My thoughts on OPEC switching to the Euro.

[TastesLikeChicken]

Originally posted by: techs

Originally posted by: TastesLikeChicken

Originally posted by: techs

Originally posted by: Rainsford
Is OPEC switching to the Euro? So far as I've heard, it's a bunch of loudmouthing from Iran and Chavez.

One of the points I made was that it is very advantageous to OPEC to keep oil pegged to the dollar since the US shows the least interest in cutting consumption.

How is having oil "pegged" to the dollar advantageous based on our consumption?

btw, as I explained in another thread, oil is priced (not pegged) on the market to a dollar value. That doesn't mean dollars must be paid for oil, which apparently a large number of people erroneously believe. It's merely used as a benchmark of value since, historically, the dollar has been the most stable currency in the long term. The dollar is the most stable because the US is still the primary driver of the world economy by a long shot and that won't be changing any time soon, even considering China's recent economic expansion.

I guess there's no sense in explaining it though since so many in here don't appear to have even a basic grasp of global economics and markets.

How is having oil "pegged" to the dollar advantageous based on our consumption?
Because the price of oil versus the value of the dollar is not a 1 to 1 relationship. In other words Americans consumption is least affected by the price of gas, due to our low gas taxes and Americans purchasing preferences, so if gas goes up Americans keep using it. If the price of gas goes up in many European countries, since the price is so high there, consumption goes down.
Put another way, Americans will keep buying gas with less concern as to price, meaning increases in price are not moderated by reduction in usage (or at least a smaller redcution in usage than in high gas price places like Europe)

That has nothing to do with oil being pegged to the dollar. That has to do with Americans being set in their ways and being resistant to change because we love our huge land yachts and fast cars. Whether oil was valuated based on the euro, yen, or rupee wouldn't change that so I still don't see the correlation in your statement.

 

[XMan]

The yen being weak in the 80's compared to the dollar is one of the primary reasons Japanese companies such as Toyota, Sony, etc., were really able to take off in the U.S. If companies are in position to take advantage of weak currency through exports, it can really pay off in the long run.

 

[AnitaPeterson]

Originally posted by: blackangst1

Originally posted by: AnitaPeterson

Originally posted by: blackangst1
I hope you arent indirectly implying the dollar will strengthen if our budget is balanced....

And I never understood why people dont understand the benefits of a weak dollar. There is positives and negatives to both a weak and a strong dollar. since we have a weak dollar now, the advantages arent that bad...for instance, it is easier to export and compete in international markets, the US is more favorable for tourism, and capital markets are great for international investors. Since most people think the strong dollar is favorable, it is important to understand the disadvantages...for example, it is more difficult for US companies to compete abroad, imports are more attractive due to lower international prices, and it is harder for foreign investors to invest in US capital due to heavy borrowing.

Im not saying a weak dollar is favorable, but neither am I saying a strong one is either. It's a tradeoff. But, getting back to my original statement, balancing the budget will not strenthen the dollar. Sure it'll help, but it sure isnt the magic dust.

Not trying to ruin your party, but that bolded part in your text ain't gonna happen.

Nobody in their right mind (especially Europeans) will come to the U.S. purely for tourism., when they have the rest of the world at their disposal. They tend to avoid being submitted to crazy long security checks, get photographed and fingerprinted, just to take a look at the Grand Canyon or the Statue of Liberty.

Not to ruin your delusions, but youre wrong. If what you say is true, you may want to let the US Department of Commerce know. Maybe they are thinking of another country?

INTERNATIONAL VISITORS TO THE U.S. SPEND RECORD DOLLARS IN 2005
PASSING MARK SET BEFORE 9-11
Visitation to the United States Up 7 Percent Over 2004

The U.S. Department of Commerce today announced that total international travel and tourism exports - which is travel-related tourism spending in the United States - reached the record level of $104.8 billion in 2005, surpassing the $103.1 billion mark set the year before 9-11. This represents a 12 percent increase of $11.5 billion in travel exports over 2004. In addition, 2005 saw a 7 percent increase in international visitation to the United States to 49.4 million visitors.

------------------------------------------------------------------------

I guess those 49 million never really came, right?

That was BEFORE all foreign visitors had to be photographed and fingerprinted... Let's see the figures from that moment on.

 

[blackangst1]

Originally posted by: AnitaPeterson

Originally posted by: blackangst1

Originally posted by: AnitaPeterson

Originally posted by: blackangst1
I hope you arent indirectly implying the dollar will strengthen if our budget is balanced....

