Comments for The buck doesn't stop here; it just keeps falling »
Posted By engineer 1 year, 5 months ago in Business & FinanceThe almighty dollar is mighty no more. It has been declining steadily for six years against other major currencies, undercutting its role as the leading international banking currency.
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ProudBlueTexan1 year, 5 months ago
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ProudBlueTexan1 year, 5 months ago
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"The loss of the dollar's purchasing power and international respect has some experts worrying that the euro might one day replace the dollar as the so-called primary reserve currency. And that could trigger a dollar rout as foreign governments and international investors flee from U.S. Treasury bonds and other dollar-denominated investments.....
Since roughly half of the nation's nearly $10 trillion national debt is held by foreigners, mostly in Treasury bills and bonds, such a withdrawal could have enormous consequences."
Why am I reminded of Katrina?
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buckncindykill1 year, 5 months ago
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Mujahideen Muslim terrorists may be behind the sinking American dollar as part of a campaign to cripple the American economy, the Middle East Media Research Institute (MEMRI) reported. The media watch group, which specializes in tracking Arabic language websites, said that postings on websites the past two years reflect a move toward waging an economic war against the United States. Financial, rather than military, losses that will prompt the U.S. to change its policies in the Middle East and elsewhere.
Mujahideen terrorist groups that operate in Afghanistan, Pakistan and other countries "have come to the conclusion that it is financial, rather than military, losses that will prompt the U.S. to change its policies in the Middle East and elsewhere," according to MEMRI.
Certainly a factor don't you think?
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fishifanb1 year, 5 months ago
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buckncindykill1 year, 5 months ago
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"How can they have a direct effect?"
If they (terrorists) have ties to heads of state (which most do), those countries can lobby our government. It's pretty insidious; but worst of all, those countries hire former members of congress to lobby on their behalf!
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Teech1 year, 5 months ago
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"Mujahideen Muslim terrorists may be behind the sinking American dollar as part of a campaign to cripple the American economy, the Middle East Media Research Institute (MEMRI) reported...."
And this could very well be true. Several countries have actuallly been known to sponsor counterfeiting of our currency to cause economic ills to us.
But Mr. Bush needs no further help in causing further devaluation of the dollar and more economic chaos here and abroad. All he needs to do is give even MORE tax cuts to the elite 1% of America's super rich, spend even more BORROWED from the national debt money attempting to force democracy on a country that doesn't seem to want it, export more jobs, oppose ANY program that benefits middle and lower class American workers as "entitlements" while continuing to spend billions in corporate welfare.
Tell the Mujahadeen thanks, but Dumbya doesn't need their help. Mission Accomplished
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zimm1 year, 5 months ago
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Buying off former (and perhaps even current politicians) is exactly how terrorists influence our government, and can affect the value of the dollar.
And some ex-presidents like Jimmy Carter also come to mind...
Carter accepted a very large donation to the Carter center from the very same Saudi prince from whom Rudy Guliani rejected and returned a $10 million donation. See: http://archives.cnn.com/2001/US/10/11/rec.giuli...
Carter is an example of a former US politician who has been bought and paid for by Arab oil money...
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dunkirk1 year, 5 months ago
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So did they plant Bush and his economic mismanagement too? Weren't these the guys just this morning you righties were claiming were all but defeated (again) and now they have the economic power to cripple the dollar???? Hmmmmmm ya think it just might be the spend and spend and spend and spend and spend and borrow policy of the Repubs??
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Amazing11 year, 5 months ago
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In early June, Bush said, "A strong dollar is in our nation's interests." So in early June, we can assume that Bush was just as idiotic as ever.
How much lower would our debt be if we had never invaded Iraq?
The dollar is a fiat currency that is based on nothing but hot air. The Fed bails out Bear Sterns and pumps more hot air into the system. The economy is like a balloon. Pump enough hot air into it and the balloon will burst. And like always, it will be WE, the PEOPLE who will suffer from the cavalier attitude of those who are in control.
It's time for a Tea Party!
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Teech1 year, 5 months ago
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"In early June, Bush declared before his trip to Europe: "A strong dollar is in our nation's interests."
Which is exactly why Bush does everything he can do to further WEAKEN the dollar! He does NOTHING that HELPS our nation, every action he has taken for the past seven years has been totally AGAINST our nation's interest.
He has, of course, made billions for himself, big oil, big pharm, and others who gave generously to get him elected. Their return on investment has been ten fold. America on the whole has been the big loser.
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amazed1 year, 5 months ago
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you know, I'm really, really no fan of Bush's, but this is WAAAYY beyond what any President can do.
Much of the reason that the dollar is falling has nothing to do with Bush and much more to do with our economic realities.
