BOYCOTT: Dump the Dollar! Use the Euro!
Ana | 20.04.2003 18:18
Ana
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Ana | 20.04.2003 18:18
Ana
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Comments
Hide the following 6 comments
Dump the Pound as well.
20.04.2003 18:32
Anonymous
True but..
20.04.2003 21:28
Yeah, better learn to survive on your wits.
dh
remember the Gnomes for peace
21.04.2003 10:08
Get your Greenback here !!
This item ends....
The timing might therefore be right to try to prevent the war by using a financial strategy almost exactly the same as that used by the Gnomes of Zurich half a century ago. Go to your bank and tell them that you want to sell $5,000 (or $10,000 or as much as you can afford) in three or six months' time and that you would like to fix the exchange rate now. The bank will quote you the rate at which it will purchase those dollars from you and give you a contract to that effect. This is a perfectly standard banking arrangement. Businesses expecting payments in foreign currency do it all the time. If your credit record is good, you won't have to pay anything at all.
Should the bank be unable to match your sale of dollars in three months' time with an order for dollars from somebody wanting to buy them then, it will borrow the dollars you intend to sell from a bank with which it has links in the US and sell them now. It will then lend out the proceeds of the sale until it has to pay them over to you in exchange for your dollars, which it will use to pay off its American loan. In other words, through the agency of your bank you will be doing exactly what the Gnomes did in 1956 - borrowing dollars in the US, selling them, and hoping to repay the loan at a profit if the dollar falls in value.
You get the dollars you need to hand over to the bank in three month's time by buying them from the bank at whatever rate is ruling on the day the contract falls due. If thousands upon thousands of ordinary people join you in protesting in this way, the value of the dollar will be forced down over the next few weeks as banks borrow dollars in the US and sell them on behalf of their customers. So, when the three months are up, the chances are that you will be able to buy the dollars you need for less than the price you agreed with the bank for selling them. In other words, if this form of direct action becomes wildly popular or the dollar falls for other reasons you should end up with a small profit. Of course, if the dollar stays where it is you will show a small loss and in the unlikely event that it rises, a rather bigger one. Your assessment of how much of a loss you can risk having to shoulder will obviously determine how many dollars you can sell.
In 1956, two big battalions stopped the British - the US government and professional speculators employed by the Swiss banks. This time, if the strategy I've outlined above is taken up, it will be more of a guerrilla action and the outcome will depend largely on the numbers of people who get involved. But we may just find that we have powerful allies fighting beside us. For example, in order to minimise their dependence on the dollar a group of Islamic countries led by Malaysia is introducing the Islamic gold dinar later this year for trading amongst themselves. Moreover, several OPEC countries are considering quoting the price of oil in euros rather than dollars. And as long ago as last August, the Financial Times reported that the Saudis had sold an estimated $200bn. of their US assets. The Kuwaitis have also withdrawn funds from America having decided that, despite the threat of a war next door spilling over the border, it is better to invest at home.
Within the past few months the dollar has already lost 26% of the maximum value it once held against the euro and a smaller amount against the pound. Our small gestures coupled with those of bigger players could continue this fall and, just as there was a virtuous circle on the way up, with the increasing US trade deficit providing foreign investors with extra funds to push the dollar and Wall Street higher and higher, there will be a similar effect on the way down. Falling stock markets and a depreciating dollar caused by some investors moving out will panic others into getting out too, thus accelerating both markets' decline.
Consequently. the more people you can persuade to join you in becoming a Gnome for Peace, the better the chance there is of weakening the dollar and the American economy by enough to prevent or limit a war. That's the real profit. Of course, if investor sentiment does really change - helped in part by your actions - virtue would not have to make do with merely being its own reward. Besides peace, it would bring something of a financial bonus too.
gnomo$
done !!!!
21.04.2003 15:04
done !!!!
El Greco
DON'T BUY WAR!
21.04.2003 17:13
DON'T BUY WAR!
davyking.com
as archived in an older blog issue
22.04.2003 19:06
my old blog adress to be exact: http://members.tripod.com/poetpiet/logbriefer.htm
piet