And I never understood why people dont understand the benefits of a weak dollar. There is positives and negatives to both a weak and a strong dollar. since we have a weak dollar now, the advantages arent that bad...for instance, it is easier to export and compete in international markets, the US is more favorable for tourism, and capital markets are great for international investors. Since most people think the strong dollar is favorable, it is important to understand the disadvantages...for example, it is more difficult for US companies to compete abroad, imports are more attractive due to lower international prices, and it is harder for foreign investors to invest in US capital due to heavy borrowing.

Im not saying a weak dollar is favorable, but neither am I saying a strong one is either. It's a tradeoff. But, getting back to my original statement, balancing the budget will not strenthen the dollar. Sure it'll help, but it sure isnt the magic dust.

Not trying to ruin your party, but that bolded part in your text ain't gonna happen.

Nobody in their right mind (especially Europeans) will come to the U.S. purely for tourism., when they have the rest of the world at their disposal. They tend to avoid being submitted to crazy long security checks, get photographed and fingerprinted, just to take a look at the Grand Canyon or the Statue of Liberty.

Not to ruin your delusions, but youre wrong. If what you say is true, you may want to let the US Department of Commerce know. Maybe they are thinking of another country?

INTERNATIONAL VISITORS TO THE U.S. SPEND RECORD DOLLARS IN 2005
PASSING MARK SET BEFORE 9-11
Visitation to the United States Up 7 Percent Over 2004

The U.S. Department of Commerce today announced that total international travel and tourism exports - which is travel-related tourism spending in the United States - reached the record level of $104.8 billion in 2005, surpassing the $103.1 billion mark set the year before 9-11. This represents a 12 percent increase of $11.5 billion in travel exports over 2004. In addition, 2005 saw a 7 percent increase in international visitation to the United States to 49.4 million visitors.

------------------------------------------------------------------------

I guess those 49 million never really came, right?

That was BEFORE all foreign visitors had to be photographed and fingerprinted... Let's see the figures from that moment on.

Link?

I am having dinner tonite with two friends from the Philippines who just got their visitor's visa 3 weeks ago. The only fingerprint and photograph was the ones on their visa. And it's ALWAYS been that way.

It's time for you to prove your statement.

edit: here let me help you out. Here are the requirements from the State Department

The only mention of fingerprints is this line:

During the visa application process, usually at the interview, an ink-free, digital fingerprint scan will be quickly taken. Some applicants will need additional screening, and will be notified when they apply.

but it's ALWAYS been that way. Nothing new here, so stop with the misinformation and FUD thanks!

 

[rchiu]

Originally posted by: XMan
The yen being weak in the 80's compared to the dollar is one of the primary reasons Japanese companies such as Toyota, Sony, etc., were really able to take off in the U.S. If companies are in position to take advantage of weak currency through exports, it can really pay off in the long run.

Doubt it, Toyota, Sony didn't take off because they were cheap. Unless US companies learn to make quality product that people in foreign markets like, weak dollar isn't gonna help them.

 

[piasabird]

This is what happens when you keep lowering the interest rates for banks. Now our Dollars are on the verge of becoming worthless.

 

[SSSnail]

So many shills, so little bullets.

 

[3chordcharlie]

Originally posted by: techs

Originally posted by: Rainsford
Is OPEC switching to the Euro? So far as I've heard, it's a bunch of loudmouthing from Iran and Chavez.

One of the points I made was that it is very advantageous to OPEC to keep oil pegged to the dollar since the US shows the least interest in cutting consumption.

Oil is a WORLD COMMODITY. It doesn't really matter what currency it is traded in - it's not like OPEC is wringing their hands, thinking 'gee we'd be making way more if we'd picked EUROs'.

The $US price of oil would rise to offset the fall of the dollar under a perfectly stable supply situation.

 

[AnitaPeterson]

Originally posted by: blackangst1
I am having dinner tonite with two friends from the Philippines who just got their visitor's visa 3 weeks ago. The only fingerprint and photograph was the ones on their visa. And it's ALWAYS been that way.

It's time for you to prove your statement.

edit: here let me help you out. Here are the requirements from the State Department

The only mention of fingerprints is this line:

During the visa application process, usually at the interview, an ink-free, digital fingerprint scan will be quickly taken. Some applicants will need additional screening, and will be notified when they apply.

but it's ALWAYS been that way. Nothing new here, so stop with the misinformation and FUD thanks!

No, it hasn't. Before 9/11, there was no fingerprinting, digital or otherwise.
To put it plainly, I don't need Uncle Sam to have such a detailed file on me. I don't trust your government. And I'm not the only one who feels that way.

