20/2008, -12/+6this one time i smoked weed everyday for a year and a half... wait what?
  • WaxenPith, on 03/20/2008, -11/+29I wanted to go and smoke weed over there, now the looming economical crisis ruined my plans for my 21st birthday, THANKS ALOT America...
    • scotsman, on 03/20/2008, -2/+23You mean THANKS A LOT
      • alexanEmpire, on 03/20/2008, -0/+2Sieg Heil, Spelling Nazi!

      • breckinshire, on 03/20/2008, -0/+2No, no, he's thanking Alot America, nephew of the Federal Reserve Chairman Ben Bernanke.
    • feliks2, on 03/20/2008, -3/+13Is there a problem with just smoking it in America...?
      I mean Amsetrdam is cooler than anything in America, but if its weed your after, you really don't need Amsterdam.
      • Fullvinyl, on 03/20/2008, -1/+10Uh, yeah, dude...it's illegal as ***** here. Hence the exodus of American potheads to one of the few places on earth where weed is legal.
        • feliks2, on 03/20/2008, -3/+4And what exactly is the problem with doing something that is "ilegal as *****"?
          By the way, "ilegal as *****" really is more well suited for more serious things, which would require jail time on your first offense. Weed doesn't count.
        • ScottyMcBaggs, on 03/20/2008, -2/+7So are hookers but that doesn't stop your mom
      • MadAce, on 03/20/2008, -0/+2It's a whole lot cheaper in Amsterdam. Tho I wouldn't go to Amsterdam. Maastricht is cheaper if you're a tourist.
        • Adamlite, on 03/20/2008, -0/+1Amsterdam is touristy and expensive. Try Rotterdam, it's a great place to visit for the avid cannabis tourist. Visit Maastricht too, but Rotterdam is the ***** if you're looking for a great place to smoke bud in a less sensationalized place than Amsterdam.
      • BigLLamasHouse, on 03/20/2008, -0/+2Quality baby
      • Gndoab, on 03/20/2008, -2/+1Holland sucks
    • zantos420, on 03/20/2008, -2/+1my coworker just scheduled a trip over there for may.... now i get to tell her she is essentially shafted too....
      • deeceefar2, on 03/20/2008, -0/+4No tell her to use the ATM, as every other sane person would.
    • Ebjius, on 03/20/2008, -0/+1Don't sweat dude, in most shoppes 18 years is the minimum. (And 16 for beer).
      • Gndoab, on 03/20/2008, -1/+1yeah, but holland sucks ass. You are the most xenophobic and hateful bunch of people I've ever come across
    • BigLLamasHouse, on 03/20/2008, -0/+3You can still go, it only says some exchange shops aren't converting them anymore. You can still get Euros for Dollars. If you're worried you can do it in the American airport before you leave. This is really an alarmist article, not as big a deal as it would seem.
  • Jovensdesciple, on 03/20/2008, -27/+5DDDEEERRRKKKAAADDDEEERRR! What a bunch of assholes you all are. Why hate America?? If it was so bad then people would be trying to break out instead of trying to break in.
    • Electric_Sheep, on 03/20/2008, -1/+15FAIL.
    • geegel, on 03/20/2008, -2/+13Dude, immigrants are leaving US faster than rats leaving a sinking ship. If you don't believe me do a Google search on the Brazilian community in US.

      As for the hate thing, most of it arises from the sadistic pleasure of seeing the world bully kicked in his nads or something like that
      • davdev, on 03/20/2008, -0/+6Also, the Irish are fleeing in record numbers. There is still immigration, but it is really only from the poorest of the poor. European emigration to America is essentially over.
    • LeadOffMan, on 03/20/2008, -13/+4"Why hate America?? "
      It's the popular thing to do among the libtard set
      • Delphium226, on 03/20/2008, -3/+6Don't mistake 'concern' for 'hate'. It's the repugturds fear of the boogyman terrorist and your inability to cope with your fear which has ruined America
    • senatorpjt, on 03/20/2008, -1/+4The only ones who want into the US are Mexicans who can't afford to eat and people who don't want to pay any taxes. Although, with taxes, in the case of society, you apparently get what you pay for.
  • macwac, on 03/20/2008, -0/+15The worry for some companies taking contracts in USD is that when project is completed (6 mnths +) the project after conversion to the other country's currency would have dropped their income significantly. Same with employees that are paid in USD, but do not live in the states, their income will be a lot lower; it will hurt both spending power and balance sheets. I found myself having to pin the conversion rate for one contract for the company i work for.
    • mciampa1214, on 03/20/2008, -0/+4You're right, but companies contract exchange rates even when the dollar is strong. Most major corporations do it as a common practice to avoid risk.
    • execute85, on 03/20/2008, -0/+8That's why if you have any decent sized contract, you buy puts and calls for and against the dollar to hedge against currency fluctuations. Then you price this into your contract. So a well designed contract doesn't care if the dollar is weaker in 6 months.

