A single Euro is currently worth 1.4728 U.S. Dollars — is it any wonder that some Manhattan stores in New York are accepting Euros as payment for goods and services?
Can the American economy sustain this infusion of foreign currency in the current marketplace?
“We had decided that money is money and we’ll take it and
just do the exchange whenever we can with our bank,” Robert Chu, owner
of East Village Wines, told Reuters television.
The increasingly weak U.S. dollar, once considered the king among
currencies, has brought waves of European tourists to New York with
money to burn and looking to take advantage of hugely favorable
The Mexican Peso — currently worth 0.092495 of the U.S. Dollar — is
also popular along the Southern border of the United States where pizza chains and Wal-Mart and supermarkets accept the Peso as payment.
All along the Northern border of the USA, the Canadian dollar — now
worth 0.9999 of a U.S. Dollar — has always been secretly accepted as
“real” American money and the Loonie even has a wacky charm as shopkeepers in New York gladly accept that heavy coin as payment.
Does the acceptance of the Euro, the Peso and the Loonie in the USA indicate we are truly in a world economy now?
Can we ever turn back that monetary clock?
How long can the strength of the American Dollar last against this foreign invasion from our closest neighbors and our dearest allies?