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sarongsong
2006-Aug-05, 07:47 AM
Found this one upon visiting a local coin shop:
Oct 9, 2003
...the U.S. currency system is on the verge of becoming a blocked, two-tier system...If the government succeeds in getting the American public to accept the bills, the other remaining denominations will obviously follow and plans will proceed for the blocked domestic dollar...foreigners will continue to be allowed to use the greenback while U.S. citizens will be stuck with the "crayola currency" which cannot be exchanged...---Cliff Drake article AlpineSurvivor (http://www.alpinesurvival.com/silver-eagles.html)

Fortis
2006-Aug-05, 08:39 AM
Absolutely barmy. No. Wait. I find myself suddenly wanting to by Silver Eagles to protect myself against... ;)

ZappBrannigan
2006-Aug-05, 06:02 PM
No. Wait. I find myself suddenly wanting to by Silver Eagles to protect myself against... ;)
I know! I was going to buy 3,000, but then there's ANOTHER price break at 5,000! I'm taking all my money out from under my mattress and buying silver! And I'd better hurry! That article was written in 2003! There's no time left! It's just like Y2K! The U.N.! Aaaah!

Okay, the lithium has kicked in now. I'm feeling much better.

Ronald Brak
2006-Aug-05, 06:29 PM
I'm sure foreigners will be happy holding a currency that can't be spent in the country that prints it. I know I would be. I wouldn't at all be tempted to use Euros or something instead of a Mickey Mouse currency that is illegal for American citizens to use.

Frantic Freddie
2006-Aug-05, 08:10 PM
I wouldn't pay a dime for silver ;)

Anybody that lives in the western states like me knows places where you can just go pick it up off the ground.I know where I can go get a coupla hundred lbs. of dirt & pan out enough gold to make my wife an earring :D

BigDon
2006-Aug-05, 09:36 PM
When I was in Kenya the Kenyan schilling could be bought and used to make purchases in country, but was not only worthless outside the country, you couldn't exchange it back when you left. Had to exchange and spend carefully.

Ronald Brak
2006-Aug-05, 09:52 PM
When I was in Kenya the Kenyan schilling could be bought and used to make purchases in country, but was not only worthless outside the country, you couldn't exchange it back when you left. Had to exchange and spend carefully.

That sort of money is kind of common. What I don't understand is how you can have the opposite, a national currency that has value outside the country but no value inside it. If you could somehow get it to work it would be kind of tempting to inflate all the value of that foreign held currency away, no?

Kesh
2006-Aug-05, 11:59 PM
It sounds like someone took a semi-reasonable concern, and blew it WAY out of proportion.

The new bills will first find themselves used mostly within the US. After a while, they would be the "trusted" form of currency, as they're harder to fake. There's still a lot of greenbacks outside the US, though, and those would probably continue to circulate outside our borders.

Inside the US, the greenbacks will eventually be collected & destroyed as they wear out, getting replaced by more of the new bills. But, there will be greenbacks outside the border that will get circulated around and around without ever getting back to the US for decades to come.

Eventually, this could lead to an issue where banks and businesses within the USA become leery of accepting greenbacks from foreign banks/companies due to them being less "secure" than the new bills.

However, all this two-tiered "buy our silver/gold/dingus" cries of panic are way overblown. It may complicate matters in the short run but, eventually, the foreign greenbacks will just get exchanged for the newer bills and that'll be the end of it.

Ronald Brak
2006-Aug-06, 12:10 AM
So what's a greenback? I thought it just meant U.S. dollar. Is this right?

GDwarf
2006-Aug-06, 12:26 AM
...So, wait, the concern is that the US is replacing their old bills with new ones? Canada did that a couple of years ago, I've yet to have any problems with it.

sarongsong
2006-Aug-06, 01:10 AM
So what's a greenback? I thought it just meant U.S. dollar. Is this right?I think the term applies to any 'old' U.S. paper currency, i.e. printed prior to these new colored bills.

Ronald Brak
2006-Aug-06, 01:32 AM
I think the term applies to any 'old' U.S. paper currency, i.e. printed prior to these new colored bills.