      Financial transactions, learn about them.
  • chris9902, on 03/20/2008, -15/+71Anyone seen the new $100 bill? It's got the Queen's head on and a £50 in the corner.
    • t2k4life, on 03/20/2008, -1/+14Actually, thats going to be the new $200 bill!
      • spiritditch, on 03/20/2008, -3/+5That WAS correct 2 hours ago, but it is now going to be the $300 bill.
      • cruzlee, on 03/20/2008, -2/+7That was one hour ago. However, the GBP is also dropping like a rock, due to GB's strong clinging to the USA.
        see: http://finance.google.com/finance?q=gbpeur and select a year view. The trend should be clear.
        So, nice try, but the GBP will certainly not be the next currency of choice.
  • pjames9, on 03/20/2008, -15/+8it is amazing how people in US became so much wishfully thinking people, they can see, but they can't think beyond what their main stream media wants to fed. One should see winter soldier 2008 testimony to know the horror that Iraq is under, which is beyond all imaginations, where are their leaders proclaim it as a success. entire economy is destroyed by war , where are mainstream media is spending 3% of the time on iraq war , people can't believe that all their dollar is worthless.
  • gr00v3, on 03/20/2008, -6/+5I guess Kevin and Alex are kind of screwed for when they go to Amsterdam ;p
  • theradical, on 03/20/2008, -7/+92What idiot brings American currency with them on vacation to Europe anyway?
    • lukasvermeer, on 03/20/2008, -6/+90I once overheard an American tourist in a bar in Amsterdam complaining that she had "no trouble paying in Dollars in other third world countries".

      srsly. wtf?
      • ScottyMcBaggs, on 03/20/2008, -1/+22LMFAO, please don't think we are all that stupid...
        • lukasvermeer, on 03/20/2008, -0/+6I don't. I do think America has a somewhat high STDDEV when it comes to intelligence as well as income. ...
        • Flann11, on 03/20/2008, -0/+1Nice, using math to insult. That always brings a smile to my face.
      • Stonekeeper, on 03/20/2008, -0/+21that's hilarious. It's people like that who feed the stereotype.
        • lukasvermeer, on 03/20/2008, -1/+10Speaking of stereotypes: most American tourist think that the we Dutch smoke weed all day long. In my experience, however, it is mostly other American tourist that do the pot smoking in Amsterdam (mostly forgetting that our pot is more than five times as powerful as the stuff they smoke in the US, getting really, really stoned as a result, wandering the streets and thus giving other tourists the idea that Amsterdam is full of potheads) ... Go figure.
      • chillmandan, on 03/20/2008, -1/+5While I do think the "third world" part is hilarious, i will tell you that I am currently a student studying abroad in London and have actually run across a few cafes that accept US dollars. Oh and if you're traveling to europe and want to make it relatively cheap, stay out of London, the pound is killer and London is so expenisve. But so much fun!
      • Gndoab, on 03/20/2008, -9/+1Amsterdam IS a third world country, much more so than any city in the US short of maybe Baltimore.

        That, and when you are there you have to deal with Dutch people...
        • ein125, on 03/20/2008, -0/+6Amsterdam is a city, you idiot.

          How do you think we feel when we have to go to the US and have to deal with americans?

          Most of you are fine. It's just the ignorant idiots, like yourself that make it hard work.
    • cdigioia, on 03/20/2008, -1/+13That's misleading, it's not as if these people are trying to pay with USD. They're simply exchanging USD for EUR in Amsterdam. That's not any worse of an idea than exchanging USD for EUR stateside. Not to mention, often better exchange rates can be had overseas as opposed to stateside (i.e. less of a spread).
      • deeceefar2, on 03/20/2008, -6/+2It is a stupid idea. They should be keeping the $'s for when they go back to the US, and using an ATM to withdrawl euros. Exchange shops are for dumb people that don't travel. If your going to a place that doesn't have ATMs get the foreign currency ahead of time where you get a reasonable value.
        • wexmajor, on 03/20/2008, -0/+1"Don't travel much" = "Dumb"

          Thanks oh wise asshole consumate tourist.
        • ein125, on 03/20/2008, -0/+1Here's another stupid idea. Using an ATM to extract foreign currency and then being charged through the nose for it.

          Change your currency before you go, when you get there at a reputable bank or use travelers cheques or your CC. Don't extract foreign currency from an ATM. It's a rip off.
      • senatorpjt, on 03/20/2008, -1/+2Again, What idiot brings American currency with them on vacation to Europe anyway? Exchanges are always a ripoff over a bank withdrawal. If I'm going to Canada, I basically keep a $20 for the US leg of the journey (of course, it's only about 60 miles from here) and stop at a bank when I get there.
      • cdigioia, on 03/20/2008, -1/+3In response to both people below me:
        Yes, using an ATM card is generally superior, however...

        1.) For the Netherlands specifically- Many people just getting $50 in emergency cash, it isn't really worth it to try to find an ATM that accepts American ATM cards (they'll accept VISA, but not foreign issued, or sometimes not non-European issued VISA). So in their case, it may be worth it to just wait until they hit the exchange shop in their destination. So them being willing to waste 20 cents for the convenience isn't exactly 'stupid'.

        2.) For Europe in general - In some nations (usually eastern Europe, or just in many rural areas) it is quite hard to find an ATM that accepts American-VISA.

