Tuesday, March 18, 2008

Just a Quick (bank) Note

From Reuters, via Boing Boing:
AMSTERDAM (Reuters) - The U.S. dollar's value is dropping so fast against the euro that small currency outlets in Amsterdam are turning away tourists seeking to sell their dollars for local money while on vacation in the Netherlands.

"Our dollar is worth maybe zero over here," said Mary Kelly, an American tourist from Indianapolis, Indiana, in front of the Anne Frank house. "It's hard to find a place to exchange. We have to go downtown, to the central station or post office."

That's because the smaller currency exchanges -- despite buy/sell spreads that make it easier for them to make money by exchanging small amounts of currency -- don't want to be caught holding dollars that could be worth less by the time they can sell them.

The dollar hovered near record lows on Monday, with one euro worth around $1.58 versus $1.47 a month ago


dguzman said...

I'm sure that's probably just "Old Europe" which doesn't count anymore.

Sorghum Crow said...

And I'm sure the credit card companies will find a way to further gouge international travelers who use plastic.

Distributorcap said...

of all the economic problems beseeching us at once
this is the worst

Comrade Kevin said...

No one knows when the coming of the Apocalypse will be. Apocalypses have been predicted before.

Money's ways are not our own.

Mauigirl said...

OMG, this is very scary - it's like we're a third world country.