So it's just a change from old paper currency which actually wasn't paper but denim to new coloured bills? That's all that it's about? It's not a whacky scheme to create a currency that only non U.S. citizens can use? How disapointing! I thought we had discovered a deep seam of hirito untapped looneyness, but it appears to be just borning old stupidity. How sad.

ZappBrannigan
2006-Aug-06, 01:34 AM
So what's a greenback? I thought it just meant U.S. dollar. Is this right?
Yes, I believe referring to the color of our (old) money. The new 20's have a sort of peach tint to them, which I guess makes them "peachbacks." For some reason, this is very upsetting to people in rural Idaho.

Lurker
2006-Aug-06, 01:40 AM
This sort of foolishness should be in the conspiracy forum!! :mad:

Oh wait... it is!! :p :dance:

SpitfireIX
2006-Aug-06, 01:46 AM
So what's a greenback? I thought it just meant U.S. dollar. Is this right?

According to a Wikipedia article (http://en.wikipedia.org/wiki/United_States_dollar):


Wikipedia
Greenback, a nickname originally applied specifically to a 19th-century Demand Note, is still used to refer to the U.S. dollar (and not to the dollars of other countries).

BigDon
2006-Aug-06, 01:52 AM
So what's a greenback? I thought it just meant U.S. dollar. Is this right?

AKA, frog pelts, dough, moola, scratch, sned, scrill, dead presidents, (except for Ben Franklin, the only president who was never president), bucks, (in the 1700's for decades the price of a dressed deer skin at market. The name stuck) and I'm sure others can come up with more. :)

sarongsong
2006-Aug-06, 03:51 AM
...but it appears to be just borning old stupidity. How sad.Maybe, maybe not; the plot calls for the new bills be only distributed within U.S. borders, and since this article appeared, all U.S. denominations of paper currency have been transformed (don't know about the $500 or $1000, tho), except for the $1 bill itself.

Lurker
2006-Aug-06, 04:26 AM
Maybe, maybe not; the plot calls for the new bills be only distributed within U.S. borders, and since this article appeared, all U.S. denominations of paper currency have been transformed (don't know about the $500 or $1000, tho), except for the $1 bill itself.
The purpose of the new colorful currency is to make it harder to counterfit. Your evidence for this deep dark conspiracy is??????

Van Rijn
2006-Aug-06, 05:39 AM
The purpose of the new colorful currency is to make it harder to counterfit. Your evidence for this deep dark conspiracy is??????

There's a conspiracy all right . . . by the folks that are trying to get you to buy silver and gold. I've seen similar scare tactics since the days when there was actually serious inflation and their arguments didn't sound quite so ridiculous. Even then, unless you were an insider or really lucky, buying precious metals was a really bad way to make money and often was a good way to lose it.

sarongsong
2006-Aug-06, 06:30 AM
While coin/bullion dealers may use the article as a sales tool for their metals, it does contain a caveat against it, too.
So, every 10 years or so, we get a 'new' design---remember the last ones?
October 27, 1997
...The Series 1996 $50 note follows the introduction in March 1996 of the redesigned $100 note and is part of an ongoing program to maintain the security of the nation’s currency... U.S. Treasury (http://www.treasury.gov/press/releases/rr2010.htm)Either the counterfeiters (don't you just hate it when you get a bogus $5 bill?) are incredibly advanced, more so than the Treasury is letting on
...Statistics continue to indicate that the amount of counterfeit U.S. currency worldwide is less than one percent of genuine U.S. currency in circulation. MoneyFactory.gov (http://www.moneyfactory.gov/newmoney/main.cfm/media/releases06292006), the engravers union has scored a make-work coup, or...?

homo_cosmosicus
2006-Aug-06, 07:12 AM
foreigners will continue to be allowed to use the greenback while U.S. citizens
will be stuck with the "crayola currency" which cannot be exchanged...---
Cliff Drake article AlpineSurvivor


This sounds like a currency model from good old communist Soviet Union.

homo_cosmosicus
2006-Aug-06, 07:14 AM
I wouldn't pay a dime for silver ;)


I did pay 4.5 per ounce for silver back in 2000...
Now its price is around 12...

sarongsong
2006-Aug-06, 07:24 AM
What I find odd is that $12/ounce, or whatever the current spot price is, seems to apply whether it's been 'worked' (at considerable expense) into a coin, or just the metal itself.

