The dollar just isn’t what it used to be, ya know? “Euros accepted” signs are popping up all over NYC as shopkeepers (for one) welcome our new tourist overlords:
“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.
…
“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.
“Euros Accepted” signs pop up in New York City [Reuters]
(Photo:strobist)
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@DeLarge: that’s a great point about the difference between our perception of euros vs. pesos (and those who spend the currencies as well). personally, i think this particular development with shops accepting the euro is more troubling for americans emotionally than it is financially. in reality it’s only a product of smart retailers catering to a growing clientele. but it FEELS like we are becoming a third world country. after all, the bigger your economy is, the harder it falls.
also: the technical definition of a recession is two consecutive quarters of negative growth. we are just about there folks. check the quarterly rate of growth of the GDP. it’s down quite a bit compared to Q4 2006. we’re not just slowing, we are coming to a grinding halt. the other indicator to watch? inflation (CPI)… and guess what, that one’s up over 4% nationally when compared to december 2006. i don’t see us waiting in line for bread any time soon, but i’m definitely spending less and saving more right now.
The US (and in turn the global) economy will pick up once we’ve figured out how to siphon all the oil out of Iraq and hopefully Iran. Anyone know if production levels are up to pre-war levels yet? I know they weren’t for a long time cause those terrorists kept cutting lines and stealing oil. Hopefully we’ve killed them all, cause that oil is the solution to our problems.
I’m actually glad now that no banks in my area would exchange my euros for dollars when I came back from Italy. These days those rednecks would probably beg me for that money so they could make a quick buck.
I run a mail order business here in the U.S. and a small fraction of customers like to send money through the mail. I started gladly accepting Euros in August after the housing market started tanking and the rate cuts hit. We’re socking those away for a rainy day.
That liquor store has accepted Euros for years. Nothing new there. It’s the best liquor store in the East Village. In fact, I’m still kinda drunk from booze I bought there yesterday. Paid in $US though.
@yesteryear: That´s rigth, it is a perception issue. At any given day, there are more mexican pesos floating around US than Euros in tourists’s pockets.
@Bladefist: A recession is two or more quarters of contraction in the economy. It doesn’t happen “in one day.” Fifth grade is your friend. Well, not your friend, obviously. Must be those school vouchers your kind are always calling for.
@PotKettleBlack: Damn. I hope socialism doesn’t “ruin” our economy like it did the Euro Zone’s.
@deadlizard: I’m sick of Europeans visiting New York. It’s like we’re getting payback for the ugly Americans who used to visit them to eat Le Big Macs when times were good here.
That’s the problem with most Americans. They can dish it out they but can’t take it.
@popsocket: All the shopkeepers in third world countries are happy to take currency with real value rather than the local script.
Oh yeah? Try cashding any foreign currency in the Philippines except US dollars.
Businesses and even currency exchange places (including some banks) will only offer the same Pesos for Euros as they do for the US dollar.
I’m not kidding, I’ve been there with both currencies in hand.
@radleyas: I am sure that your husband was scintillating at St Georges. Anyhow, yeah, Tooting Bec is a little grotty, but the curry is cheap and plentiful.
@rdldr1: *Sigh*, if only people spent more time with economics books then falling for the doom and gloom hysteria. Recessions are normal and occur every 8-12 years. As for the weakening dollar – it’s the european worker who’s in bad shape. On top of their perpetually high unemployment rates, now with the euros strengthening, their products can’t compete with ours. What do you think that does to their already high unemployment?
@DeltaPurser: I am european born and the whole “europeans are generally smarter then americans” line is just something euros use to make themselves feel better. Plenty of dumb euros out there, the only difference is that european dumb asses think their s//t don’t stink.