Everyone is selling their dollar bills!!

[Casawi]

I talked to my folks back home in Morocco, and they said that there was lines and lines of people in front of banks selling American dollars for Moroccan Dirhams.
The reason for this many people owning these dollars is because they try to make a living out it, buy dollars when cheap and sell it for higher price (This is illegal of course, because we are only allowed to exchange ~$1000 worth per year). Today they seem to lose hope in the American dollar.

I moved here in 01 and pay for school at 1 USD = ~12.2 DHs, now I work at 1USD = 7.98 DHs.

They should of busted those people btw. And I really hope it doesn't keep going down, I will suffer.

Edit: My dad said the USD has never been in 7DHs range, that is why people are panicking.

 

[Xavier434]

The economy fluctuates over time. Don't worry about it and don't let stories like this stress you out.

 

[Skyclad1uhm1]

Wanna buy some Euros?

 

[BrokenVisage]

Buy Soy! Soy Soy SOY!

 

[maddogchen]

buy low sell high, shouldn't they buy the dollars now? instead of selling?

 

[Casawi]

Originally posted by: maddogchen
buy low sell high, shouldn't they buy the dollars now? instead of selling?

That is whats scary, they seem to think it is going to go over 10 Dhs, they rather buy EUR nows I guess.

 

[Balt]

Originally posted by: BrokenVisage
Buy Soy! Soy Soy SOY!

There's a great future in plastics. Think about it. Will you think about it?

 

[JackBurton]

Welcome to global economics.

 

[glugglug]

If it went back over 10Dhs, wouldn't that be a good thing?

They are right BTW that the dollar is going to crash though. Between the money being used to bail out mortgage banks, idiotic spending by our govt and the panic-driven interest rate reductions as an attempt to delay the housing crash it won't be long before you can trade 1Dh for $1.

 

[Martin]

Originally posted by: maddogchen
buy low sell high, shouldn't they buy the dollars now? instead of selling?

The currency market is a bit more interesting, since selling high and buying low is exactly the same as buying low and selling high - just just a matter of notation.

So if they think the USD is going to go down further, they do need to sell.

 

[UncleWai]

Buying frozen orange juice future is the best kept investing secret.

 

[DivideBYZero]

Originally posted by: UncleWai
Buying frozen orange juice future is the best kept investing secret.

No no, it's pork bellies.

 

[McGyver]

Originally posted by: DivideBYZero

Originally posted by: UncleWai
Buying frozen orange juice future is the best kept investing secret.

No no, it's pork bellies.

YUM

 

[UncleWai]

Originally posted by: DivideBYZero

Originally posted by: UncleWai
Buying frozen orange juice future is the best kept investing secret.

No no, it's pork bellies.

What if Islam takes over the world?
I will be screwed!

 

[Phoenix15]

Originally posted by: DivideBYZero

Originally posted by: UncleWai
Buying frozen orange juice future is the best kept investing secret.

No no, it's pork bellies.

which you might find in a bacon lettuce and tomato sandwich

/blank stare

 

[Casawi]

Originally posted by: glugglug
If it went back over 10Dhs, wouldn't that be a good thing?

They are right BTW that the dollar is going to crash though. Between the money being used to bail out mortgage banks, idiotic spending by our govt and the panic-driven interest rate reductions as an attempt to delay the housing crash it won't be long before you can trade 1Dh for $1.

Yes that will be a good thing. It is weird now every one is used to thinking in taking the currency in dollars times 10 and you got a ball park number. Not anymore.

I don't think 1 USD will ever be 1 Dhs,.