Frantic Freddie
2006-Aug-06, 07:48 AM
I did pay 4.5 per ounce for silver back in 2000...
Now its price is around 12...

So you're buyin' the next round?

BigDon
2006-Aug-06, 07:59 AM
You guys do know that Iran has a set of itaglio presses that were a gift to the late Shah? Plus the plates for making 100 dollar bills? Technically not counterfeit but definately counterfeit. Thats what started all this.

PhantomWolf
2006-Aug-06, 09:03 AM
Of course the entire idea that the new coloured notes are not availible to non-US citizens, or even able to be gained outside of the US is complete poppycock anyway when compared to RL. I happen to have several hundred dollars worth of the peachy US$20 sitting locked in a safe about 20m from me. I bought them at my local travel agent before I went to the States last year and never actually spent them (I took $2000 over and only spent $500, so brought $1500 back with me.)

BigDon
2006-Aug-06, 09:11 AM
I guess the next round is on you instead.

Van Rijn
2006-Aug-06, 09:43 AM
While coin/bullion dealers may use the article as a sales tool for their metals, it does contain a caveat against it, too.
So, every 10 years or so, we get a 'new' design---remember the last ones?Either the counterfeiters (don't you just hate it when you get a bogus $5 bill?) are incredibly advanced, more so than the Treasury is letting on, the engravers union has scored a make-work coup, or...?

According to here:

http://www.newyorkfed.org/aboutthefed/fedpoint/fed01.html

there is about 750 billion dollars worth of currency in circulation. So if the amount of counterfeit is "under one percent" it would be a bit under 7.5 billion dollars. That isn't trivial, and if you want to keep it down, you would expect that they would attempt to stay ahead of the counterfeiters. The U.S. actually was pretty slow in changing the currency, and we paid for it.

Van Rijn
2006-Aug-06, 09:51 AM
This sounds like a currency model from good old communist Soviet Union.

Well, it might be, if there was actually any evidence to back it up. Just because some guy said it back in 2003 doesn't make it so. Actually, his entire rant sounded pretty typical of the type of groundless scare stories I've seen for many years. The reasonable conclusion is that this guy was making something up with normal currency anti-counterfeit changes as the hook.

So, SarongSong, H_C, do you have anything to back this up?

As PhantomWolf said, he didn't have any trouble getting the bills. And I've never heard of or had any problems with foreign currency exchange.

Ronald Brak
2006-Aug-06, 11:37 AM
One percent of U.S. cash is counterfeit? That's a huge amount. Australia switched to plastic notes a long time ago which are very difficult to counterfeit. We actually used to have a counterfeiting ring in Australia, but they counterfeited U.S. dollars, not Australian ones. But when I look at all the fuss you have over getting rid of the penny I'm not surprised you have trouble changing your notes. In Australia it was just like, "We're changing the money." Some people complained, but there was no real discussion about it.

PhantomWolf
2006-Aug-06, 12:56 PM
heh. Every bit of our money is now entirely different from what it was in 1990.

the 1c, 2c, and 5c coins are now all gone. The 10c is now a copper colour rather than silver and is smaller, the 20c has had the kiwi pattern removed and instead has a Maori carving, and is now much smaller as well. The 50c is also much smaller, but still has the Endevour and Mount Egmont/Taranaki. The $1 and $2 notes are both long gone and we now have gold coloured $1 and $2 coins instead and finally the design of our $5, $10, $20, $50 and $100 notes are all totally different to what they were 15 years ago and they are now plastic rather than paper.