American companies must meet all kinds of financial, environmental and other regulations that most of their counterparts in other countries -- especially China and India -- do not have to deal with. This makes shipping manufacturing and help desk and other functions overseas even more attractive to US based businesses.
Let's look at the responses to this. Most Republicans (at least the more traditionally conservative ones) call for leveling the playing field by relaxing some of the regulatory BS that the US corps must deal with, lowering their costs (tax breaks) and trying to give them back some leverage when dealing with unions.
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amazed1 year, 5 months ago
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Most Democrats (especially the more liberal and left-leaning) believe that the solution to this problem is yet MORE regulation and taxes.
At the same time, interest rates (as in the money market and the bond markets)in the US are very low -- especially as compared to the European and Japanese markets -- making investing in US dollars not all that attractive.
Because we have so little manufacturing left, it is extremely difficult to "buy American" -- and many are unable, unwilling or just too oblivious to even try -- so we have become a debtor nation. That is NOT Bush's fault. WE need to try hard to buy American made goods and let the retailers know that we're not buying what we're not buying because it's made in China.
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amazed1 year, 5 months ago
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Finally, previously (in the 20th century global economy) there was NO other economy that rivals the US's. There still isn't (China's getting closer, but not yet), BUT almost ALL of Europe joined together behind the Euro and that makes the Euro a valid competitor.
I guess I got a little carried away with the explanation....
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dunkirk1 year, 5 months ago
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that tends to be alittle misleading. Those laws for environment and taxes have been around for a while and in general are meant to protect people and places from exploitation. If you notice there arent a lot of manufacturing facilities located in "rich" suburbs, making the US into a third world environment does nothing but line the corporate pocket book (can you tell me one product that after its manufacture has been outsurced was actually reduced in price??) THe biggest hit on the economy and the dollar had been the spend spend spend and borrow economic policies of this administration and its trickle down theory of economics. THis is very much in the realm of what a President can do when the policies they follow are broken.
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bigurn1 year, 5 months ago
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To my mind this is the single most misunderstood facet of a national economy. Several countries tie their currency to ours. To allow the dollar to weaken is to weaken the world economy, not just ours.
We long ago left the gold standard, and as a result the dollar is worth only what the government is willing to agree that it is worth.
This is bigger than any other issue facing America, and needs to be understood first, discussed second and dealt with last.
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gamahuche1 year, 5 months ago
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"Several countries tie their currency to ours"
Guatemala used to some 35 years ago when I was last there.
No others come to mind off-hand.
Any significant ones that you can think of?
While obviously a cause for concern, whether this is the BIGGEST issue facing America is in any case open to doubt; I'm sure most people are more concerned about the micro-economic problems that they face, such as the negative equity in their homes and the price of gasoline for driving to work because there is no public transport system that will get them there.
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Will13131 year, 5 months ago
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A few nations besides the United States use the U.S. dollar as their official currency. Ecuador, El Salvador and East Timor all adopted the currency independently; former members of the US-administered Trust Territory of the Pacific Islands (namely Palau, the Federated States of Micronesia and the Marshall Islands) decided that, despite their independence, they wanted to keep the U.S. dollar as their official currency. Additionally, local currencies of several states such as Bermuda, the Bahamas, Panama and a few other states can be freely exchanged at a 1:1 ratio for the U.S. dollar. Finally, a number of nations have tied their currencies to the U.S. dollar - including Argentina (1:1 fixed exchange rate from 1991 until 2002), Lebanon (one dollar = 1500 Lebanese pound), Hong Kong (one U.S. dollar = HK$ 7.8 since 1983), and several more.
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gamahuche1 year, 5 months ago
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That's amazing!
Great info Will, thanks!
The very few countries that I've never been to.. just kidding.
I guess when I was in Mexico $'s were accepted quite happlly anywhere.
I was recently in NYC for a few days and had the uncanny experience of finding almost everything cheap - against the Czech crown.
I didn't imagine that I'd be buying myself brunch and food for the journey home at Dean and DeLuca's.
Can't say that was super-cheap but balanced with a Chinatown soup it worked.
in D & D's a couple of English guys were being taught how to cut smoked salmon - for a branch that D & D were going to open in Dubai, not in Kansas..
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wtagg1 year, 5 months ago
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There are some that point out that the weaker dollar helps with our goods in international markets (which is certainly true), but as long as we are importing (with a dollar that is weaker) at a proportion that is growing in relation to our exports, the weak dollar hurts our economy.
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bigurn1 year, 5 months ago
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YES! The weak dollar certainly helps foreign nationals buy U.S. products, and certainly boosts our tourism trade, but the long term effects of failing to be competitive in goods trading will damage the economy more than any temporary service economy gain.
