SAO PAULO, Brazil — Antique store owners in lower Manhattan, ticket vendors at India’s Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don’t want U.S. dollars. Hit by a free fall with no end in sight, the once mighty U.S. dollar is no longer just crashing on currency markets and making life more expensive for American tourists and business people abroad; its clout is evaporating worldwide as foreign businesses and individuals turn to other currencies. Experts say the bleak U.S. economic forecast means it will take years for the greenback to recover its value and prestige. Negative dollar sentiment is growing in nations where the dollar was historically accepted as equal or better than local currency — and dollar aversion is even extending to some quarters in the United States. At the Taj Mahal, dollars were always legal tender, alongside rupees, for entry into the palace. But because of the falling value of the dollar, the government implemented a rupees-only policy a month ago. Indian merchants catering to tourists have also turned bearish on the dollar. ‘Gone are the days when we used to […]
Saturday, March 15th, 2008
Dollar’s Clout Sinks Worldwide
Author: ALAN CLENDENNING
Source: The Associated Press
Publication Date: Thursday March 13, 3:04 pm ET
Link: Dollar’s Clout Sinks Worldwide
Source: The Associated Press
Publication Date: Thursday March 13, 3:04 pm ET
Link: Dollar’s Clout Sinks Worldwide
Stephan: More unintended consequences arising from the last eight years, and the Administration's economic policies. The rich got very rich and the rest of us are left with the debt and credit crisis.