Ronald Brak
2006-Aug-06, 01:03 PM
Man, I think a considerable fraction of New Zealand coins end up in Australia. We seem to regard them as legal tender too and substitute them for Australian coins. Perhaps it's all a plot by our treasury to save on minting costs?

SpitfireIX
2006-Aug-06, 02:19 PM
You guys do know that Iran has a set of itaglio presses that were a gift to the late Shah? Plus the plates for making 100 dollar bills? Technically not counterfeit but definately counterfeit. Thats what started all this.

Although Iran was suspected during the 1990s, the source now appears to be North Korea. And the plates used are very high quality reproductions, so the notes are not "technically not counterfeit."

From a transcript (http://transcripts.cnn.com/TRANSCRIPTS/0605/18/i_ins.01.html) of a CNN segment:


CNN
MICHAEL MERRITT, U.S. SECRET SERVICE: Through extensive investigation, the Secret Service has made definitive connections between these highly deceptive counterfeit notes and the Democratic People's Public of Korea. Our investigation has revealed that the supernote continues to be produced and distributed from sources operating out of North Korea. . . .

MANN: The U.S. government and some others around the world favor a very particular kind of machine to print money. They're known intaglio presses. They don't just print on paper, they use high pressure to engrave into it. It creates a distinctive texture that makes fakes printed other ways easier to detect, unless they also come off intaglio presses. Washington says Pyongyang has them too.

Graham2001
2006-Aug-06, 03:00 PM
Man, I think a considerable fraction of New Zealand coins end up in Australia. We seem to regard them as legal tender too and substitute them for Australian coins. Perhaps it's all a plot by our treasury to save on minting costs?

If that is the case, then why are the New Zealanders getting their coins made in Canada (http://www.nzherald.co.nz/search/story.cfm?storyid=000167AC-00E2-14C7-BDE283027AF1FE9F)?

As a totally non-related aside, I was having trouble using a automatic ticket machine a few days ago (it kept spitting back $2 coins) and this cleaner told me that there were '17 different' sizes of Australian $2 coins because they were made in Thailand?!?

Anyway today it turned out that that machine has broken down completely and would not accept anything, but now I'm wondering where the cleaner got his story from. As far as I can tell all Australian Currency is made in-country.

Ronald Brak
2006-Aug-06, 03:12 PM
If that is the case, then why are the New Zealanders getting their coins made in Canada?

I dunno, but it still saves Australia having to mint so many coins of their own if they use new Zealand coins.

I'm pretty sure Australia mints all its own coins. Did the cleaner tell you about a plot to steal Australia's butter? If so, I might know him.

sarongsong
2006-Aug-06, 04:02 PM
...Just because some guy said it back in 2003 doesn't make it so...SarongSong, H_C, do you have anything to back this up?...As PhantomWolf said, he didn't have any trouble getting the bills.None whatsoever; money has always been an elusive mystery to me, and where better to test this conspiracy hypothesis than the glaring interrogative lights of BAUT?
PhantomWolf's experience seems to lay this one to rest, tho now I'm intrigued as to how he managed to resist spending that $1500 on his visit--- http://www.bautforum.com/images/icons/icon12.gif
(I'm just in it for the fine .999 silver content---now I hear Canada has a $5 silver coin of .9999 fineness to lust after---so it's back to the coin shop for me!)

homo_cosmosicus
2006-Aug-06, 04:09 PM
So you're buyin' the next round?

No, I won't buy the next round of silver...
I would rather buy a gold now.

When 6 years ago I bought all that silver,
because I was reading CT theories about silver
being the way too cheap, and that price of it
will skyrocket soon, many very laughing at me...

Now I laugh all the way to the bank.

It pays of to listen to CTs...

Architect
2006-Aug-06, 05:12 PM
In Australia it was just like, "We're changing the money."

In the UK, the design of bank notes is changed regularly to help avoid the problem of fakes; old notes tend to remain in circulation, however the shelf life of paper notes is actually quite short so they tend to work their way out of the system quite quickly.

