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.