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2.08.2008

AMERICANS' CONFIDENCE IN THE DOLLAR STARTS TO DECLINE

With lots of foreign currencies continuously gaining in value against the dollar. Stores owners in New York have started to speculate against the US currency by accepting Euros, Canadian dollars, UK pounds and a few other denominations.

At the rate the dollar is being devalued, I would say that the move is very wise. Store owners make more money by setting their own exchange rates and by selling their hordes foreign currency when its value has substantially grown, they make more money.

And with the Philippine peso gaining 20% against the US dollar within a year, I will not be surprised if stores where there are Asians will start putting up "Philippine Pesos Accepted here signs"

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