Just to make matters more interesting, and something our American chumns may be unaware of, but Scottish and Northern Irish banks print their own notes (and to their own designs, which also change regularly).

captain swoop
2006-Aug-06, 10:16 PM
theres always a shortage of £5 notes in the UK becausew most people get their cash from an ATM and it only gives £10 and £20. When u get change in a shop u get either a very tatty £5 or a pile of £1 and £2 coins

sarongsong
2006-Aug-06, 10:28 PM
As an EU member, why isn't the UK using euros?

Fortis
2006-Aug-06, 10:38 PM
Just to make matters more interesting, and something our American chumns may be unaware of, but Scottish and Northern Irish banks print their own notes (and to their own designs, which also change regularly).
And there have, apparently, been instances where the exchange rate for Scottish notes has been different (slightly) to Bank of England notes.

Fortis
2006-Aug-06, 10:41 PM
theres always a shortage of 5 notes in the UK becausew most people get their cash from an ATM and it only gives 10 and 20. When u get change in a shop u get either a very tatty 5 or a pile of 1 and 2 coins
I'm always surprised by ATMs in the US, which allow you to enter a value to the nearest $0.01 (in fact, to withdraw $100 you would have to enter "10000" on the keypad), though they clearly never dispense any value smaller than a dollar. I've never understood that. :)

Fortis
2006-Aug-06, 10:44 PM
As an EU member, why isn't the UK using euros?
You've never seen any of the adverts that the "Save the groat" campaign have been running. ;)

More seriously, this is a highly contentious issue in the UK (you can imagine a campaign that wanted the US to switch to a currency other than the dollar) and would likely step over the line into politics.

Van Rijn
2006-Aug-06, 10:59 PM
I'm always surprised by ATMs in the US, which allow you to enter a value to the nearest $0.01 (in fact, to withdraw $100 you would have to enter "10000" on the keypad), though they clearly never dispense any value smaller than a dollar. I've never understood that. :)

It's handy for paying my VISA bill. There are other ways to pay it, but I work in a secure building with an ATM from my main "bank." I can transfer money from an account right to VISA, and I pay the amount to the penny. So it can be useful for transfers and such.

Van Rijn
2006-Aug-06, 11:02 PM
More seriously, this is a highly contentious issue in the UK (you can imagine a campaign that wanted the US to switch to a currency other than the dollar) and would likely step over the line into politics.

Heck, we get hot and bothered when the government changes the look of the currency a bit. It's amusing, really: In general, the American culture likes "new" and "improved" but there are some things we don't like to change. I have to admit, it took some time to get used to the "big face" bills when they came out. I did not like the new look. I don't really care now, though.

BigDon
2006-Aug-06, 11:34 PM
Thanks Spitfire, I knew my info was a bit dated. And that somebody here would add more on it.

Homo Cosmosicus, that buying the next round was a joke on Frantic Freddies part. As in "So, are you buying the next round of drinks?" In the context of your profits from your silver investments. There was no attack there.

BD

Architect
2006-Aug-06, 11:38 PM
And there have, apparently, been instances where the exchange rate for Scottish notes has been different (slightly) to Bank of England notes.

Nope. Sorry. Urban myth.

Well, unless you're talking about pre-1707 in which case a Pound Scots is actually worth far less than a Pound English.

Trivia fact: The only legal tender in Scotland is a Bank of England Pound Note (Scottish and N. Irish notes are simple promisory notes) however the Bank Of England no longer issues pound notes and the Westminster Parliament never got around to changing the legislation.

Duane
2006-Aug-06, 11:46 PM
Interesting, Canada also has $1 and $2 coins instead of bills (we call them "loonie" and "toonie") but we still have the basic penny ($0.01) and nichol ($0.05). Our currency changes on average once every 10 years or so, as the government finds new ways to keep it secure.

Like Van Rijn, I 've had no problem getting new and old US bills, often in the same batch. The new are slowly crowding out the old though, and I've taken to saving any old US bills I get.

Heh, I think it's kinda funny we make NJ currentcy here. Be nice to catch a ride with a shipment :)

Van Rijn
2006-Aug-06, 11:58 PM
Like Van Rijn, I 've had no problem getting new and old US bills, often in the same batch. The new are slowly crowding out the old though, and I've taken to saving any old US bills I get.

