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Unread 10-18-2007, 12:15 PM   #1
Keith
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Weak US Dollar

I keep reading that the Euro is surpassing the US dollar and even the Canadian dollar is around the US dollar worth now. Also I read the AU dollar is on the rise.

What does this mean economically speaking?

I would think it's a bad sign but then I thought about how countries might buy more from us now since their money can buy more here.

Can someone with some knowledge on the issue spread some light on the pros/cons of a declining dollar.

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Unread 10-18-2007, 12:23 PM   #2
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Quote:
Originally Posted by Keith
I keep reading that the Euro is surpassing the US dollar and even the Canadian dollar is around the US dollar worth now. Also I read the AU dollar is on the rise.
The Canadian dollar is higher than the US dollar now.
$1USD will get you $0.97CDN now.

From what I've been told a part of the reason is due to the amount of import vs exporting the US has been doing. Which makes sense, you send enough of your money out of country and take back less, your gold reserves are going to start to decrease and devalue your dollar.
That really falls into the whole concept these days of places doing manufacturing in China and Korea rather than in North America. While that company may save money on doing so, they are taking the money out from the USA.
Some forgein companies are doing more than some domestic ones these days to boost the USA economy. ei Honda and Toyota building in the USA. The companies may be forgien, but the money going to the workers is being kept in the USA.
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Unread 10-18-2007, 12:24 PM   #3
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Unread 10-18-2007, 12:43 PM   #4
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We'll be fine until China decides it likes the Euro better than the American Dollar. Then we'll be well and truly screwed.
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Unread 10-18-2007, 12:54 PM   #5
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It's both bad and good. It means that the US is unable to spend as much worldwide, yet means others can spend more here. But also, on a larger note, it means the US dollar is a weaker source for investment than the Euro (and others), meaning when governments want to secure loans, they will look at the stronger money first, because it is more stable.

It's all cyclical anyways. It is an indicator though of a weak(er) economy though.
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Unread 10-18-2007, 01:11 PM   #6
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Unread 10-18-2007, 01:23 PM   #7
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Quote:
Originally Posted by ImRaptor
The Canadian dollar is higher than the US dollar now.
$1USD will get you $0.97CDN now.

From what I've been told a part of the reason is due to the amount of import vs exporting the US has been doing. Which makes sense, you send enough of your money out of country and take back less, your gold reserves are going to start to decrease and devalue your dollar.
That really falls into the whole concept these days of places doing manufacturing in China and Korea rather than in North America. While that company may save money on doing so, they are taking the money out from the USA.
Some forgein companies are doing more than some domestic ones these days to boost the USA economy. ei Honda and Toyota building in the USA. The companies may be forgien, but the money going to the workers is being kept in the USA.
The U.S. Dollar hasn't been backed by gold since like 1970.
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Unread 10-18-2007, 01:36 PM   #8
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Quote:
Originally Posted by Keith
I keep reading that the Euro is surpassing the US dollar and even the Canadian dollar is around the US dollar worth now. Also I read the AU dollar is on the rise.

What does this mean economically speaking?

I would think it's a bad sign but then I thought about how countries might buy more from us now since their money can buy more here.

Can someone with some knowledge on the issue spread some light on the pros/cons of a declining dollar.
The canadia dollar is 1.05 to our dollar. And trust me, every canadian is proud of it. One even told me "Our [canadia] dollar is what is keeping the US aflot!".

And the Euro is more than surpassing the US. I heard its something like 3 euro to one US. I'll google after this and find out for sure.

I've had a few economic and political science professors state that it is better for Canada to be under our dollar. The have large exports including oil, diamonds, and lumber. Once they pass our dollar, we might start looking at other places to find those resources.

As War Eagle pointed out, lets hope China holds on to our dollar.

edit: Euro is only 1.42 to our dollar.
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Unread 10-18-2007, 02:07 PM   #9
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Wait till one Peso`s worth $2 US dollars.
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Unread 10-18-2007, 02:32 PM   #10
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Bring back prohibition, that'll get people spending money within the country. While they're at it they should legalize marijuana and tax the hell out of it. And bring back slavery...we should be able to capture illegals and make them our slaves in exchange for citizenship, 5 years = 1 citizenship...that doesn't really help the economy much, but it's funny as hell.
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Unread 10-18-2007, 02:42 PM   #11
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Quote:
Originally Posted by flame0086
The canadia dollar is 1.05 to our dollar. And trust me, every canadian is proud of it. One even told me "Our [canadia] dollar is what is keeping the US aflot!".

And the Euro is more than surpassing the US. I heard its something like 3 euro to one US. I'll google after this and find out for sure.

I've had a few economic and political science professors state that it is better for Canada to be under our dollar. The have large exports including oil, diamonds, and lumber. Once they pass our dollar, we might start looking at other places to find those resources.

As War Eagle pointed out, lets hope China holds on to our dollar.

edit: Euro is only 1.42 to our dollar.
Not really our economy is doing better do to high dollar, locally here and most neighbouring provinces are having troubles finding employees. We have hit a major boom. Other countries do consume our goods you know...I dont even think USA is our biggest consumer of natural resources anymore.
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Unread 10-18-2007, 02:48 PM   #12
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Quote:
Originally Posted by The Rat
we should be able to capture illegals and make them our slaves in exchange for citizenship, 5 years = 1 citizenship...that doesn't really help the economy much, but it's funny as hell.

hahahahaha. i fully support your thinking
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Unread 10-18-2007, 03:47 PM   #13
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One of my roomates is from Belgium and he was telling me how it costs him around 400-450 Euro to fly here but around $700 to fly back home.
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Unread 10-18-2007, 09:24 PM   #14
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www.fairtax.org

Make the US a tax sanctuary and we'll be stronger than before.
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Unread 10-18-2007, 10:06 PM   #15
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Originally Posted by dz1087
www.fairtax.org

Make the US a tax sanctuary and we'll be stronger than before.
We already are...the only people who "hide" mine in the Caymans is Americans. Every one else puts there money here. And as for the world switching to Euros instead of good ole greenbacks i doubt it anytime soon. Go anywhere in the world and I mean anywhere. Pull out a $1 bill (or any other denomination) and you can buy anything. Try that with a Euro and they will look at it like Monopoly money.

To the OP...the dollar being "weak" just means we will import less and export more...there goes the trade deffecit. Also, all the out sourcing becomes more expensive...here comes all the jobs that left. Yes, our imports like gasoline will be more expensive and in turn the corn they want/need will also be expensive since we are propping up our fuel supply with ethanol.
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