Ancalagon the Black Posted February 7, 2008 Share Posted February 7, 2008 A few weeks ago there was a thread on how some Indian tourist sites have stopped accepting US dollars. Now there's this interesting development. http://www.theage.com.au/news/news/new-york-starts-accepting-euros/2008/02/07/1202234003402.html New York starts accepting Euros February 7, 2008 - 9:58AM In the latest example that the US 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 US 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 US 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." REUTERS Link to comment Share on other sites More sharing options...
SUSkinsFan Posted February 7, 2008 Share Posted February 7, 2008 Don't let MSF hear about this, he'll call for the bombing of NYC before its all said and done. But personally, if merchants in NY want to take Euro's as currency, more power to em Link to comment Share on other sites More sharing options...
Mass_SkinsFan Posted February 7, 2008 Share Posted February 7, 2008 Poor choice in my mind. If businesses in this area were to start doing that they would lose my business (in American dollars) permanently. Link to comment Share on other sites More sharing options...
Larry Posted February 7, 2008 Share Posted February 7, 2008 Hey, they can take Battlestar Gallactica cubits if they want to. Or monopoly money. Or wampum beads. (There's a precedent.) Link to comment Share on other sites More sharing options...
Mass_SkinsFan Posted February 7, 2008 Share Posted February 7, 2008 Hey, they can take Battlestar Gallactica cubits if they want to. Or monopoly money. Or wampum beads. (There's a precedent.) Yes they CAN, Larry. I personally think the more interesting question is SHOULD THEY? which I answer with a resounding NO!! for reasons that have been discussed so many times in the past that even I won't beat that dead animal. Link to comment Share on other sites More sharing options...
Ancalagon the Black Posted February 7, 2008 Author Share Posted February 7, 2008 Yes they CAN, Larry. I personally think the more interesting question is SHOULD THEY? which I answer with a resounding NO!! for reasons that have been discussed so many times in the past that even I won't beat that dead animal. Do you have any thoughts on the "Liberty Dollars" that the quasi-libertarians on here were going on about before the Secret Service raided the offices? Link to comment Share on other sites More sharing options...
SUSkinsFan Posted February 7, 2008 Share Posted February 7, 2008 Poor choice in my mind. If businesses in this area were to start doing that they would lose my business (in American dollars) permanently.Mass, why do you care about businesses in NY (a VERY foreigner friendly city)accepting foreign currency. This isn't the government saying "Joe's Pizza, you must accept Euro's". This is Joe going "hey, let's start accepting Euro's". In what way does the decision of shop owners in New York influence you negatively? Link to comment Share on other sites More sharing options...
rincewind Posted February 7, 2008 Share Posted February 7, 2008 Mass, why do you care about businesses in NY (a VERY foreigner friendly city)accepting foreign currency. This isn't the government saying "Joe's Pizza, you must accept Euro's". This is Joe going "hey, let's start accepting Euro's". In what way does the decision of shop owners in New York influence you negatively? Right. If they have an easy way to convert back to dollars it actually makes a lot of sense - especially with exchange rates what they are. Link to comment Share on other sites More sharing options...
youngestson Posted February 7, 2008 Share Posted February 7, 2008 With instant access to currency values world wide, why not accept other nation's money? It's the free market ideal and totally up to the indivdual merchants I would say. Link to comment Share on other sites More sharing options...
Larry Posted February 7, 2008 Share Posted February 7, 2008 Right. If they have an easy way to convert back to dollars it actually makes a lot of sense - especially with exchange rates what they are. And we both know that the business is going to make a little extra on the exchange rate, as a "convenience fee", or some such. (Very few stupid businessmen in NY, I hear.) Link to comment Share on other sites More sharing options...
Rumrunner6900 Posted February 7, 2008 Share Posted February 7, 2008 Capitalism at it's finest! Link to comment Share on other sites More sharing options...
rincewind Posted February 7, 2008 Share Posted February 7, 2008 Capitalism at it's finest! I was thinking about that earlier. For all that MSF claims we need to stick to our old fashion American 'morals', you would think he would hail this as the ultimate capitalist move that it is. Link to comment Share on other sites More sharing options...