        3.) In case anyone wants to generalize any more - for continents outside of Europe, it can be even harder. So for instance my current location (S. Korea), even in Seoul, the only ATMs that will almost always accept foreign cards are @ Citibank. Everywhere else will almost certainly reject the card, and Seoul is a highly developed metropolis.

        4.) Chill out, I'm glad you know how to use an ATM card, it's very cosmopolitan, but there are many instances where an exchange shop makes sense, no need to make blanket statements about people being idiots
        • theradical, on 03/20/2008, -0/+1The first point is not true at all, the ATMs inside Albert Heijn accept North American cards without a problem. I have never tried elsewhere but I don't see why those ones would be special. Sure there is a 2,5€ charge, but that is not really worse than anywhere else.
    • nick111, on 03/20/2008, -5/+5USD used to be a default intertational currency - a lot of places would prefer them to their native currency.
      • theradical, on 03/20/2008, -0/+3Yeah places where the native currency was so devalued it was like monopoly money. If you are going to be traveling to Europe you should at least understand the exchange rate before you go.
    • twigboy, on 03/20/2008, -6/+17American idiots.
    • saigumi, on 03/20/2008, -2/+9Paying in USD is actually normal. About 10 years ago, I went to the Vatican for Easter. A dude selling pizza from a cart accepted $5 US or 5500 Lira (About $5.25 USD at the time). A week later, I was in Greece celebrating Easter again (Greek Orthodox Easter is a week later.) and bought a bottle of ouzo off the street for $10 US. It would have been 3500 drachma (about $12 USD at the time).

      Both retailers just happened to have a better 'exchange rate' than the banks, so I paid those in USD.
      • theradical, on 03/20/2008, -0/+4It's normal when your exchange rate is five decimal places. Not when the host currency is worth more than your own!
      • PabloIV, on 03/20/2008, -0/+1This isn't really the same world as ten years ago, is it.
      • RobotLeAwesome, on 03/20/2008, -0/+0Would you take payment in pesos? doubt it.

        It's standard to accept it in places where it is worth more.
    • beersnob, on 03/20/2008, -0/+4I agree....when I went to Europe I took little cash. If you need cash, use your ATM card to get it at an ATM. You get a better exchange rate. Or just pay with your debit card--again better exchange rate than the tourist-trap little exchange shops. Oh, and you don't have to worry about loosing cash! But call your bank before you go to let them know you're going to Europe on vacation so they won't suspect fraud and shut off your card.
    • unclefire, on 03/20/2008, -1/+0Clearly theradical doesn't understand how many things work. For years one could (and probably still can) pay for things in dollars when in a foreign land. 2ndly, I used to do a fair bit of software work for retail FX. The typical thing was that Americans would leave the country with dollars and exchange when in the country they went too (and before the Euro this made alot of sense given the number of currencies in Europe say). Also, many cities in Europe had tons of FX retail places. In the US, they're not as ubiquitous and the rates are not as good.

      Foreigners coming to the US usually brought dollars-- for much of the same reasons. Easier to exchange in their own country, better rates + the reverse of using their currency. If you walked in into a store and asked to pay in Euro's you'd get a very strange look on your face.
  • RyomaNagare, on 03/20/2008, -2/+26This is leaking to other poorer countries.
    I live in CHILE, primarily commodities export, the problem for exporters is they pay everything in local currency, and get payed in dollars which everyday costs less,
    so the government is pressured to try and intervene the prize of the dollar, the problem with that is if they lower the interest tax the inflation goes out of hand, because we import all of our oil and gas and most manufactured goods.
    So what happens at the end?, the small guy gets screwed,
    I have a friend who used to work for a small software development studio, owned by Vivendi,. We had 8% inflation, so usually at year start all incomes are readjusted to reflect the lower value of money. combine this with the fact that the dollar is 15% less valuable, and as a result, outsourced job positions are 20 to 25% more expensive for US companies.

    So people: start consuming, buy a new house, car iPhone whatever, don't get too much in credit, and for god's sake stop expending in an un-winnable war, because if you go to hell you'll take a lot of smaller countries with you.
    Then you'll be overflowing with homeless illegals.
    • Adamande, on 03/20/2008, -0/+1I agree with you on most everything you said, but this isn't the best time to ask Americans to start consuming. They are already working some of the longest hours among Western countries to afford their standard of living. And quite a few of them are in too much personal debt already. They are currently living beyond their means, and the president wasting their money on war isn't helping. If possible, Chile should do like Iran and shift its' markets to Euro. And then be prepared to aid the American people when depression hits them.
    • jeebus16, on 03/20/2008, -1/+4Wrong! Start saving your money for godsakes! "start consuming, buy a new house, car iPhone whatever, don't get too much in credit" How are you supposed to go on a spending spree and not get too much in credit. Save your money, buy locally whenever possible (groceries especially, go to a Co-op), and throw away your ***** credit cards.
      • Extraneous, on 03/20/2008, -0/+1Yes, because having less currency involved in our credit system is going to save it...yeah....
    • sporg, on 03/20/2008, -0/+2Its to late to turn back now!

      http://www.youtube.com/watch?v=_Jm6whXKsrk&feature ...
    • shanson13, on 03/20/2008, -0/+0We are already overflowing with illegals here in MEXifornia (formerly known as California) Give me some dollars to go spend and I would...but right now can barely feed the family and keep gas in the car to get to work.
  • czeman, on 03/20/2008, -2/+13So does that mean prostitutes just got a little more expensive over there?
    • mickstephenson, on 03/20/2008, -0/+8Only for Americans.
      • spiritditch, on 03/20/2008, -0/+6If I knew it was gonna be that kind of party I woulda stuck my dick in the mashed potatoes.
  • ambion, on 03/20/2008, -4/+25This is why people use credit cards....
    • nick111, on 03/20/2008, -3/+25And that's why they can't pay their mortgages.
    • ein125, on 03/20/2008, -0/+6...and why so many people are in debt.

