'Euros Accepted' Signs Popping Up in New York City
Posted February 7th, 2008 by xntryk1
output
06 Feb 2008 | 12:49 PM ET
'Euros Accepted' Signs Popping Up in New York City
By Reuters
In the latest example that the U.S. dollar just ain't what it used to be, some shops in New York City have begun accepting euros and other foreign currency as payment for merchandise.
"We had decided that money is money and we'll take it and just do the exchange whenever we can with our bank," Robert Chu, owner of East Village Wines, told Reuters television.
The increasingly weak U.S. dollar, once considered the king among currencies, has brought waves of European tourists to New York with money to burn and looking to take advantage of hugely favorable exchange rates.
"We didn't realize we would take so much in and there were that many people traveling or having euros to bring in. But some days, you'd be surprised at how many euros you get," Chu said.
"Now we have to get familiar with other currencies and the (British) pound and the Canadian dollars we take," he said.
While shops in many U.S. towns on the Canadian border have long accepted Canadian currency and some stores on the Texas-Mexico border take pesos, the acceptance of foreign money in Manhattan was unheard of until recently.
Not far from Chu's downtown wine emporium, Billy Leroy of Billy's Antiques & Props said the vast numbers of Europeans shopping in the neighborhood got him thinking, "My God, I should take euros in at the store."
Leroy doesn't even bother to exchange them.
"I'm happy if I take in 200 euros, because what I do is keep them," he said. "So when I go back to Paris, I don't have to go through the nightmare of going to an exchange place."
Copyright 2008 Reuters
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Conditioning the People
I believe they are conditioning the American people to accept the "Amero"
This is the name of the currency for the North American Union.
Supermodel Gisele Bunchen
will only accept payment in euros (for almost a year now).
Smart girl!
supporters from other countries
Couldn't they send their euros to a meetup group or something, then the moderator go exchange them at the bank to donate to Dr. Paul? Obviously they can't vote, but why not? Not huge amounts or anything, but I know people in France that LOVE Ron Paul.
Pizza Patron
Pizza Patron has taken Pesos for a long time now.
I talked with one of the owners at the Pizza Expo convention last year, he stated that most people don't realize you can exchange foreign currently at most banks. They just deposit the Pesos in with there regular deposit.
They do about 14 percent of there business in Pesos when I talked with him.
Pretty smart move.
These businesses will hold onto the Euros and watch them gain in value. Not a bad investment. Too bad it comes at the expense of the falling dollar.
Nope. No such thing as investment grade currency
All governments have printing presses and inflationary practices. The Euro is no exception, it's just that the rate of inflation is temporarily less. Although backed by a portfolio of metals valued at 5 times the currency in circulation the the Swiss Franc's estimated inflation rate is currently 1.3% for best in the world rating.
The US dollar is losing value at somewhere between 4.5% and 11% per year.
You may be correct, but the
You may be correct, but the business owners who will be holding onto to these Euros plan on making a profit
I thought that was illegal!
Isn't having a competing currency illegal and a 'kooky' idea?
Competition is a good thing.
You're not relying on and at the mercy of a centralized bank.
How The U.S. Suppressed Competing Currencies .
http://www.ncpa.org/pi/in...