I should have made that clearer. I live in California, but had no trouble using them in Mexico, and have never heard of anyone who had any problems with them.

Fortis
2006-Aug-07, 12:18 AM
Nope. Sorry. Urban myth.

Well, unless you're talking about pre-1707 in which case a Pound Scots is actually worth far less than a Pound English.

The story even had those nice details, such as it was only with respect to certain countries like Switzerland. Oh well. :(

sarongsong
2006-Aug-07, 01:22 AM
I'm always surprised by ATMs in the US, which allow you to enter a value to the nearest $0.01...they clearly never dispense any value smaller than a dollar. I've never understood that. :)North American ATMs dispense only $20 denominations and accept deposits of paper cash, and checks that often contain a penny amount.
What's a groat?

PhantomWolf
2006-Aug-07, 01:39 AM
When 6 years ago I bought all that silver,
because I was reading CT theories about silver
being the way too cheap, and that price of it
will skyrocket soon, many very laughing at me...

Now I laugh all the way to the bank.

It pays of to listen to CTs...

I don't know, I know that a lot of the Investment people down here were saying that Gold and Silver were under priced as far back as the mid 90's, so it wasn't exactly a big secret.

tho now I'm intrigued as to how he managed to resist spending that $1500 on his visit

For most of my life I've had very little money so I learnt how not to spend it and to live on a budget. Currently I'm tossing NZ$500 a week into a savings account from a weekly income of just under $700 in the hand. It's a case of not spending it all friviously on drinking, smoking, gambling and nights out, but instead doing cheap and simple things. That and when I was in the States I was staying with my g/f and we spent quite a few nights in. ;) We did go out to dinner a number of times, and to the Casino (Both had a gambling budget of $20 which we totally spent. I come out with $23, she come out with $35) and shared the costs of things too, so that helped.

We seem to regard them as legal tender too and substitute them for Australian coins.

Yeah we did too, at least the 5c, 10c and 20c. But now, as of the begining of this month the old coins are gone and we have new ones. In November the old ones won't be legal any more. :(

If that is the case, then why are the New Zealanders getting their coins made in Canada?

These are the new smaller, steel cored coins we started using this month.

North American ATMs dispense only $20 denominations

Depending on which yiou use here you can get different notes. Most only have $20s, but the ANZ/Postbank ones will dispense a combination of $10s and $20s and $50s, while the National Bank will do $10's and $20's.

SpitfireIX
2006-Aug-07, 02:01 AM
As an EU member, why isn't the UK using euros?

From a Wikipedia article (http://en.wikipedia.org/wiki/Euro):

Wikipedia
The United Kingdom's eurosceptics believe that the single currency is merely a stepping stone to the formation of a unified European superstate, and that removing Britain's ability to set its own interest rates will have detrimental effects on its economy. Others in the UK, usually joined by eurosceptics, advance several economic arguments against membership: the most cited one concerns the large unfunded pension liabilities of many continental European governments (unlike in the UK) which would, with a greying population, depress the currency in the future against the UK's interests. . . . Many British people also simply like Sterling as a currency as it is part of British heritage. The UK government has set five economic tests that must be passed before it can recommend that the UK join the euro; however, given the relatively subjective nature of these tests it seems unlikely that they would be held to be fulfilled whilst public opinion remains so strongly against participation.

SpitfireIX
2006-Aug-07, 02:07 AM
North American ATMs dispense only $20 denominations . . .

I've seen some that will dispense ten-dollar bills.

Musashi
2006-Aug-07, 04:05 AM
I have even seen ones that dispense $5 bills.

sarongsong
2006-Aug-07, 04:38 AM
Mea culpa.
Wow! So if I'm stuck and need $5 for whatever, if I use an ATM not of my bank, I get charged $2 for using it by the bank that does own it, then my bank charges me $2 to handle the 'foreign' transaction...