      Use your own cash. If you don't have it or won't get it then just don't spend it
    • ConfuseDuck, on 03/20/2008, -0/+1just don't use American Express
  • geegel, on 03/20/2008, -4/+23This reminds me of an old oriental parable.

    Once there was a prince who wanted an artifact which would make him sad when he was happy and happy when he was sad. The wise men from his court gave him a ring on which laid the following words:

    THIS TOO SHALL PASS
    • senatorpjt, on 03/20/2008, -4/+3Kinda like Lithium Carbonate. Better for your kidneys though
  • ColonelJessup, on 03/20/2008, -12/+65Here we go again with the Digg.com economic professors........................
    • crazybugger, on 03/20/2008, -1/+7Giving diggonomics!
    • Opiate, on 03/20/2008, -3/+13That doesn't change the fact that the dollar is tanking.
      • lukemann, on 03/20/2008, -0/+2You must have missed this http://www.bloomberg.com/apps/news?pid=newsarchive ...
        Gold Plunges, Leads Commodity Slump on Outlook for Fed, Dollar

        Keep up your fear mongering though.
        • FluffyWolf, on 03/20/2008, -0/+2Yes, today the dollar went up, but it is still below what it was 10 days ago. And 10 days ago the dollar was about as low as it had ever been.
          But sure it is nice when things are looking brighter. But the thing is no-one can say what the rate of the dollar will be tomorrow it might go up or down, but a safe bet is that 3 months from now it will be significantly lower than today. The trend is down, down, down and all indicators say that decline should continue. Nothing indicates that it should continue to regain value as it did today. The trade deficit is about as large as it ever has been, the Federal Reserve rates are far below the rest of the world (and below the inflation). And Bush is trying to fuel the fire with more dollars, all while the inflation is soaring.

          The dollar will continue to sink for another 6 months at least, what happens after that is all guesses, and you would have to look at the situation then to predict further into the future.
    • spiritditch, on 03/20/2008, -2/+3Your mom is a digg.com economic professor.
    • fearlessfx, on 03/20/2008, -0/+2Just wait, in a few years it will be a subject offered by leading universities.
  • bobsalt1, on 03/20/2008, -4/+4Why would you use a person to exchange money? In any free trading country use an ATM. You only use a person to change money in places that keep their currency pegged higher than reality. (maybe soon here in the USA -hahaha!)

    Back in the day(1970's), my father was a pro at exchange whenever we went anywhere. We would take a suitcase full of levis with us to russia and get $200 a pair!! I've also seen people try to rip him off by double counting, fold over on the money count, which is why he always said, use these ATM's when you can. Any small percent you gain can be quickly lost when you get screwed by some shady guy.
    • TheLD, on 03/20/2008, -1/+1Have you seen how much commission those ATMs take on foreign currency?
      • deeceefar2, on 03/20/2008, -0/+1Ya in the Netherlands I found most places charged about $5 for the transaction, and then have you the exact current exchange rate. So I usually withdrew 200 euro at a time to keep the charges down. While I would never pay $5 in US for an ATM, in europe including the exchanging I felt it was quite reasonable. Especially when compared to those retarded exchange shops.
      • xienze, on 03/20/2008, -0/+0Depends on who your bank is. I have Bank of America and when I went to Europe a couple months ago with a friend he was getting it up the ass because he brought hundreds of dollars with him and exchanging at various shops along the way. I follow Forex rates daily and the rates those shops were quoting were off by a couple cents AND they all had ridiculous commissions on top. Meanwhile, I brought very little money and just used the ATM. When I checked online, BofA was charging me the prevailing Forex rate with a very tiny (1% or less, can't remember) commission on top. I definitely came out better than my friend.
        • OMnicient, on 03/20/2008, -0/+0I use an american ATM card and a PayPal card every week in the EU. I pay the $1 transaction fee, only, everytime.

          And you better bring straight leg jeans, because they won't wear anything else, and they cost a lot here in the EU still, although you won't get $200.
    • execute85, on 03/20/2008, -0/+3Yeah ATMs are great at exchanging dollars for euros. Why didn't American Jane Doe think of that?
      • OMnicient, on 03/20/2008, -0/+0And there's only ONE office in Amsterdam to exchange AmEx traveler's cheques.
    • senatorpjt, on 03/20/2008, -0/+2Except you get that same feeling I get when buying gas now. When I was a kid, (I'm 30 now), people would always go to the gas station and "put in five bucks worth", before credit card terminals at the pumps, etc. Now, if you try to put five bucks worth of gas in your car it won't even get you to the next gas station.
  • Jonmad17, on 03/20/2008, -2/+4Oh *****! Kevin and Alex better watch out and come prepared.
  • xienze, on 03/20/2008, -4/+34The thing you guys forget about currency exchange rates is that they're not determined by some intrinsic property but by Forex traders. Think of Forex as a stock exchange where the "stocks" are currency pairs (i.e., USDCAD, EURUSD, etc.). Many people involved in Forex are just speculating, and the movements of the past week show that quite nicely. Just before the Fed's 75bp rate cut on Tuesday, EURUSD was ~1.59, USDCAD was ~0.98, and GBPUSD (Pound-to-Dollar) was ~2.04.