Rumrunner6900 Posted February 7, 2008 Share Posted February 7, 2008 I was thinking about that earlier. For all that MSF claims we need to stick to our old fashion American 'morals', you would think he would hail this as the ultimate capitalist move that it is. Yeah, I'm actually a touch surprised. Other than the initial reaction, it really is a fairly smart move. As has been mentioned, with the exchange rate and all, it probably isn't hurting the bottom line of these places. Link to comment Share on other sites More sharing options...
Larry Posted February 7, 2008 Share Posted February 7, 2008 I'd also claim that making money off ff tourists has been a tradition in NY for a very long time. Part of their cultural heritage. Link to comment Share on other sites More sharing options...
Larry Posted February 7, 2008 Share Posted February 7, 2008 Although why said tourists are wandering around NY with Euros in their pockets instead of plastic is something I'm curious about. Link to comment Share on other sites More sharing options...
Mass_SkinsFan Posted February 7, 2008 Share Posted February 7, 2008 Do you have any thoughts on the "Liberty Dollars" that the quasi-libertarians on here were going on about before the Secret Service raided the offices? I think they'd be great to tie to a line and use as sinkers if I was out fishing with my Grandfather (God rest his soul). There is no way that I would ever use or accept them as payment for anything. On the issue of Capitalism and why I would have a problem with businesses accepting them... Remember I'm for a Capitalistic system INSIDE our borders only. That means no foreign products and no foreign money. Hell, if done right it means no foreigners to spend the foreign money either, but that's a different topic for another time and place. Link to comment Share on other sites More sharing options...
Rumrunner6900 Posted February 7, 2008 Share Posted February 7, 2008 disregard....... Link to comment Share on other sites More sharing options...
youngestson Posted February 7, 2008 Share Posted February 7, 2008 Remember I'm for a Capitalistic system INSIDE our borders only. That means no foreign products and no foreign money. Hell, if done right it means no foreigners to spend the foreign money either, but that's a different topic for another time and place. O.k, I know you like to yank a chain every now and then but, no foreign products, money, or people? Really? Isn't that a touch...well extreme? I mean you are decended from foreigners at some point, right? Link to comment Share on other sites More sharing options...
GibbsFactor Posted February 7, 2008 Share Posted February 7, 2008 This move should be an eye opener to all of you. Larry said people can trade in anything, which is true but only if it's clearly understood the "anything" is not legal tender. This shows how far the American dollar has fallen. It is now better to take loonies, peso's and Euros over dollars. Where's the benefit for us, the people? Where is the movement to bring jobs back over here? Have our exports become more favorable? No, why, because our exports aren't connected to material, they are connected to our services. When we export our services cheaper, our value of life decreases. Link to comment Share on other sites More sharing options...
jbooma Posted February 7, 2008 Share Posted February 7, 2008 It makes sense with the euro being stronger we are getting many more europian tourists. A weak dollar is very good for our tourism industry, more people will come here and put money into the economy. Link to comment Share on other sites More sharing options...
Ancalagon the Black Posted February 7, 2008 Author Share Posted February 7, 2008 This shows how far the American dollar has fallen. It is now better to take loonies, peso's and Euros over dollars. Where's the benefit for us, the people? Where is the movement to bring jobs back over here? Have our exports become more favorable? No, why, because our exports aren't connected to material, they are connected to our services. When we export our services cheaper, our value of life decreases. OK, you started out rational and then got weird. If we are getting more foreign tourism, more money for our exports (both services AND materials) and increasing our GDP owing to the weak dollar, what is the problem? Link to comment Share on other sites More sharing options...
