Brother, Can You Spare A Euro?
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Steve Greenfield
May 6, 2013, 10:45:02 AM5/6/13
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Steve Greenfield
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Article Title: Brother, Can You Spare A Euro?
Author: Steve Greenfield
Word Count: 527
Article URL: http://www.isnare.com/?aid=201882&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=201882
Easy Publish Tool: http://www.isnare.com/html.php?aid=201882
*********************** ARTICLE START ***********************
Since its creation in 2002, the �euro� ----a Frankenstein creation that replaced the former currencies of 12 European countries like France, Germany and Italy--- has beaten the socks off the American greenback. Back then, the euro limped out of the gate at a parity with the greenback. It quickly dropped to around 86 cents for every dollar.
That was then. As of November 11, 2007, Veteran�s Day here in the U.S., the euro is worth 1.46 American dollars. A single euro now buys 46% more than its American peer.
We�ve scratched our heads in this column about the decline of the dollar. What�s happening now is unprecedented.
The dollar has fallen to a 26-year low against the British pound. It has fallen to a 33-year low against the Canadian dollar.
What has happened to put the dollar in a free fall / Throughout the last century, every American President and every American Treasury Secretary has repeated the mantra that �a strong dollar is American policy�. As recently as October 10, two weeks before the G-7 Summit, both the current President and the current Treasury Secretary recited the mantra by heart.
� I feel very strongly that a strong dollar is in our nation�s interest,� stated Treasury Secretary Henry Paulson, formerly Chairman of Goldman Sachs.
What�s missing is the �and therefore�. In the past, severe drops in dollar values have brought strong corrective actions, a buy back of the dollar in effect to prop up the value. No such cavalry charge is coming in the current climate. In fact, some have suggested that the current U.S. policy is a smug contentment that the decline of the dollar has boosted US exports by about 15%, since our exports are now cheaper for foreigners.
Which leaves all of us to wonder aloud�what happens if the dollar�s free fall continues? Is there any safety net down there?
Don�t bet on it. Secretary Paulson ha started adding a caveat to that ol� strong-dollar mantra. �and we believe that currency values should be set in a competitive marketplace based on underlying economic fundamentals.�
Those underlying fundamentals are weak now in the U.S. A mortgage market meltdown, coupled with an economy strained by the $576 billion cost of war have all but tapped out the U.S. economy for the time being. We are now in hock. We are the largest debtor nation on earth.
And what happens when we take out some of our retirement in the form of those weakened dollars? A hidden costs of letting the dollar sink is that the buying power of those retirement savings ---once they are converted to dollars �is getting pretty pitiful. Worsening the situation is that, unlike many citizens of foreign countries, Americans who desire to keep their cash in euros find very few US banks offering that flexibility. Some German banks (Deutsche Bank) and on-line banks (everbank) have begun offering accounts to Americans denominated in other currencies.
Brother, can you spare a euro?
See �The Incredible Shrinking Dollar�, www.collectivewizdom.com
About The Author: Steve Greenfield is a Featured Columnist to http://www.collectivewizdom.com, a reader-created online newspaper featuring articles on health, finance and relationships.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=201882
*********************** ARTICLE END ***********************
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- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Steve Greenfield
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=201882
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=201882
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Brother, Can You Spare A Euro?
Author: Steve Greenfield
Word Count: 527
Article URL: http://www.isnare.com/?aid=201882&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=201882
Easy Publish Tool: http://www.isnare.com/html.php?aid=201882
*********************** ARTICLE START ***********************
Since its creation in 2002, the �euro� ----a Frankenstein creation that replaced the former currencies of 12 European countries like France, Germany and Italy--- has beaten the socks off the American greenback. Back then, the euro limped out of the gate at a parity with the greenback. It quickly dropped to around 86 cents for every dollar.
That was then. As of November 11, 2007, Veteran�s Day here in the U.S., the euro is worth 1.46 American dollars. A single euro now buys 46% more than its American peer.
We�ve scratched our heads in this column about the decline of the dollar. What�s happening now is unprecedented.
The dollar has fallen to a 26-year low against the British pound. It has fallen to a 33-year low against the Canadian dollar.
What has happened to put the dollar in a free fall / Throughout the last century, every American President and every American Treasury Secretary has repeated the mantra that �a strong dollar is American policy�. As recently as October 10, two weeks before the G-7 Summit, both the current President and the current Treasury Secretary recited the mantra by heart.
� I feel very strongly that a strong dollar is in our nation�s interest,� stated Treasury Secretary Henry Paulson, formerly Chairman of Goldman Sachs.
What�s missing is the �and therefore�. In the past, severe drops in dollar values have brought strong corrective actions, a buy back of the dollar in effect to prop up the value. No such cavalry charge is coming in the current climate. In fact, some have suggested that the current U.S. policy is a smug contentment that the decline of the dollar has boosted US exports by about 15%, since our exports are now cheaper for foreigners.
Which leaves all of us to wonder aloud�what happens if the dollar�s free fall continues? Is there any safety net down there?
Don�t bet on it. Secretary Paulson ha started adding a caveat to that ol� strong-dollar mantra. �and we believe that currency values should be set in a competitive marketplace based on underlying economic fundamentals.�
Those underlying fundamentals are weak now in the U.S. A mortgage market meltdown, coupled with an economy strained by the $576 billion cost of war have all but tapped out the U.S. economy for the time being. We are now in hock. We are the largest debtor nation on earth.
And what happens when we take out some of our retirement in the form of those weakened dollars? A hidden costs of letting the dollar sink is that the buying power of those retirement savings ---once they are converted to dollars �is getting pretty pitiful. Worsening the situation is that, unlike many citizens of foreign countries, Americans who desire to keep their cash in euros find very few US banks offering that flexibility. Some German banks (Deutsche Bank) and on-line banks (everbank) have begun offering accounts to Americans denominated in other currencies.
Brother, can you spare a euro?
See �The Incredible Shrinking Dollar�, www.collectivewizdom.com
About The Author: Steve Greenfield is a Featured Columnist to http://www.collectivewizdom.com, a reader-created online newspaper featuring articles on health, finance and relationships.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=201882
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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