    As I speak, EURUSD is ~1.54 -- meaning the Dollar appreciated 3% against the Euro. USDCAD is ~1.02, or ~4% appreciation. And GBPUSD is ~1.97, meaning ~3% appreciation. Oh yeah, let's also not forget that the price of gold in dollars has dropped about 10% since Friday (and it's heading even lower).

    What changed in the past five days or so? The Fed cut interest rates by less than expected. People bought Euros, Canadian Dollars, Pounds, and even the Swiss Franc (really? The Swiss Franc?) betting that the Fed would cut by 100bp or more (right up until the cut, the market was 100% sure of a 100bp or greater cut). They didn't. Those who bought at the top are holding the bag and selling off because without the 100bp cut the message has been sent that the Fed is starting to slow down their rate cuts, signaling that "perhaps" they're starting to see the light at the end of the tunnel.

    The thing you have to realize is that Forex and gold investing is primarily speculative and driven by investor sentiment, not by some God-given properties bestowed upon currencies that make them "stronger", and therefore "better" than others. And you're also insane if you think having an incredibly strong currency is necessarily a good thing -- it is, to a point. If $1 was worth 10 Euros, we'd be in trouble. Right now, the ECB is even considering cutting interest rates because the unprecedented runup in the Euros value is hurting the bottom line of many European businesses. And this is when they're in the midst of some nasty inflation, so rate cutting would make things even worse!

    Long story short: things aren't always so cut and dry in currency markets. Currencies fluctuate. The EURUSD will come back to earth as investors start realizing that the party's over.
    • xienze, on 03/20/2008, -1/+10Welcome to Digg -- where it's easier to digg down people you disagree with than counter their arguments.
      • covertbadger, on 03/20/2008, -0/+2I agree with you, for what it's worth. I've been warning people on digg about the folly of putting all their eggs in one basket when jumping on the gold bandwagon, and had to stifle a snigger when I woke up this morning to find that gold prices have plummeted overnight. Gold is just another commodity and has no magical value-retaining properties. Diversification, diversification, diversification.
    • senatorpjt, on 03/20/2008, -3/+5There are real reasons why people are choosing the Euro over the USD, unlike picking Red vs. Black at a roulette table. The fed cuts rates to increase the money supply. The more money there is for the amount of "value" in the economy, the less the value of the dollar, and therefore traders dump their holdings of it. Unlike stocks which is a purely investor-driven market, most of the money supply isn't in the control of Forex traders.
      • xienze, on 03/20/2008, -0/+5You're right -- it's not a PURELY investor-driven market, but investor speculation makes up a healthy chunk of it. I'm not sure how else you could explain the rapid decline of the dollar right up until 2:15 PM Tuesday and then equally rapid selling of the Euro et. al. as the Fed didn't move the way the markets thought they would.
        • jjmckay, on 03/20/2008, -0/+1Right.. A currency based on gold would not be subject to an authority like the Fed dropping and raising rates, no? So the uncertainty stresses the market and people's confidence, as we've seen. What's more important, imo, is a stable market. The US Federal policy has been stirring things up in the past five+ years due to many factors like wars and making the dollar unattractive in the middle east by seizing bank accounts.
        • jjmckay, on 03/23/2008, -0/+1Here's something to back up what I said above:
          http://worldnetdaily.com/index.php?fa=PAGE.view&pa ...
          "Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."

          Fed policy of raising and lowering rates as an attempt to manipulate the markets, inherently causes market instabilities.
      • corneliusJones, on 03/20/2008, -0/+3intelligent, informed discussion on digg...THANK YOU
      • coustoe, on 03/20/2008, -0/+1Money supply is not determined by interest rates, all interest rates do is provide liquidity to the markets.

        Money supply is increased by Most central banks by buying back government securities on the open markets. in essence printing money or seignorage.
    • LordRedSnake, on 03/20/2008, -0/+1The Fed's interest rate cuts have a much more substantial effect than speculators. You have to consider the sheer quantity of the Forex market and the number of dollars traded every day to realize how hard it is for speculators to affect exchange rates on a large scale. Without speculators driving the dollar down, the rate would still be terrible. Having such a low interest rate in the US just makes it less than ideal to invest in US Treasury bills, so anyone buying bonds is going to shift their holdings to European bonds where the interest rate is still 5% compared to 2.25% in the US. That significantly increases the demand for Euros relative to dollars, driving up the price of Euros.
  • h0stile17, on 03/20/2008, -4/+4Well if Amsterdam turns the dollar down then I guess that I should too...This is not news. Mexico and Canada border the U.S. and there are places in those countries that have been turning the dollar down for decades as I've discovered in my travels....especially in the 1990's when we had a "surplus". I'd never seen two countries that economically ***** at the United States. We had a "surplus" and we were advertising it to the world meanwhile there were countries out there saying "Suplus? They still owe us like 2 million dollars!" It's the equivalent of lending someone money and then seeing them wearing a new shirt before they pay you back.

