Euro continues on way down
Aug 15th, 2008, 12:23 PM
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Euro continues on way down
Interesting to note, just got my daily currency report and the euro closed today at $1.4675...can the psychologically important $1.45 be far behind.
Also sterling is now at $1.8627 after tradnig well above $2 for a while.
All I remember is our dear friend logos predicting doom and gloom and predicting $1.75 for a euro..
Also all the people who wanted to buy their euro in advance and lock in $1.60.
Actually, the point is, of course, who really knows what's going to happen...perhaps within a year we'll be back to $1.17 for the euro where the euro was originally supposed to start when it was first estblished 8 years ago.
And the biggest shock of all..filled my tank today and gasoline was under $4/gallon (remember I'm in NYC)..will wonders ever cease.
Also sterling is now at $1.8627 after tradnig well above $2 for a while.
All I remember is our dear friend logos predicting doom and gloom and predicting $1.75 for a euro..
Also all the people who wanted to buy their euro in advance and lock in $1.60.
Actually, the point is, of course, who really knows what's going to happen...perhaps within a year we'll be back to $1.17 for the euro where the euro was originally supposed to start when it was first estblished 8 years ago.
And the biggest shock of all..filled my tank today and gasoline was under $4/gallon (remember I'm in NYC)..will wonders ever cease.
Aug 15th, 2008, 01:53 PM
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Aug 15th, 2008, 02:21 PM
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You think the chart is fake? 
. It's just a chart but official data is available (up to 2006 at least).
The money created has to go somewhere, looking for a good return. One "day" it's oil futures, the next "day" it's gold. People are so scared about the $ crashing they search for anything "real" to buy.
You'll find the situation is dramatic since rise and fall are happening faster than ever before.
Just wait and see.
. It's just a chart but official data is available (up to 2006 at least). The money created has to go somewhere, looking for a good return. One "day" it's oil futures, the next "day" it's gold. People are so scared about the $ crashing they search for anything "real" to buy.
You'll find the situation is dramatic since rise and fall are happening faster than ever before.
Just wait and see.
Aug 15th, 2008, 02:21 PM
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Well, I'm certainly enjoying how the decline in the value of the euro has coincided nicely with my 3-week trip to France. Every time I go to the ATM I get a better deal, and every time I write a check from my French bank account it's lower cost to me. It's still way worse than it was a few years ago, but eh, it's livable.
I must say, though, one never knows. I bought my house in France when there were almost 8 francs to the dollar. It was a steal. I paid it off right before the dollar started to decline a few years ago. I got lucky on all counts, so I can't complain now if for the past few years it has cost me more to visit Europe and to keep this house than it did for many years previously. In those intervening years my income has increased, so it kind of evens out.
No matter what the exchange rate (within reason), this was the smartest thing I ever did. Sitting on the terrace of the Moulin de la Beune tonight with my now college-age kids and a friend of theirs and watching them eat an amuse-bouche of snails in pesto followed by langoustines and carré d'agneau and a plate of cabécou chaud avec sa petite salade and chatter with the waiter in French about this and that - what price does one attach to that? They have an unbreakable attachment to this place. It will always be with them. It's part of them. I don't think the exchange rate will ever change that.
I must say, though, one never knows. I bought my house in France when there were almost 8 francs to the dollar. It was a steal. I paid it off right before the dollar started to decline a few years ago. I got lucky on all counts, so I can't complain now if for the past few years it has cost me more to visit Europe and to keep this house than it did for many years previously. In those intervening years my income has increased, so it kind of evens out.
No matter what the exchange rate (within reason), this was the smartest thing I ever did. Sitting on the terrace of the Moulin de la Beune tonight with my now college-age kids and a friend of theirs and watching them eat an amuse-bouche of snails in pesto followed by langoustines and carré d'agneau and a plate of cabécou chaud avec sa petite salade and chatter with the waiter in French about this and that - what price does one attach to that? They have an unbreakable attachment to this place. It will always be with them. It's part of them. I don't think the exchange rate will ever change that.
Aug 15th, 2008, 08:51 PM
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St Cirq
I still have the list of foods and their translations you were kind enough to email me a year or two ago.
Are you going to be in Paris Sept 26 and come join our big GTG ? It would be nice.
Yes, the Euro is down to $1.46 and still falling for the moment (besides the fact that it's falling so fast smacks of manipulation somewhere in the markets)
Yet, Ain't it Grand !
