NASSIR Posted December 17, 2007 The extra purchasing power the euro currency gives is paying off for the Europeans. More guests at Mr. Chaves’s hotels are seeing Broadway shows, from the orchestra seats, and he is making more reservations for them at expensive uptown steakhouses like Bobby Van’s, Maloney & Porcelli and Smith & Wollensky. (No word on whether the flush Europeans are tipping.) Matthias Jungkind, a 34-year-old financial controller from Düsseldorf, Germany, finds the low exchange rate laughable, literally. Every time he saw the dollar price tag on an item, he said, he giggled involuntarily.... Such tension could hurt the dollar further as countries like China, which holds the largest reserves of American currency outside the United States, see their dollar reserves sink in value and hurry to move them to other currencies. A Chinese official threatened to do that last month, though other leaders contradicted him. Source: Nytimes Quote Share this post Link to post Share on other sites
