This just up on Reuters. Small Currency Exchange shops are turning away American tourists looking to exchange US dollars for Euros.
The shops complain that the dollar is falling so fast that they won't recoup their Euros when they manage to cash in the US dollars they've taken in. Tourists are having to go to central banks in downtown Amsterdam to exchange their dollars.
I can't embed the Reuters video directly, but here's the link.
And under 'fair use', here's an extract from the Reuters article:
"Our dollar is worth maybe zero over here," said Mary Kelly, an American tourist from Indianapolis, Indiana, in front of the Anne Frank house. "It's hard to find a place to exchange. We have to go downtown, to the central station or post office."
I'm not a financial whiz, but I don't think you need to be one to understand this. Markets are in free-fall, and no one trusts American financial institutions (much less Dumbya's 'deregulation solves everything' bullshit). Expect this to get worse as the week progresses, especially if another giant Wall Street firm fails. Or if China starts selling greenbacks.
If I had any money, I would be wishing I had invested in gold. Of course, for the true predators, there are lots of opportunities here to make a fortune. This crisis is far from over.
So, how low will it go? What do you think will be the true inflation rate in the US over the next month? Do you think this will result in higher prices for basic goods in the short term?