SUSkinsFan Posted February 7, 2008 Share Posted February 7, 2008 I think they'd be great to tie to a line and use as sinkers if I was out fishing with my Grandfather (God rest his soul). There is no way that I would ever use or accept them as payment for anything.On the issue of Capitalism and why I would have a problem with businesses accepting them... Remember I'm for a Capitalistic system INSIDE our borders only. That means no foreign products and no foreign money. Hell, if done right it means no foreigners to spend the foreign money either, but that's a different topic for another time and place. Even though I'm on the ILD I'll post a response to this.Mass, you do realize that simply cutting off all foreign products and capital would cripple the United States economy. What about the hundreds of billions of dollars invested in the United States from overseas investors (governments and individuals alike), you would have to either nationalize that money (which would then cause them to freeze American investments in their own country), or give that money back to them. What about Wal-Mart and Target, most of their products come from overseas and your policy would cripple two of the largest retailers in the US, causing them to have to fire millions of employees and close thousands of stores which would allow competitors to raise their prices since their largest competition would be neutralized. So now you have more people making less money and paying more for the same goods and services, But you're right Mass, having Jacques come over to the USA from Paris and spend 7 Euro's on a pizza is a MUCH worse scenario. Link to comment Share on other sites More sharing options...
techboy Posted February 7, 2008 Share Posted February 7, 2008 People need to just calm down. It's obvious that the decision to accept Euros has nothing to do with the idea that "Euros are now better than dollars, because the dollar is so weak". That makes no sense, because the merchant still has to convert the Euro back to dollars to spend it, thus losing any advantage. Indirectly, of course, the weak dollar is affecting things, as it is encouraging more European tourism, which is why there are possibly Euros to take in the first place. Ultimately, though, the real reason businesses are doing this, if businesses that take dollars in Europe are any guide, is that when they provide this "service", they gouge the customer on the exchange rate, sometimes to the tune of 5% or more. So the "America First" crowd can perhaps at least take a little solace that we're sticking it to those commies. As a side note, this is why it is very important while in Europe to make sure that a merchant is charging one's credit card in the local currency, and not providing the "service" of charging in dollars. The conversion is always better when it comes from the bank, even if (as most cards do) the card also has an extra foreign exchange fee. Actually, the best bet for spending overseas is to get a bank account with an ATM card that doesn't tack on any extra fees (beyond the standard interbank 1%), and just withdraw from ATMs. The exchange rate this way is usually much better than any other alternative. Link to comment Share on other sites More sharing options...
Mass_SkinsFan Posted February 7, 2008 Share Posted February 7, 2008 O.k, I know you like to yank a chain every now and then but, no foreign products, money, or people? Really? Isn't that a touch...well extreme? No actually I DON'T like to yank chains. That's not my style at all. Though I understand why you and some others might see it that way. Yes, my views are VERY extreme. That's not ever going to change. Just like my Isolationist and Nationalist philosophies. I mean you are decended from foreigners at some point, right? Yes, though there are a couple interesting bits of info about that. On my father's side of my family we know very little about where most of my ancestors came from.... The Lee and Baldwin families I'm related to showed up in Connecticut in the late 17th or very early 18th century totally unwilling to discuss or document what part of the English empire they were from. We still don't know to this day. My other set of Great Grandparents came to the US from Germany in 1911 and forbade their children to do any geneological backtracking. One of my second cousins has done some now, but that's only been since the death of all but one of the members of my Grandfather's generation. I've got further stories about returned mail and other things but I won't bore you with them. Though you can see my family has a history of deciding that the US is where they want to be, and to hell with the rest of the world. Link to comment Share on other sites More sharing options...
youngestson Posted February 7, 2008 Share Posted February 7, 2008 No actually I DON'T like to yank chains. That's not my style at all. Though I understand why you and some others might see it that way. Yes, my views are VERY extreme. That's not ever going to change. Just like my Isolationist and Nationalist philosophies. How Nationalist? How isolationest? As in no foreigners allowed, and no foreign influence tolerated? Or more America for Americans and if you come here play by our rules? Link to comment Share on other sites More sharing options...
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