Currency Changes

by cameo-d 7 Replies latest jw friends

• 

  cameo-d

  I would just like to start this thread so we can watch what is happening with the currencies in other nations.

  Welcome to the euro On January 1, 2009 Slovakia switches to a new currency: the € IF SLOVAKS decide to buy that extra bottle of champagne shortly after midnight on New Year's Eve, they will be charged in euros. Similarly, people leaving celebrations to welcome the arrival of the new currency in Slovakia will also have to pay for their bus tickets and taxis in euros. State officials are confident that both the public and businesses are well prepared to welcome the common European currency in Slovakia.
• 

  cameo-d

  Dec. 20 But after the US Federal Reserve cut its interest rate on Tuesday, which is expected to weaken the US dollar, there may be pressure on investors to sell their Hong Kong dollars, he said.

  The move, together with the agreement that the yuan can be used to settle business deals, demonstrates China's efforts to make it acceptable as a global currency, analysts have said.

  Dec. 25

  China to begin yuan-settlement trials

  The yuan will be used in transactions with neighboring trade partners as part of a pilot project, which could be the first step to make it an international currency.
• 

  cameo-d

  Iceland

  Iceland may apply to join the European Union as soon as next year, the EU's enlargement commissioner says. (Dec. 17 BBC)

  Following sharp inflation in the Icelandic króna during 2008, the three major banks in Iceland, Glitnir , Landsbanki and Kaupthing were placed under government control. A subsidiary of Landsbanki, Icesave , which operated in the UK and the Netherlands , was declared insolvent, putting the savings of thousands of UK and Dutch customers at risk. [ 10 ] It also transpired that over 70 local authorities in the UK hold more than £550 million of cash in Icelandic banks, and councils are concerned that their money may be lost, as their accounts are not guaranteed in the same way as consumer accounts. [ 11 ] [ 12 ]

  Dec. 16 Ice News: Thorgerdur Katrin Gunnarsdottir, vice chairman of Iceland’s euro-sceptic ruling party, said in an interview with the Norwegian newspaper Klassekampen that Icelanders have no other choice in the financial crisis than to enter the European Union.

  PRESS RELEASE FROM KAUPTHING BANK:

  Kaupthing Bank hf. (the “Bank”) has on 30 November 2008 filed a voluntary petition under Chapter 15 of the US Bankruptcy Code, in order to seek US recognition of the Bank’s moratorium, which has been granted by the District Court of Reykjavik, Iceland. The purpose of the filing is to obtain protection for the Bank’s assets in the US, similar to the moratorium protection in the European Economic Area, pursuant to Directive 2001/24/EC on the reorganisation and winding-up of credit institutions, in order to be able to maximize recovery to, and provide for an equitable distribution of value among, all creditors. The Bank has furthermore, at a hearing on December 1, been granted provisional injunctive relief under the US Bankruptcy Code.

  Alandsbanken of Finland has signed a contract to buy Kaupthing Sweden. The deal includes all of Kaupthing Bank’s Swedish operations, excluding its corporate lending wing. ....Under the deal, the Swedish Central Bank will be repaid the SEK 5 billion emergency loan granted to Kaupthing Sweden in October.

  The new ‘Tripartite Partnership’ among China, Japan, and South Korea can be seen as a form of political ‘hedging’ against the U.S.
  from The Hindu (India's National Newspaper):

  Is a new international economic order taking shape amid the din and bustle over the ongoing ‘global’ financial crisis?........China, an ascendant economic power, and Japan, still the world’s second largest but deeply-stricken economy and an ally of the United States, have now come together. In the process, Tokyo and Beijing have risen above their unresolved political concern about each other. And, they have also associated themselves with South Korea to form a new ‘Tripartite Partnership.’

  ......according to Mr. Kodama, the current global financial crisis was the real “catalyst” for this ‘Partnership,’ now signed by Japanese Prime Minister Taro Aso, his Chinese counterpart Wen Jiabao, and South Korean President Lee Myung-bak. In fact, so runs the argument, the signing was preceded by the independent decisions of China and Japan to raise the limit for their “currency swap,” on parallel tracks, with South Korea. The aim was to bail out Seoul in the context of its rapidly weakening money.
• 

  WTWizard

  One Amero=$9,999,999,999,999,999,999,999,999,999,999,999,999,999,999,999,999,999,999,
  999,999,999,999,999,999,999,999,999,999,999,999,999,999,999,999,999...

  Oh yes, there is no exchange to change your now worthless dollars. All you have worked so hard for is now worthless. There goes your retirement. All the while, the Fed is taking every penny of it for itself while they begin the process anew with the Amero. And, once your company finally starts paying in Ameros (which will take quite a while, but they will not take dollars at the cash registers), the process of inflation will begin at once.

  By the way, even if you are being paid in worthless kaputniks (one kaputnik is 1/100 of a penny), you will be taxed in Ameros (of course, they will tax a dollar for an Amero, accept only Ameros as payment, and still expect your taxes to be paid in Ameros while the companies continue paying in worthless dollars). Even once everyone starts getting paid in Ameros, I expect one Amero in 2020 to be worth less than 1/1 billion Amero of 2010. And then they will have to come up with the Worldo. Then the process repeats.
• 

  Satanus

  As the number of currencies decrease, the opportunity for speculators to play them off against each other is reduced. As well, global stability is increased. It's better for honest business and the average person.
  
  S
• 

  cameo-d

  After the Amero...

  And then they will have to come up with the Worldo.

  LMAO at your long range vision, Wizard.
• 

  Borgia

  Satanus,
  
  Stability is only one factor. If one big economy screw up big time, we'll all in deep shit. No, I'd rather see some more currencies.....
  
  Cheer
  
  Borgia
• 

  Satanus

  The deep shit has spread anyway, w the current system. Yes, of course, stability in a one currency system is merely one factor. It does eliminate several problems, though.
  
  S