Post by JoJo on Mar 14, 2008 18:14:45 GMT -5
news.yahoo.com/s/ap/20080313/ap_on_bi_ge/diving_dollar
When i was in Peru in the 80's, you couldn't walk down the street without being surrounded by people wanting to buy your dollars, but when I see that this is happening there well... the dollar is toast.
In Peru, where savings in U.S. dollars were long a popular hedge against inflation, many citizens are closing dollar accounts in favor of Peruvian soles.
At the same time, businesses like supermarkets, movie theaters and cable TV companies that used to accept dollars are now demanding soles.
Edwin Figueroa, a 29-year-old systems engineer, switched his checking account from dollars to soles seven months ago as the dollar's decline started worrying him. He doesn't think he'll be going back anytime soon.
The Peruvian sol "is stable now," he said. "And maybe in a year, the dollar will even go lower."
When i was in Peru in the 80's, you couldn't walk down the street without being surrounded by people wanting to buy your dollars, but when I see that this is happening there well... the dollar is toast.
In Peru, where savings in U.S. dollars were long a popular hedge against inflation, many citizens are closing dollar accounts in favor of Peruvian soles.
At the same time, businesses like supermarkets, movie theaters and cable TV companies that used to accept dollars are now demanding soles.
Edwin Figueroa, a 29-year-old systems engineer, switched his checking account from dollars to soles seven months ago as the dollar's decline started worrying him. He doesn't think he'll be going back anytime soon.
The Peruvian sol "is stable now," he said. "And maybe in a year, the dollar will even go lower."
