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1.00 USD = 1.00 CAD --> http://finance.yahoo.com/currency/co...ubmit=Convert&
1.40 USD = 1.00 Euro --> http://www.ft.com/cms/s/0/e331d7f2-6...0779fd2ac.html
Saudis say no to the USD: http://www.telegraph.co.uk/money/mai...cnsaudi119.xml
And a little bit earlier:
China threatens to attack the dollar: http://www.telegraph.co.uk/money/mai...nchina107a.xml
Fredi
haters...
Figures, line up a good paying US project, get paid in US dollars into my Paypal account... and the bloody US dollar takes a nose dive!!
Typical!
wow. i remember 5 years ago being able to go to Canada and buy things for basically 50% off.
The pound/USD is higher now. It was lingering around 1.9 Dollars to one pound but it's now risen 2.01, I don't know if thats the dollar sinking or just because the UK's housing and economy is all changing alot.
I had something witty about us borrowing money from third world countries and the such. But it hit me... the developed countries won't even lend to the US it seems.
Oh well... due to Bush's non-plan on the dollar, I've expected far worse. China does have 1 trillion US Dollars... they switch to the Euro for oil purchases... we're in something that might be worse than the Great Depression.
Bad thing... we go down, so do a lot of other industries, sectors and countries. At least initially.
When I used to go to Canada to visit family it was $1 USD = $1.65 CAN :(
Ecuador's official currency is the US dollar since 1999. We already are a third world country, and if the US does bad, we'll do worse.Quote:
Originally Posted by gerbick
Don't worry. The US is the biggest consumer market. The dollar goes down has also some advantage: US products become cheaper outside US.
The US goes down, the rest of the world does so, too.
Be happy :)
My edit :pQuote:
Originally Posted by cancerinform
Us canucks were at 1.0005 for a moment today. I'm gonna buy me some USD and wait for it to sling back around.
Yep. We're in big trouble. If the cost to invest here were to dip, nobody would buy in. After all, who still believes that Americans have it in them to do successful business any more? :D
Cancerinform, I think we found something we can agree on! An economic dip by us would have far more substantial consequences for others around the globe than for our local citizens, including China. If they sold off as they threaten, it would hurt us. But, it would hurt themselves more. Are they crazy enough to sacrifice a bishop to take out a pawn? Just because they got by on peanuts for decades before doesn't mean they want to do it again. It would almost certainly lead to a revolution and total collapse of their current government.
Anyway, what was the underlying point of this news, Subway?
Well I'm glad he posted it, didn't realise the exchange rate had got so low. Though made me sad... :(
And with regards to China, how would them selling US dollars and, say, buying UK pounds hurt them as such?
<== Selling oil to US of A makes money.. what did you expected?
Consume, consume, consume... see you tomorow
They have 1 trillion dollars that's now worth about 500 billion and when they purchase British Pound Sterling... they'll have about 250 billion or so, if not less. And that's not factoring in the other variables.
I've said this for years... once China switches from US Dollar to the Euro for buying oil and other resources... the dollar will drop then as well. Especially with such a huge cache of cash.
But now I'm curious... why is Subway posting this? That's just a curiosity question.
They expect it to drop lower !!!
But think of this - many people from developing countries come to US because of the high exchange rates. Once this drops they will stay in their country than come to US. So good for you Yankees !!!
Because if there's two things I know about Subbers, he'sQuote:
Originally Posted by gerbick
1) a Sony fanboy
2) Eurotrash
So if there's an opportunity to take a shot at
a) M$
b) the US
he's all over it.
:)
We don't use the Euro in my country, well, at least not as the premier curreny as we're not part of the European Union.
I'm posting this because I and many others here do business with clients that pay in dollars, so it's defenitely of interest.
Fredi
So it's not because you're a eurotrash Sony fanboy?
My bad.
Certainly means I'll start charging them equivalent US$ as my usual AU$ prices. With exchange/Paypal rates it'll work out the same now!Quote:
Originally Posted by Subway
And damn, now definitely need someone to buy me a computer from the US, but pay with my Aussie $$!!
I guess thats about what happens when a country just prints more money whenever they need more cash.
Hehe. We're in our last year at school and a girl in my tutor group still cannot see why we don't print off more money for the poor people :D
Thanks for the education Tony Blair.
Because the UK, being a much smaller economy cannot provide the same stability. Their entire market (let alone the available for sale market) probably would not cover the value of the capital they would need to replace. I'm not sure that the available market of the EU would either.Quote:
Originally Posted by TheOriginalFlashDavo
Additionally, moving that much cash doesn't happen in a short time. The moment that the world market catches wind of the move, the value of the dollar would drop substantially. So, if they continued to sell at that rate, they would be getting a fraction of it's original value back. The fallout for the rest of their economy, with everyone knowing that they just lost half of their entire assets would be brutal.
They aren't calling it the "nuclear option" for nothing. Just the same, they would be taking themselves down with US, and much further.
Makes sense in theory, but the reality is the pound has continued being strong for as long back as I can remember, but look at the US$ now...Quote:
Originally Posted by FlashLackey
*gets online to find some UK clients*
Of course its been strong since as long as you can remember davo. You weren't around when we took over most of the planet and stole all of their money were you?
:D
What "standard" is the british pound based on? still silver/gold?
That's pretty much exactly what the problem would be. It has remained strong largely because they have done a good job controlling inflation by making sure that there is real value behind the currency. There isnt enough value at current rates in their market to absorb the volume of capital China would need to buy. They would ultimately have to print new money to meet that demand, which would drive up inflation.Quote:
Originally Posted by TheOriginalFlashDavo
Remember Jack and the Beanstalk when Jack's family carves up a single green pea for dinner? :)
I think so... my geography tutor said you can still go to the Bank of England and trade in your money for its worth in gold. But I'm not sure :SQuote:
Originally Posted by gerbick
[checks wiki]
http://en.wikipedia.org/wiki/Bank_of_England
not sure what that means...Quote:
Britain remained on the gold standard until 1931 when the gold and foreign exchange reserves were transferred to the Treasury.
It means that the government doesn't need to store an equivalent value worth of gold to back up it's currency.