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US Currency Down


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#1 Brent

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Posted 13 September 2007 - 04:22 AM

I'm thinking of opening a foreign account for all of my money rather than keep it in USD amounts. I'm guessing that I would have better buying power in the future as the dollar loses value as if I were living in another country. It would even be sweet come tax-time when I exchange my Euros for Dollars and end up paying like 80% of what I would have had I kept my money in USD.

Especially amid discussions that everyone is selling their treasuries but China, and the only reason China isn't selling theirs is to have an economic nuke in their arsenal to control Yuan-USD exchanges and import taxing I think it would be advisable to not keep money in a currency at such high risk.

What do you guys think?
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#2 magnetmannen

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Posted 13 September 2007 - 05:48 AM

all i know is the dollar isnt going to get magically better any time soon, your banks have screwed you by putting more money out for loan than anyone could pay so now ur all screwed.

im getting a ridiculous amount of money from my job thou. i get paid 28 dollars a hour, before taxes.... so invest in norvegian, that seems to be a sure shot for atleast the next 50 years or whenever we run out of oil....(norvegian oilreserves is estimated to last atleast the next 50-100 years)
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#3 chuckybob

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Posted 13 September 2007 - 08:03 AM

it seems like an OK idea. be sure to go with the euro or something thats increasing like it is. pounds would be a bad investment, for instance.
QUOTE(polyguns @ Dec 19 2005, 08:47 PM)
lol, philosophy majors were so funny in college. to have a degree in thinking you would think they would think how the fuck they would get a job thinking. but to think about it  i spent 6.5 years in college still no job in what i did; think about that!

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#4 Brent

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Posted 13 September 2007 - 11:23 PM

Yeah I was guessing the Euro because of how many nations are involved with it, its not like an entire continent of major countries is going to start going into a depression.
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#5 Jon

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Posted 13 September 2007 - 11:56 PM

QUOTE(Brent @ Sep 14 2007, 12:23 AM)
Yeah I was guessing the Euro because of how many nations are involved with it, its not like an entire continent of major countries is going to start going into a depression.


The whole idea of the EU is that the economies are supposed to coincide, with depressions and booms happening at the same time all over the continent. They haven't reached that level yet but they get closer every year. The EU is great for poor countries but it sucks for rich ones.

Remember that interest rates (and hence exchange rates) are controlled by a central European bank so if they change it, it affects all countries that use the Euro. So it's not safer to put it in a European account because the rates are controlled by a single entity, as in any other country.

Edited by Jon, 13 September 2007 - 11:57 PM.


#6 chuckybob

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Posted 14 September 2007 - 05:32 AM

however, the euro has shown good growth compared to other forms of currency such as the pound, which has been worth pretty much the same for the last 30 or so years.
QUOTE(polyguns @ Dec 19 2005, 08:47 PM)
lol, philosophy majors were so funny in college. to have a degree in thinking you would think they would think how the fuck they would get a job thinking. but to think about it  i spent 6.5 years in college still no job in what i did; think about that!

"The direct use of force is such a poor solution to any problem, it is generally employed only by small children and large nations." -David Friedman

QUOTE(DJShamrock @ Jun 13 2006, 01:57 AM)
I remember when pussy was just awesome by itself. It was the best thing ever. Just when I thought it couldn't get better, BAM! They started landscaping it.

QUOTE(magebomb @ Oct 18 2006, 06:30 PM)
Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.

Give a man religion and he'll sit there, praying for fish, until he and his family starve to death.

#7 Jon

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Posted 14 September 2007 - 02:44 PM

QUOTE(chuckybob @ Sep 14 2007, 06:32 AM)
however, the euro has shown good growth compared to other forms of currency such as the pound, which has been worth pretty much the same for the last 30 or so years.


It depends what you mean by "pretty much the same". It's had stable growth. It doesn't grow by much every day but it grows. You don't want to invest in a currency that shoots up by 400% one day because most likely it's unsustainable.

http://www.exchange-...ode=G&filter=30

Anyway, my answer wasn't anything to do with growth, I was saying that investing in it on the assumption that so many countries can't go into a recession at the same time is unwise because of the central bank. I don't really know what the bank would do if one or two countries had a recession and the rest had booms (or vice versa). I'm not saying don't invest in it, I'm saying know what you're investing in.

#8 SewerCow

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Posted 14 September 2007 - 03:26 PM

That sounds like a good idea. I always thought it would sound cool to get a swiss bank account. I might want to check into this. Is there a fee for getting a foreign bank account?
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#9 Brent

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Posted 14 September 2007 - 05:36 PM

Nope just minimum balances and such, just like any other bank. Lots of them will send you a credit card that you can use in the states.
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#10 Jon

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Posted 14 September 2007 - 06:37 PM

QUOTE(Brent @ Sep 14 2007, 06:36 PM)
Nope just minimum balances and such, just like any other bank. Lots of them will send you a credit card that you can use in the states.


How exactly do you set up a bank account in a foreign country? I have accounts in the UK and the US but I had to physically go into each bank and set it up because they wanted to see ID. My sister has an account with Citibank that has branches in both the UK and the US and she managed to get a US account through her UK one with the same bank. But I have no idea how you would get a Swiss account without visiting Switzerland, unless they have really lax security.

#11 magnetmannen

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Posted 14 September 2007 - 07:11 PM

so do that then, visit switserland...
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#12 Brent

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Posted 15 September 2007 - 03:35 AM

I looked up offshore bank accounts and there were several banks that had online applications that required you to fax your ID.
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#13 Jon

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Posted 18 September 2007 - 08:09 PM

The Fed just lowered interest rates so on the one hand, it makes it easier to borrow money but on the other, savers in the US get screwed. So the exchange rate will increase as people move their money out of US accounts into foreign banks.

I don't think now is a good time to do speculative stuff like that though unless you can afford to lose money. You need to invest in something tangible that's still going to be there in 3 years' time. With businesses you never know how long they're going to last. Gold is increasing in value because of this but of course, you have to store it somewhere. A much easier alternative would be government bonds but the prices of these are much higher than corporate bonds.

Edited by Jon, 18 September 2007 - 08:09 PM.


#14 Dr. _B.

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Posted 08 October 2007 - 07:55 PM

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Get in on the ground floor and buy up some of these - currency of the future: scientists have come up with a new currency designed to be used by inter-planetary travelers called the Quasi Universal Intergalactic Denomination, or Quid. Seriously.
http://news.bbc.co.u...ess/7029564.stm
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#15 DJShamrock

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Posted 08 October 2007 - 08:02 PM

QUOTE(Dr. _B. @ Oct 8 2007, 03:55 PM)
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Get in on the ground floor and buy up some of these - currency of the future: scientists have come up with a new currency designed to be used by inter-planetary travelers called the Quasi Universal Intergalactic Denomination, or Quid.    Seriously.
http://news.bbc.co.u...ess/7029564.stm


Is that why aliens anal probe us? Our butt holes are where we hide our cash? makes sence now.

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