    I'm sure we'll hear how all this is tied to the fiscal irresponsibility of the Bush and Reagan Administrations. Paging Hillary......
  • deeceefar2, on 03/20/2008, -3/+6Clearly the people who commented on this story have never traveled overseas.

    First the same situation that exists with US $ in the Netherlands exists here for the Euro in the US. I still have 60 Euro I couldn't get a reasonable exchange for in the airport in the international terminal, and lets face it they exchange alot more currency then random currency exchange stands in the middle of amsterdam. They wanted to give me $0.40 for each euro. I laughed and walked away.

    Second get a debit card. That is always how I get euros when I'm in the Netherlands. I guess ATMs are just too complicated for some people.

    Third it is dumb to exchange your dollars into euros when your going to need more dollars when you come back to the US after the vacation. So why would you pay to exchange dollars to euros losing money in the exchange rate, just to change the euros back to dollars after the trip and lose even more money to the exchange rate. When you travel to europe you get enough cash to use in the airport or anywhere stateside you might need it and don't want to use your debit card, and then when you get to the destination airport you go to the ATM and withdrawl the local currency.

    Lastly these people are dumb, and their opinion means nothing especially in light of the fact they clearly don't know what they are doing. So that leads me to question what the hidden agenda is behind this wonderful piece of journalism. Clearly they are trying to push the topic of the day, "the declining US economy," and they're bleeding their lack of journalism all over the pages. I would much rather see a quote from a currency exchange shop then I would some random people standing in line.
    • synistyr, on 03/20/2008, -0/+0Why? It's pretty simple, americans take US dollars to Europe and expect them to be taken. So you end up with a fistful of US money and need to exchange it for real currency. I remember one woman in ranting at the clerk in the train station because she wouldn't accept her american money to buy a ticket.
      • hysterix, on 03/20/2008, -0/+0Great proof you got there! Because some stupid American bitch was ranting away at some guy who's job probably told him not to accept foreign money is your proof for why it is wrong for other countries to not accept the dollar? You really are stupid!!

        No country has to accept a foreign currency......NOT ONE!

        Doucebag.
  • saigumi, on 03/20/2008, -11/+40BREAKING NEWS: 'Euro Worth Maybe Zero' In St. Louis

    I resensationalized the headline. When was the last time you walked into a store in St. Louis and paid in Euros? Do you think anywhere like Best Buy would accept the bill as legal tender? Nope. That means its value is ZERO. Money is only worth what you can get for it.

    Oh gnoes, some scammy money lenders won't trade! National News: the dollar is worthless.

    • hysterix, on 03/20/2008, -0/+0Exactly, people think that because the dollar wasn't accepted as a trading currency in a country that its value is zero? Wake up morans!
    • ein125, on 03/20/2008, -1/+2Oh my, another couple of fools with their heads in the sand.

      This article is not talking about general stores, malls etc. It is talking about Currency exchange shops that only exclusively deal with exchanging currency. They don't sell or buy anything else except currency and they're not accepting US Dollars. This is not a good sign for the US dollar.
  • LeadOffMan, on 03/20/2008, -8/+2Can you say Amero?
  • crazybugger, on 03/20/2008, -13/+7US is becoming a 3rd world country.
    • theonewolf, on 03/20/2008, -0/+2Uhm, I fail to see how...your comment has no substantial information. Curently the US has the most advanced power system in the world -- we output MORE nuclear energy than any other country in the world. We have the most advanced military in the world which includes a fifth generation fighter the F22 unrivaled by ANY other plane in the sky. We have the worlds most advanced nuclear arsenal. We have the worlds leading IT and biomedical industries--the US leads by far in stem cell research. Yeah, people like to say Asia is "catching up," but I'm really tired of hearing about their fabricated experiments.
      • corneliusJones, on 03/20/2008, -0/+2You forgot that people still come from around the world to learn in our Universities
      • area51x, on 03/20/2008, -1/+0Most advanced military? Give me a break. Is that why the Iraq war has taken longer than WWII? I guess it is the most advanced and incompetent at the same time.
      • alexcroox, on 03/20/2008, -1/+1lol america may have the most advanced because of the amount of money they spend on it, but they sure as hell aint the most well trained!! putting a baby in control of a tank doesnt make it an effective killing machine!
    • area51x, on 03/20/2008, -1/+0I second that.
  • MentalHazard, on 03/20/2008, -5/+0The value of personal labor is declining. That's because as technology grows we need much less of it.
    Yes, YOUR money is worth less. That doesn't mean the whole economy is broken.
  • rye128, on 03/20/2008, -1/+4Who cares? (besides Americans) , bluray BD+ copy protection has been defeated and slysoft charges in Euros!!!!! :)
    /ot
  • Dimbleby, on 03/20/2008, -0/+5FFS...I live in Portland and I am visiting family in NL...I DO NOT WANNA see how much things end up costing me.....my money just dwindled 58% just by entering the country!