So glad I haven't ordered any Euros yet for next month.
But there is no stability in the financial markets or the world for that matter, right now, and I think we will still see big fluctuations in the dollar and the Euro and world markets.
It's like stocks suddenly falling. The big market makers are dumping, a lot of little people who ran to gold and silver are getting hurt and panicing,selling off at a loss, and then the big buyers will come back in and buy up at lower pricesm and the prices will begin to rise again.
Gold down almost $200 and silver $3 in 10 days or so ? That's not normal swings.
St. Cirq, you mention having a bank account in France - and I assume you are American .
Years ago when I was in Italy, Americans were not allowed to have bank accounts since they were foreigners.
Are foreigners now allowed to have bank accounts in Euro in France and Italy ?
I still have the list of foods and their translations you were kind enough to email me a year or two ago.
Are you going to be in Paris Sept 26 and come join our big GTG ? It would be nice.
Yes, the Euro is down to $1.46 and still falling for the moment (besides the fact that it's falling so fast smacks of manipulation somewhere in the markets)
Yet, Ain't it Grand !
So glad I haven't ordered any Euros yet for next month.
But there is no stability in the financial markets or the world for that matter, right now, and I think we will still see big fluctuations in the dollar and the Euro and world markets.
It's like stocks suddenly falling. The big market makers are dumping, a lot of little people who ran to gold and silver are getting hurt and panicing,selling off at a loss, and then the big buyers will come back in and buy up at lower pricesm and the prices will begin to rise again.
Gold down almost $200 and silver $3 in 10 days or so ? That's not normal swings.
St. Cirq, you mention having a bank account in France - and I assume you are American .
Years ago when I was in Italy, Americans were not allowed to have bank accounts since they were foreigners.
Are foreigners now allowed to have bank accounts in Euro in France and Italy ?
Aug 16th, 2008, 04:39 AM
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"Years ago when I was in Italy, Americans were not allowed to have bank accounts since they were foreigners."...
...can't possibly be true.
No semi-free society anywhere, ever, has created rules stopping people with foreign passpots from having bank accounts. How on earth did the head of Esso Italia or IBM Italia go about their daily lives?
What often happened is that banks haven't let non-residents open accounts. Or students they think aren't worth the trouble of setting up an account for. Or just people they don't think ought to have an account. Often - as when Mrs F was refused an account and I wasn't, when we both worked in Italy - those decisions have been based on ill-informed prejudice by bank staff.
But not on absurd laws. Italian banks have been more than happy to take rich foreigners' deposits for at least the past 700 years.
...can't possibly be true.
No semi-free society anywhere, ever, has created rules stopping people with foreign passpots from having bank accounts. How on earth did the head of Esso Italia or IBM Italia go about their daily lives?
What often happened is that banks haven't let non-residents open accounts. Or students they think aren't worth the trouble of setting up an account for. Or just people they don't think ought to have an account. Often - as when Mrs F was refused an account and I wasn't, when we both worked in Italy - those decisions have been based on ill-informed prejudice by bank staff.
But not on absurd laws. Italian banks have been more than happy to take rich foreigners' deposits for at least the past 700 years.
Aug 18th, 2008, 05:49 PM
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Logos my friend, you enjoy the time that the Euro is strong, for that ship is sailing soon.
You think the US economy is in bad shape? Well the housing market will rebound in a few years and with it the rest of the economy.
The economic future for most of Europe, with its over-bloated social programs, rapidly aging populations and low and continually declining birth rates, is very bleak indeeed. No-one is having kids anymore, so there will be no-one to pay for all of your wonderful programs 20 years from now.
Enjoy them while you can because they are unsustainable. The populations of most European countries have peaked and are now beginning to decline.
Logos, you take great joy in hoping for the decline of the US, but it is your own country that you will not recognize one generation from now.........
You think the US economy is in bad shape? Well the housing market will rebound in a few years and with it the rest of the economy.
The economic future for most of Europe, with its over-bloated social programs, rapidly aging populations and low and continually declining birth rates, is very bleak indeeed. No-one is having kids anymore, so there will be no-one to pay for all of your wonderful programs 20 years from now.
Enjoy them while you can because they are unsustainable. The populations of most European countries have peaked and are now beginning to decline.
Logos, you take great joy in hoping for the decline of the US, but it is your own country that you will not recognize one generation from now.........