Musashi
2006-Aug-07, 05:24 AM
Yeah, probably a bad idea to use an atm for $5 if you are going to end up paying $4 in fees.

Gillianren
2006-Aug-07, 08:17 AM
I wouldn't pay a dime for silver ;)

Anybody that lives in the western states like me knows places where you can just go pick it up off the ground.I know where I can go get a coupla hundred lbs. of dirt & pan out enough gold to make my wife an earring :D

Um, I don't. I mean, I could probably look to a general geographical region, but I wouldn't have the faintest as to a specific place to go to look for gold or silver--besides which I assume they're mostly already owned by people anyway.

I wonder if the people who designed the new $10 US bill (featuring Alexander Hamilton, who was also, along with Ben Franklin, never president) realize how ironic pairing him and "we the people" is, given his feelings toward the general public.

captain swoop
2006-Aug-07, 10:53 AM
As an EU member, why isn't the UK using euros?

The currency and the UK economy hasnt net the chancellor of the exchequers tests for entry.
plus the PM darent go for the Euro as it would b the end of his Govt so the chancellor will make sure his tests arent met.

Laguna
2006-Aug-07, 11:09 AM
Not only the UK is refusing the Euro.
Denmark, Sweden, Poland, Hungary and Czechoslovakia still use their old currencies.

Mr Gorsky
2006-Aug-07, 11:41 AM
Czechoslovakia, of course, being a non-existent country as it split into The Czech Republic and Slovakia back in 1993 during the death throes of communist Eastern Europe. Those two nations along with the others in Eastern Europe (Poland, Hungary) are also recent additions to the EU, i.e. since the Euro was introduced, and it will take some time before the existing "Eurozone" nations will be prepared to let in their economies.

Amidst all this talk of currencies, I am also surprised that no one has mentioned the true Greenback ...

http://www.dangermouse.org/images/gb/GB_in_command.gif

SpitfireIX
2006-Aug-07, 11:56 AM
So if I'm stuck and need $5 for whatever, if I use an ATM not of my bank, I get charged $2 for using it by the bank that does own it, then my bank charges me $2 to handle the 'foreign' transaction...

Some ATMs charge considerably more than $2--in particular, ATMs in bars and convenience stores. I'll bet the ones in some casinos charge more than $2, also.

Laguna
2006-Aug-07, 12:06 PM
Czechoslovakia, of course, being a non-existent country as it split into The Czech Republic and Slovakia back in 1993 during the death throes of communist Eastern Europe. Those two nations along with the others in Eastern Europe (Poland, Hungary) are also recent additions to the EU, i.e. since the Euro was introduced, and it will take some time before the existing "Eurozone" nations will be prepared to let in their economies.

Amidst all this talk of currencies, I am also surprised that no one has mentioned the true Greenback ...

http://www.dangermouse.org/images/gb/GB_in_command.gif
Sorry, I meant the Czech Republic. They will introduce the Euro probably in 2010.
Hungary tries too, but I doubt they will get their budget deficit under the required mark.

LTC8K6
2006-Aug-07, 04:33 PM
I was just charged $2.99 for an ATM transaction at the Tropicana in Atlantic City....

Gillianren
2006-Aug-07, 06:27 PM
My disability money comes on a card from the state wherein I'm charged I believe $.35 every time I use any ATM. I can get money out of point of sale thingies without being charged, but I can't use a lot of them; they don't accept my card.

sarongsong
2006-Aug-07, 10:38 PM
$0.35 is also often added to gasoline purchased with a 'debit card' (ATM card) in California, so that amount probably reflects the actual cost to the banks---nice profit margin! When Washington Mutual banks nation-wide were intensely courting new customers 3-4 years ago, they touted "No ATM fees, even if your card is from another bank!", but early this year began with $1.50 fees and now are at $2.00. Got'ta love that $2.99 figure; "Well, at least it's not $3.00!"

Fortis
2006-Aug-08, 12:16 AM
North American ATMs dispense only $20 denominations and accept deposits of paper cash, and checks that often contain a penny amount.

