Money Goes Far in New York, if You’re European

[Herman Munster]

http://www.nytimes.com/2007/12/15/business/worldbusiness/15euro.html?em&ex=1197954000&en=be1c956c5a562666&ei=5087%0A

Margaret Dragonette arrived in New York last week — three nieces, a cousin and loads of empty luggage in tow. By the time Ms. Dragonette, an administrative assistant for a nonprofit in Liverpool, was heading home, her group had filled six large suitcases and five carry-on bags. The bags were so stuffed with Juicy Couture T-shirts, Guess watches and Croc sandals that her nieces would have to wear the Ugg boots she was giving them for Christmas on the plane.

“Your money just keeps on going,” said Ms. Dragonette, awed at the buying power of her British pounds, each worth $2.03 at the time.

The dollar was so weak, said her cousin, a 27-year-old nurse, “We had trouble spending all our money.” Add a new superlative to New York’s long list: world’s most fabulous discount mall.

With the dollar near its lowest rate against the pound in 26 years, and its lowest rate against the euro ever, many Europeans are looking at the United States the way some Americans have long viewed Latin America and the Caribbean and, once upon a time, Europe — a cheap place to flex their strong currency.

[sasquatch]

1. Nice job George you dumbass

We're now Europe's Mexico.
:eyes:

[Captain Angry]

2. If only we actually made any of that stuff.

It might help.

Technically speaking, it does help the dollar that they're spending their money here. The Forex system means that dollars will be bought and pounds sold for her transactions.

But then again, we're selling our dollar to buy the currencies involved in the trade for those materials that were made somewhere else.

So, the only people actually making money...

Are the ones getting the arbitrage on the transactions from British pounds to US dollars to Chinese Renminbi.

Hmm...

[Greyhound]

3. It has only just begun, the dumbass "capitalism uber alles" contingent has demolished

our nation. Things are going to get far worse over the next two or three years, and it is going to take at least another decade to dig our selves out of this mess, and that is IF the Democrats actually start making dramatic, fundamental, changes right away. If they maintain this "head in the sand" approach we've seen over the last 25 years, we're in for some inflation that will make the late 70s look like the "good old days".

[flashl]

4. We have abandon the goal of becoming an information society to a tourism society