 

[digiram]

Originally posted by: blackangst1
I hope you arent indirectly implying the dollar will strengthen if our budget is balanced....

And I never understood why people dont understand the benefits of a weak dollar. There is positives and negatives to both a weak and a strong dollar. since we have a weak dollar now, the advantages arent that bad...for instance, it is easier to export and compete in international markets, the US is more favorable for tourism, and capital markets are great for international investors. Since most people think the strong dollar is favorable, it is important to understand the disadvantages...for example, it is more difficult for US companies to compete abroad, imports are more attractive due to lower international prices, and it is harder for foreign investors to invest in US capital due to heavy borrowing.

Im not saying a weak dollar is favorable, but neither am I saying a strong one is either. It's a tradeoff. But, getting back to my original statement, balancing the budget will not strenthen the dollar. Sure it'll help, but it sure isnt the magic dust.

Imports will always be more attractive so long as the Yuan is pegged to the dollar. Despite the sharp decline of the dollar, prices for stuff that we buy at wally world haven't really changed much.

 

[Trianon]

Originally posted by: blackangst1
Link?

I am having dinner tonite with two friends from the Philippines who just got their visitor's visa 3 weeks ago. The only fingerprint and photograph was the ones on their visa. And it's ALWAYS been that way.

It's time for you to prove your statement.

edit: here let me help you out. Here are the requirements from the State Department

The only mention of fingerprints is this line:

During the visa application process, usually at the interview, an ink-free, digital fingerprint scan will be quickly taken. Some applicants will need additional screening, and will be notified when they apply.

but it's ALWAYS been that way. Nothing new here, so stop with the misinformation and FUD thanks!

All visitors coming or leaving the US since 2005 now have to scan both index fingers during admission process and have their digital photo taken. I had to go thu the same until I got my green card, at that time I was fingerprinted and my fingerprint info is actually on the card itself.

 

[blackangst1]

Originally posted by: AnitaPeterson

Originally posted by: blackangst1
I am having dinner tonite with two friends from the Philippines who just got their visitor's visa 3 weeks ago. The only fingerprint and photograph was the ones on their visa. And it's ALWAYS been that way.

It's time for you to prove your statement.

edit: here let me help you out. Here are the requirements from the State Department

The only mention of fingerprints is this line:

During the visa application process, usually at the interview, an ink-free, digital fingerprint scan will be quickly taken. Some applicants will need additional screening, and will be notified when they apply.

but it's ALWAYS been that way. Nothing new here, so stop with the misinformation and FUD thanks!

No, it hasn't. Before 9/11, there was no fingerprinting, digital or otherwise.
To put it plainly, I don't need Uncle Sam to have such a detailed file on me. I don't trust your government. And I'm not the only one who feels that way.

So a digital fingerprint is evil and a paper fingerprint is OK? What are you saying? Visas require a fingerprint and always have. They also require a photo. They always have.

 

[blackangst1]

Originally posted by: Trianon

Originally posted by: blackangst1
Link?

I am having dinner tonite with two friends from the Philippines who just got their visitor's visa 3 weeks ago. The only fingerprint and photograph was the ones on their visa. And it's ALWAYS been that way.

It's time for you to prove your statement.

edit: here let me help you out. Here are the requirements from the State Department

The only mention of fingerprints is this line:

During the visa application process, usually at the interview, an ink-free, digital fingerprint scan will be quickly taken. Some applicants will need additional screening, and will be notified when they apply.

but it's ALWAYS been that way. Nothing new here, so stop with the misinformation and FUD thanks!

All visitors coming or leaving the US since 2005 now have to scan both index fingers during admission process and have their digital photo taken. I had to go thu the same until I got my green card, at that time I was fingerprinted and my fingerprint info is actually on the card itself.

See my post below. I really dont understand what the issue is with a digital fingerprint.

 

[rudder]

North Korea and Iran would be pissed if OPEN moved to the Euro... they have millions invested in state of the art Dollar printing machines. With the weak dollar it won't be worthwhile to counterfeit the $20 bill anymore.

 

[KingTech]

In my opinion OPEC want to trade in euro and they want to get rid of dollar.Dollar is under a great pressure due to the policies of American governments.America's on going war against the terrorism is a big cause.

 

[Asha'man]

The price of oil in ? has not changed that much really.

As long as the price of oil is set in US$, and the value of US$ compared to ? is decreasing, the price of oil is going to appear to increase.

The only big losers are the americans and everyone who's currency is tied to US$.
Damn that war is expensive!