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miklkit1 year, 5 months ago
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What weakened our dollar more than anything else? Debt! Dumbya has been spending like a drunk sailer, and now that debt is biting us all. Good job bushie!
http://www.brillig.com/debt_clock/faq.html
And it's all for corporate america and Iraqi oil.
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canadianrancher571 year, 5 months ago
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I was one of those who thought that a lower dollar would really help out your economy but forgot things like the price of oil which is priced in US. dollars. I heard this morning that government spending is up 68 per cent during the last 8 years which to the world shows a complete lack of government responsibility towards financial matters. I don't think that the world has lost faith in the American people or American business but I do feel they are disappointed with your government, and are showing it by dumping your currency. MOst in the world are smart enough to understand how much the average joe and business is struggling and also realize how much of your countries wealth is ending up in to few hands.
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saintetienne1 year, 5 months ago
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"but I do feel they are disappointed with your government, and are showing it by dumping your currency."
Well then it's going to be their funeral when Americans stop buying their products, travelling to their countries and trade plummets. Because as the United States goes, so goes the rest of the world. If the U.S. goes down in flames, you better believe it's dragging the rest of the Earth with it.
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fishifanb1 year, 5 months ago
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Dionys1 year, 5 months ago
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"Are you suggesting Americans will be content to do without? I just don't see it happening."
I don't really see it happening either, but it's not as hard as everyone thinks to simplify your life and not be a rabid, consuming hungry ghost. It's just that American society promotes that kind of lifestyle to fill the emptiness everyone feels.
I guess they'll just have to experience a depression to understand how one can be content 'without.'
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saintetienne1 year, 5 months ago
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Dionutjob,
Just because YOU feel empty and depressed doesn't mean "American society" does. Almost all the people I know are happy to live in America, realize the profound advantages of living here and are grateful for them, are happy they have money to buy things that bring them pleasure while knowing their limits, and wouldn't trade their lives here for any other place on Earth.
Then there's the tiny percentage of people who are sore losers with negative attitudes who never seem to have a cheery outlook or a positive statement to say, and who want to bring the rest of the world down to their PityMe Party so they don't have to be so miserable alone. YOU, dionitwit, fit into that tiny percentage. I don't know what makes YOU the authority on what "American society" promotes or needs to experience, or why you feel people's lives aren't "simplified" enough (whatever that means). All you're doing is showing us what a cynical loser you are.
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dunkirk1 year, 5 months ago
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"Almost all the people I know are happy to live in America, realize the profound advantages of living here and are grateful for them, are happy they have money to buy things that bring them pleasure while knowing their limits, and wouldn't trade their lives here for any other place on Earth."
you carry on long conversations with those voices in your head I see.
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Sabretooth1 year, 5 months ago
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Saintetienne, i love the way you use those clever names for everyone. Might i ask if you come up with them by yourself or do you get help from the other fourth graders? Either way, keep up the good work as i do so enjoy reading such intellectual masterpieces.
One last thing Saint, just because you do not feel empty or depressed also does not mean much. My dog is content to sniff crotches and lick himself because it is enough for him, maybe you are not so different.
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amazed1 year, 5 months ago
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I think one of the reasons I drifted to conservatism is that I just can't sustain the 24-7 pessimism that seems to be demanded from those who live on the left.
I am sure that I could find plenty in my life to be miserable about, but if you REALLY tried, I bet you could find some stuff to be happy about.
Pollyanna? sure why not? I'll take her over Gloomy Gus any day of the week!
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amazed1 year, 5 months ago
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If your life is really that unrelentingly awful, why not just put yourself out of your misery and be done with it?
My life -- I'm healthy, I've got a good family and friends, I got a reasonable amount of creature comforts, and so far, I can still speak my mind without the fear that I'm going to get dragged out in the middle of the night....My taxes are too high, the gov't on all levels is pretty well nuts and doesn't look like it will get any better this time around, business isn't great right now, but overall..
So many of you insist on seeing the worst in everything. It's a really tiring and depressing way to live.
Not so bad.
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amazed1 year, 5 months ago
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the same could be said of those on the left.. most of those on the left posting here are just as rigid in their beliefs as any conservative.
Me? I'm kind of a wishy-washy thing. If you give me a good argument, you might change my mind. In any case, I can almost always see why you think what you think is a good idea, even when I thing you're nuts for thinking it. O
On the other hand, most (not all, obviously) of those on the left would rather label those with whom they disagree as evil, or delusional or just stupid and/or ignorant -- just read yours and dissents answer to my post.