I guess that by allowing you to request dollars to the nearest penny it keeps to the same format as deposits etc. I've never made a deposit of a cheque at an ATM in the UK, so does anyone know if the "amount" interface changes?

What's a groat?
Two answers. It is an [url=http://en.wikipedia.org/wiki/Groat]old name of an English coin[/quote]. In the context that I used, it pokes gentle fun at those of us who are sentimentally attached to the Pound (myself included). :) ;)

captain swoop
2006-Aug-08, 12:38 PM
In the UK banks were going to bring in charges for other bank customers using the ATM machines but a lot of bad publicity and a campaign in the 'popular' press made them think again. the only ones that charge are the 'independant' ATM machines in stores and pubs and such.

Laguna
2006-Aug-08, 12:39 PM
So there is no conpiracy around the new US bills but around ATMs, right?

PhantomWolf
2006-Aug-08, 09:17 PM
So there is no conpiracy around the new US bills but around ATMs, right?

Yup, it's a conspriacy by the evil bankers to liberate your money from your wallet. You know I still recall when THEY PAID YOU for the use of your money, now we're paying through the nose for the privilage of them lending it to someone else at exhurbadant interest rates.

Matherly
2006-Aug-08, 10:40 PM
So there is no conpiracy around the new US bills but around ATMs, right?

Yup, it's a conspriacy by the evil bankers to liberate your money from your wallet. You know I still recall when THEY PAID YOU for the use of your money, now we're paying through the nose for the privilage of them lending it to someone else at exhurbadant interest rates.

Oh, it's no conspiracy. They do it out in the open, gleefully, with no shame.

PhantomWolf
2006-Aug-08, 11:27 PM
Now there's a good question, is it still a conspiracy is they conspire it openly?

Gillianren
2006-Aug-09, 03:28 AM
Legally, yes. It may not be a very good conspiracy, but if your group announced on TV your plans to kill someone and then did it, you would still be guilty--along with everyone in your group--of conspiracy.

captain swoop
2006-Aug-09, 01:37 PM
if its fixing prices its a Cartel, and in the UK anyway its illegal

sarongsong
2006-Aug-09, 06:43 PM
Oh, it's quite popular in the U.S. Enron, for example, soaked California for $9 billion back in 2000-01 energy 'crisis'. When appealed to the Feds (FERC), they were rejected because its board had been loaded with three Enron-nominated members by the Administration. Subsequent maneuvers resulted in $1-2 billion being returned.

Architect
2006-Aug-09, 07:22 PM
Oh, it's quite popular in the U.S. Enron, for example, soaked California for $9 billion back in 2000-01 energy 'crisis'. When appealed to the Feds (FERC), they were rejected because its board had been loaded with three Enron-nominated members by the Administration. Subsequent maneuvers resulted in $1-2 billion being returned.

Aha, not only are cartels illegal in the UK but so are monopolies, and near monopolies are have to be approved by the Monopolies Commission (but why is there only one, boom-boom.). There are also regulatory bodies who can limit prices for certain things like power, water (but not in Scotland), and telephone charges.

ASEI
2006-Aug-12, 11:29 PM
As an EU member, why isn't the UK using euros? The ability to set an independent monitary policy can have several important effects for your nation's economy. The benifits/penalties for being net importers/exporters, maintaining bank stability, the balance of power between savings and capital, risk/investment, ect ect. In fact, it's probably better if nations could all set their own, rather than unifying into one giant supercurrency. As long as all currencies are readily exchangeable, there isn't too much of a penalty for having tons of separate currency systems, except for nations that horribly mismanage their monitary systems for temporary gains.

As for all this nonsense about investing in silver or gold - investing in non-producing, non-expanding raw material rather than in a growing business, or even just broadly in the economy in general is essentially betting that the economy will begin shrinking over the long run. (or that the system for investment will be drastically upset great-depression style). Seeing as how this almost never happens, it isn't really the best of your options (though the horrible returns on your bank account may make a savings account a worse option!!). I would reccommend buying a fixed commodity like gold only if you anticipate a general economic collapse (right after telling me about it :-P).