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Dollar's plunge pushes eurozone past US
Should we convert to the euro as on-line currency?
lammert




msg:3604678
 12:36 am on Mar 19, 2008 (gmt 0)

afp.google.com [afp.google.com]

"With the euro now trading around 1.56 against the dollar, the size of its annual output (at market value) has exceeded that of the United States," US investment bank Goldman Sachs estimated last week.

The single European currency has skipped from record to record amid fears the US economy is heading into recession at a time of national housing and financial crises.

Now that the dollar isn't backed by the largest economy in the world anymore, should we adapt the euro as the new on-line trading currency? I am currently selling adspace on my sites in euro's, even to customers from the US and I haven't heard any protests yet. It seems that many people already have accepted the idea that the euro is becomming the new international trade currency.

 

Lovejoy




msg:3604692
 1:01 am on Mar 19, 2008 (gmt 0)

I don't think the average American is ready for it, or even is aware what's happening to the currency. I just keep upping my prices as their dollar drops.......

Lovejoy

phranque




msg:3604978
 7:38 am on Mar 19, 2008 (gmt 0)

not until they stop trading oil primarily in dollars...

jecasc




msg:3606452
 3:59 pm on Mar 20, 2008 (gmt 0)

In Amsterdam currency exchangers stopped taking dollars from american tourists because of fear the dollar will loose its value faster than they can get rid of it again.

[reuters.com...]

norton radstock




msg:3606487
 4:33 pm on Mar 20, 2008 (gmt 0)

Perhaps the USA should go the whole way and join the European Economic Community.....

lammert




msg:3606549
 5:33 pm on Mar 20, 2008 (gmt 0)

Joining the EU is not an easy job. There are a whole bunch of rules regarding financial bookkeeping and inflation control before a country can join. I suspect the US doesn't meet all the requirements yet.

Lovejoy




msg:3606573
 6:01 pm on Mar 20, 2008 (gmt 0)

"Joining the EU is not an easy job. There are a whole bunch of rules regarding financial bookkeeping and inflation control before a country can join. I suspect the US doesn't meet all the requirements yet".

LOL...Not to mention the fact the USA is not in Europe ;~)

Lovejoy

lammert




msg:3606615
 6:54 pm on Mar 20, 2008 (gmt 0)

Turkey is mostly outside Europe and they are still in the race to become an EU member. So geographical location might not be a reason to reject a US membership application. We Europeans have a big hearth and there is room for more people, as long as they bring a stable economy with them.

The problem with the US economical zone is that it is based on one country. The eurozone started with twelve countries and all new members of the community have to use the euro too. And most new members are developing countries with an economical grow rate higher than the average developed country. In my view--even if the dollar comes closer to the euro again--it will be difficult for the US to stay the largest economy in the world.

Phranque has a valid point that as long as the dollar used for oil trade it will keep a base value, but OPEC countries are already talking about diversifying their currency policy. Starting with US "friends" Venezuela and Iran of course :) Only one OPEC member had the balls to switch to the Euro in November 2002 for all oil trade, and we all know what happend with them a few months later (FYI, that was Iraq).

Syzygy




msg:3606859
 10:37 pm on Mar 20, 2008 (gmt 0)

..not until they stop trading oil primarily in dollars...

...and if they stopped trading in a weak currency, oil wouldn't go "up"!

Syzygy

walkman




msg:3606932
 12:24 am on Mar 21, 2008 (gmt 0)

I feel the pain as I must regularly send money overseas. 3 years ago the dollar was at 1.1 local currency but now it is at 0.80.

>>Only one OPEC member had the balls to switch to the Euro in November 2002 for all oil trade, and we all know what happend with them a few months later (FYI, that was Iraq).

Didn't Iran's internet cables get cut all of the sudden a few days before their Oil Bourse debut ;) [en.wikipedia.org...]

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