    DAMMIT.....$1.58.....goddammit...first I get raped by the dollar by living in the Netherlands and now I live in the US and i get raped by the dollar again! Without vaseline!!!
    • snoogit, on 03/20/2008, -0/+1Line yourself with $1 bills if you need lubrication

  • Ferre1, on 03/20/2008, -0/+8I live in Amsterdam and those small currency outlets they talk about in that article are not banks, they are small money traders mostly owned by very dubious people, they get raided all the time for money laundering and stuff like that. Every single bank in Amsterdam will change dollars for euros and there are many banks in Amsterdam. just because some dubious people with their own exchange office don't want to accept dollars doesn't mean the dollar is worthless, it just shows what a bunch of opportunists those small money exchange people are. Besides, they don't even have good rates compared to real banks, they are nothing but tourist-traps.
    • OMnicient, on 03/20/2008, -0/+0Word! Up and down Damrak are these shady kiosks. But they have such cute souvenirs!
    • ein125, on 03/20/2008, -0/+1However, you have to admit it is a bad sign that these people won't accept US dollars.
  • kublerross, on 03/20/2008, -0/+4when i went to amsterdam a few years ago right before they switched to the euro, the dollar was worth almost 2.5 gilders
    and STILL, the locals didnt want any part of the money
    I think its a big hassle
    Its arrogant to think someone else would want your money. If I ran a shop and some person who doesnt speak my language came in trying to pay with euros, pesos or whatever id point them to the nearest ATM
  • hamGrenade, on 03/20/2008, -1/+3the declining value of the dollar is like the book of revelation for atheists.
    • OMnicient, on 03/20/2008, -1/+2Yup, toilet paper in both cases!
    • hysterix, on 03/20/2008, -0/+0That is one of the funniest things I've read in a while.
  • diggmc, on 03/20/2008, -0/+3I think this article is a little on the extreme side however, the point is well made. The devaluation of the US dollar is definitely a very dark cloud on the US economy. It's not quite as bad as pre-WWII Germany but the signs are definitely there.

    I'll digg the article.
    • theonewolf, on 03/20/2008, -0/+3Wait I don't think you understand--the devaluation of German currency occurred INSIDE their country. The devaluation outside of your country, without large inflation inside, means that your economy will be STRENGTHENED by foreign investors/companies seeking cheaper goods.

      The signs are definitely NOT there. There are NO parallels to Germany. Germany went through extreme inflation to the point that their currency was literally worthless inside their own country--this is NOT happening in the US (inflation is VERY tame).
  • oriyn142, on 03/20/2008, -2/+7Title = MASSIVE FAIL
  • yaosio, on 03/20/2008, -1/+1I see why the small exchanges are small, they have yet to hear about buy low and sell high.
  • zcreem, on 03/20/2008, -0/+4A small note to my US cousins thinking of a trip to Berlin, the cash machines here take Visa and Master Card, but most shops do not. Credit cards are not widely accepted here, some big shops and restaurants do, but most do not. For cashless transactions we still use the EC card. The EC card is rarely used and so not normally available outside German.
    So you can use the ATM if you have Visa or MC, but you won't be paying for your meal with it.
    • OMnicient, on 03/20/2008, -1/+2So Lithuania and Latvia are actually YEARS AHEAD of Berlin? That's a shock!
    • ein125, on 03/20/2008, -0/+1Actually, they do accept Credit Cards. They just won't accept foreign cards. Even a CC from within the Euro zone.
      • zcreem, on 03/20/2008, -0/+1I live here Pal and I assure you they don't, except in expensive stores or restaurants.
  • RoadWarriorX11, on 03/20/2008, -2/+7Gotta love the sensationalism on Digg lately
    • zacharytelschow, on 03/20/2008, -0/+2Lately?
    • borez, on 03/20/2008, -1/+1Articles in Reuters tend to be true
      • theright, on 03/20/2008, -0/+2The agenda-driven titles and comments articles are submitted with here, on the other hand, do not.
    • ein125, on 03/20/2008, -1/+2Have you actually read the article rather than just the title of the submission?

      The article isn't sensationalist. It's quite factual.
    • Twenty3sog, on 03/20/2008, -2/+0Curse the day when Americans begin to worry about the value of their currency! So sensational!
      • zacharytelschow, on 03/20/2008, -0/+1Claiming that the dollar "maybe worth zero" counts as sensationalism in my book.
  • t4m5t3r, on 03/20/2008, -5/+5its OK people dont panic, George Bush said their wont be a reccesion and the dollar is strong, and i dont think George Bush would ever lie!


    LMFAO!!! hahaha, toilet paper is worth more than US money in amsterdam!!


    Sorry for not being more sympathetic but you american's where warned what bush was going to do before you let him steal the election TWICE, so hey, you made the bed, you lie in it!!! (i can see why you guys like your guns, may be an essential when grocery shopping, very soon!!)
    • zacharytelschow, on 03/20/2008, -1/+2I'm not sure what country you live in, but you can get off your high horse. Odds are, we have a higher standard of living. In case you fail to comprehend just how big the US economy is, check out this chart, which labels each US state as a country that they produce the same GPD as:

      http://strangemaps.files.wordpress.com/2007/06/350 ...
      • ein125, on 03/20/2008, -0/+1"Odds are, we have a higher standard of living"

        I'm laughing at the moment due to the absolute ignorance of this comment.

