Even New Yorkers Say No To USD
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| Topic: Other — February 9th, 2008
US Dollars? No Thanks. We Want Euros. This is in New York.
Whilst tuning in and out of the 2008 Presidential Campaign on CNN, a piece about the US dollar caught our attention.
It appears that even in New York City, people are now beginning to reject US dollars in favour of foreign currencies such as the Euro. CNN interviewed an antiques dealer who has a large sign outside his store in New York City saying “EUROS ACCEPTED”.
The dealer went on to say that he first started accepting Euros when he went to Paris and had his dollars rejected. He said, “In France they were like, urgh! Dollars? No!” The man had been to Paris over the years many times and said that attitudes to the US dollar had changed dramatically. Whereas before the man said European businesses had the attitude of “Oh great the Americans are coming, but now its like we are a third world country.” Therefore from now on this New York businessman is accepting Euros wherever possible.
This is a real life example of how the dollar is losing its respect and good reputation all over the world, even in New York!
Although we do not feel that the Euro is the best currency, as we would pick gold and silver above all major world currencies, it appears as if almost anything is better that the US dollar. We expect to see more rejection of US dollars and other major currencies as this financial crisis continues to unfold. Once inflation gets out of hand, expect to see all currencies being rejected in favour of physical assets such as gold and silver.
America may not yet be a third world country, but the American dollar is certainly a third world currency and that is one of the main factors driving gold to between $2000 and $3000 over the next few years. You can invest and profit from this crisis by investing in gold and gold stocks so stay updated with what is happening in the precious metals industry by subscribing to The Gold Prices Newsletter completely FREE of charge. Simply click here to subscribe and click here to subscribe to our FREE Silver Prices Newsletter.
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I somehow doubt that my grocery store or my druggist or my car dealership will be insisting on payment in gold or silver nuggets within the foreseeable future. Evenso, I have invested heavily in gold bullion and gold mines…..bobi
Comment by bobi — February 10, 2008 @ 9:42 pm
The antique dealer is simply accepting Euros, not rejecting dollars. Your title hints at intellectual dishonesty. I’m as much a gold bug as anyone on this site, but I also demand honesty.
Comment by Edward — February 10, 2008 @ 11:53 pm
bobi,
It does appear to be ridiculous at the moment. However, we do not rule it out, the next few years will bring a massive swing to gold with more and more companies, countries and indeed people looking to be reimbursed with gold or a gold backed equivalent.
Comment by Gold Prices — February 11, 2008 @ 9:17 pm
Edward,
It is true that the dealer was not rejecting dollars, but he was taking Euros in preference to dollars and was more prepared to make deals if the buyers were paying in Euros.
The attitude appears to us to be moving towards something like: “We will take USD if that’s all you have, although we would rather take other currencies.”
This is the first step in a movement which we believe will eventually see people actually rejecting US dollars in the future.
Comment by Gold Prices — February 12, 2008 @ 3:18 am
So, we all have gold bullion, but we can’t own ONLY bullion. What currency(s) WOULD be okay for the cash portion of our holdings?
I would appreciate anyone’s thoughts.
Comment by Gwen — February 12, 2008 @ 3:38 pm
USD is the worst currency in the world.
Try to find ANY currency it didn’t go down against (most of them heavily)
Yes maybe the Zimbabwean dollar (AND I AM NOT KIDDING!)
US is DONE, FINISHED, GOING THROUGH THE DRAI LIKE NO OTHER COUNTRY IN HISTORY
Comment by Eric — February 13, 2008 @ 12:41 am
Gwen,
You could take a look at the New Zealand and Australian dollars. This is not financial advice as we are not financial advisors, but you can get 8.08% on the NZ dollar at the moment, just a thought.
Comment by Gold Prices — February 13, 2008 @ 9:00 pm
Thanks for the ideas. We are actually moving from US to Aussie this year, so NZD / AUD are good ideas.
My fear is that if the ’subprime / credit’ problem gets worse and panic ensues, then the carry trade may unwind further, causing the high yield currencies to decline. Which could THEN become a buying opportunity in the AUD / NZD.
So buy the carry trade currencies, CHF / JPY, right? NOPE.
If the markets temporarily get better, everyone will pile back further into the carry trade and the JPY/CHF will go down. THEN JPY /CHF could present a buying oppportunity.
Always comes back to gold. (^_^)
Comment by Gwen — February 13, 2008 @ 10:38 pm