Most TRUE conservatives that I know --not like Bush and co. -- really are more tolerant of those who disagree with them and tend to be able to see both sides or even many sides to an issue more so than most of the people who describe themselves as liberal do.
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gamahuche1 year, 5 months ago
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Well we have plenty of free-spending Russians in place of the US tourists who are feeling the pinch. And the Euro is in danger of becoming the reserve currency of choice.
I thought that your usual fireside chat was about the US being uniquely the only salubrious spot on the planet but now you seem to feel that what happens in the US parallels what happens in the rest of the world..
This IS leaving me a bit puzzled..
But good luck with the dumpster-diving, St E!
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saintetienne1 year, 5 months ago
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"The almighty dollar is mighty no more. It has been declining steadily for six years against other major currencies"
This is great news for export businesses and the tourism trade, both of which have seen skyrocketing business over the last year. What's more, manufacturers are beginning to hire back local workers - it's now cheaper than outsourcing.
Every cloud has a silver lining.
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HannibalBarca1 year, 5 months ago
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Every cloud has a silver lining. Yeah NUMPTY, but less planes to get all these tourists to you too, or do you think Greyhound drives from Europe. ROTFLMAO
Hell airlines in trouble, travel down everywhere, and you say this? Ohh what a dense one you are. LMAO
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Sabretooth1 year, 5 months ago
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"This is great news for export businesses and the tourism trade, both of which have seen skyrocketing business over the last year."
Excellent, you can be the new Mexico, i will be sure to drop you a nice tip when i am finished my dinner.
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unome21 year, 5 months ago
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saintetienne1 year, 5 months ago
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"Who ever thought that ramming planes into our financial center, exploding them to rubble, blaming it on foreign extremists and borrowing money to start an illegal war and occupation for corporate gain would ruin our economy?"
I don't know.... Perhaps some schlock Hollywood writer? Because what you just described resembles nothing NEAR reality. The plot for yet another bad Will Smith movie, maybe, but in reality? Get a clue, unonothing.
You ARE living in reality, right?.....
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agoodlibertarian1 year, 5 months ago
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I did, saw it from day one. Tried to inform people, But some people(republicans)have no idea what is going on, like from saintetienne.So the people got fooled. Not the first time it will not be the last. unfortunately some people(republicans)
just never learn.
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emailkyloe1 year, 5 months ago
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The answer to these problems will never be a solution so long as bush and 'bush like' administrations are apparent.
Though, a holistic way to start would be to liberate and unshackle your fellow "citizens" by opening the floodgates of the media toward a lucid restructure. The constitution may otherwise be just a simplistic sham.
Remember the call to Alamo??
Unsheathe those Bowie's! A tea party looms.
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albionperfides1 year, 5 months ago
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The Alamo is not a good comparison really. Lt Travis and Bowie disobeyed Sam Houston's orders to destroy the fort at the Alamo and retreat thus extending Santa Anna's supply lines. They paid for this with their lives but could have been part of Houston's victory at San Jacinto later. ref: Sword of San Jacinto by Marshall de Bruhl.
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emailkyloe1 year, 5 months ago
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Mission impossible for Sam Houston's idea, unfortunately.
Also, what I've conceived about this narrative is that all these fine men, of some rank, made a critical and calculated choice. Given all unfortunate circumstances they officially signed off on their assessments and initiated a request for support. That 'request for support' was only in part answered.
Colonel David Stern Crockett, "King of the Wild Frontier".
He alone brought something like twenty men to service in Alamo. That may have been about it, really.
All Hero's in my book...
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walden31 year, 5 months ago
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"The gaping U.S. current-account deficit â;; the amount by which the value of goods, services and investments bought in the U.S. from overseas exceeds the amount the U.S. sells abroad â;; and the low levels of domestic savings means that foreigners must purchase more than $3 billion every business day to fund the imbalance."
Scary huh? Especially when you think who the lenders are.
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seolady1 year, 5 months ago
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This is bad news to foreigners working in the US, for example someone coming from the Philippines. I have a friend from their and is working in NY. She said when dollar decreases it means a decrease in the amount of money she will be sending to her family in the Philippines. Here is some facts: In July of 2006, the exchange rate was US$1 to P53.05 (Philippine peso). This time around, the exchange rate has fallen to P47.00, thats a 11% decrease.
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amazed1 year, 5 months ago
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well, there you go.
You know, it USED to be illegal to send US money out of the country to people in other countries.
And while you're at it, how 'bout all those "Native American- owned" casinos? Because they are on reservations, they are not "in the US" so, they (at least the ones in CT) ship huge amounts of currency to the Caymans and other tax-haven islands....
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