        There are areas in the US that have a lower infant life expectancy than some second and third world countries and as for the illiteracy rates you have....

        Although the GDP (GROSS domestic produce, not NET) of each state may be huge, it's your national deficit that counts here. The US economy is slowly but surely going down the tubes.
        • zacharytelschow, on 03/20/2008, -0/+1The US national debt may be a large number, but as a percentage of GDP its on par with many other countries, as you can see here:

          http://snowflake5.blogspot.com/2007/04/10-years-of ...
        • Exact0, on 03/21/2008, -0/+0Infant life expectancy? Maybe it has something to do with the US actually trying to save infants instead of just saying they weren't born in the first place.
        • zacharytelschow, on 03/21/2008, -0/+1The US has a literacy rate of approximately 99%, which I think is all that can reasonably be expected, in further response to ein125. In response to Exact0, infant mortality rate? Are you kidding me? All the things that as an American I wish were different and THAT is your argument against America? Let's be realistic and honest: if you take a composite of all the things that matter, the US is flat out the best place to live and gives each citizen the best opportunities of any country in the world. (I don't like the direction things are headed, but that is the way things are currently)
    • unclefire, on 03/20/2008, -0/+0What makes you think that most of us had ANY control over what Bush and co did on the election? In case you didn't notice, a small percentage of the population acutally votes. And those that did, the vote was fairly close in both elections. For that matter, in 2000 Bush lost the popular vote, but due to our election mechanism he still one.

      Bush sucks, but you're being a retard.
  • daridave, on 03/20/2008, -1/+4I don't live in the US so I could laugh about this, but I think people are getting stupid about this situation. Insulting the US dollar and most importantly ignoring it, is a big mistake IMO. If and when the economy will go back up and the USD will be strong again, those who are "grabbing them" right now will be very happy. "He who laughs last, laughs best", they must not have learned that one.
  • funkydude101, on 03/20/2008, -4/+3This is also a case of some people at small currency exchange outlets in Europe using their distaste towards America by rejecting the currency. Of course some Europeans would love to turn down an American and tell them their money is no good. Just like the obvious stereotype of how the French view/treat American tourists.
    • zcreem, on 03/20/2008, -1/+2You've never been to Europe have you, we don't dislike Americans, we think your government sucks, there is a difference.
      • synthaxx, on 03/20/2008, -0/+2Dugg for truth.
        I live near a popular tourist attraction in the south of The Netherlands, and the loudest most irritating people were definitely the brittish.
        Most of the Americans i met were pretty laid back and nice, just don't get them started about politics/sports.
        • zcreem, on 03/20/2008, -0/+1I have to agree about the embarrassing Brits, but in Spain where I lived for a while the Dutch weren't much better. The British just don't seem to understand they are an island off the European mainland, not a world power ruling the high seas. One of the reasons I won't be going back there anytime soon, and glad I left.
    • ein125, on 03/20/2008, -0/+1[sarcasm]Of course!

      I'm sorry, you're so correct. This must stem from racism and not the fact that it makes no economic sense for these currency outlets to accept USD as they'll lose money (regardless of their business practises).[/sarcasm]

      You don't happen to work for a US news network do you? You'd be a perfect candidate for a job there as you seem to love pulling the race card out.
  • reed311, on 03/20/2008, -1/+7This isn't even accurate as other people have explained in the thread (and many have been dugg down). The sensationalist "the economy is going to collapse and we're all going to die" crap, is getting out of hand. It's almost as if some people want it to happen.
    • chuckDontSurf, on 03/20/2008, -0/+3"It's almost as if some people want it to happen."
      Yup. Reminds me of Y2K. There was a legimate cause for concern with that, but there were die-hard doom-and-gloomers who had so much invested in it that it was obvious they started *hoping* it would happen. Sad.
    • shanson13, on 03/20/2008, -0/+0ever hear of a self-fulfilling prophecy? The dollar is only worth what consumers and investors perceive it to be worth, since we have no gold behind the worthless paper notes, if we THINK it is worth more...then it is...and if we THINK it is worth less, then it is...sucks huh
  • rmxz, on 03/20/2008, -0/+7Suddenly all those $1,000,000 mortgages people have don't sound as expensive anymore.
    $1,000,000 * (0 dollars / euro) = 0 euros
    Should be pretty easy to pay back if one can get a job that pays in euros.
  • ja992, on 03/20/2008, -3/+4Meet the new Peso.
  • Fetching more discussions...
    Show 51 - 91 of 91 discussions
  •  

    Login or register to add a comment

    Create a new account or login to join in the conversation on Digg. You'll also be able to Digg stories to help promote things you like.


© Digg Inc. 2008 — Content posted by Digg users is dedicated to the public domain.
DIGG, DIGG IT, DUGG, DIGG THIS, Digg graphics, logos, designs, page headers, button icons, scripts, and other service names are the trademarks of Digg Inc.