Professor Mark J. Perry's Blog for Economics and Finance
Posted 1:15 PM Post Link
Links to this post
I thought it was illegal to accept foreign currency.
thanks for the spam adrian, why did you have to repeat it?
"I thought it was illegal to accept foreign currency"...So did I das kapitalist but this is not the first time...Back in July of '07 Michelle Malkin reported the following: Dallas-Based Discount Chain to Accept Pesos...I've not seen anything in the news about the federals following up on this...BTW, just how good will the Euro be if the following happens?Adoption of Islamic Sharia law in Britain is 'unavoidable', says Archbishop of Canterbury...Don't kid yourself into thinking that this won't be different with the oil sheikdoms...
It is not illegal to accept foreign currency. What I believe is illegal is refusing to accept US currency.
I often travel to Canada from the US. Most places right over the border will accept US currency, but they give you a really bad exchange rate. I imagine that if someone offered to buy goods in NYC for a one-to-one euros-to-dollars exchange, the seller would be happy to take it.
Retailers need all the Euros they can get as Sales at U.S. Retailers Languish on Concern Over Jobs "Consumers scaled back their purchases as the economy lost 17,000 jobs last month and home values declined in 2007 for the first time since the Great Depression."
OTSenate passes economic plan and sends to HouseLawmakers hope the rebate checks and expanded tax benefits for businesses who make new investments in plants and equipment will send Americans on a shopping spree that will help jump start the economy.http://www.reuters.com/article/newsOne/idUSN0631744820080207?pageNumber=2&virtualBrandChannel=0Bank bailout passed, taxpayers are going to get to eat this before this is all said and done.
anon @ 6:55 p.m. nails it: "taxpayers are going to get to eat this before this is all said and done"...Nice of that other anon @ 6:23 p.m. to lay that bit of hyperbolic 'reporting' on us via Reuters... What does that have to do with the acceptance of Euros? Will Euros save jobs in the American retail sector?None the less anon you just might be onto something...None the less there are jobs to be had according to the BLS: In the service-providing sector, health care employment continued to grow in January (27,000), about in line with average monthly gains over the prior 12 months.Within health care, over-the-month job gains occurred in ambulatory health care services (14,000), which includes offices of physicians, and in hospitals (10,000).Food services employment continued to trend upward in January. From November through January, food services added an average of 16,000 jobs per month, compared with an average gain of 28,000 jobs for the 12-month period ending in October.In January, employment in both wholesale and retail trade was little changed. Within retail trade, employment in food and beverage stores was up by 12,000 over the month.
Looks like some fire sales coming up for those with Euros in their pockets...Inventories at U.S. wholesalers rose the most in more than a year as sales fell, signaling companies will need to cut production and that the economy may be slipping toward a recession.In other words look for employment in health care to drop as people lose jobs that included medical insurance benefits. Food service employment is going to shrink as well as people cut back on unnecessary expenses including dining out.
If they accept Euros than it should not be illegal to accept gold and silver, and as we all know from the Liberty dollar, the FED does not want people using Gold & Silver.
Post a Comment
Create a Link
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
View my complete profile