Gov considering Dollar accounts

miamimike says on May 17, 2007, 20:33:

I'd be careful of that,,,Mexico Did that in the 80s and then almost overnight they pulled the plug on the Dollar accounts(held mostly by Americans) and when you went to withdraw or close your Accounts, it was payed out in Mex Pesos. Investors lost approx 20% when they switched their Pesos to Dollars.If you continued to live in Mexico and use Pesos, no problema. I wonder what that Finance Minister is going to do when the Chinese resolve the Problem of Preserving(in flight) Cut Flowers(read Roses)grown in China and then transported to Europe and the USA. Knowing the Chinese, they are diligently working out the bugs and when they do, any idea of what this will do to the Cut Flower in Colombiaa??? Same thing it has done to the Col Textile market, decimate it,,,Nations with true floating currencies like Colombia and the USA as well as the rest of the Americas need to hammer away at China until they truly float their currency and trade fairly. Chinese Wines(grapes-fermented in china)have started to show up on the Wine Lists in Miami Area stores recently, nothing is sacred with these guys,,,

Some say placing heavy tariffs on Chinese goods entering the USA won't help but I disagree; in the 80s when the Harley Davidson was facing hard financial times(some from their creation like poor quality) from underpriced Large CC motorcycles made in Japan, then Prez Reagan slapped like a 30%+ Import Tariff on these Japanese Motorcycles and the problem was quickly resolved, Japanese Motorcycle companies like Honda, Yamaha, Kawasaki all decided to build plants in the USA to produce the Big Bikes. Problem solved plus it ended up creating a lot of good paying American Jobs. Maybe this is the Medicine the Chinese need,,,Harley Davidson was also forced to get serious on Quality Issues and now they produce a decent(not great)quality Motorcycle,,,

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

scotty says on May 18, 2007, 02:55:

MM that was a great move by the Reagan administration. what I dont understand is why Colombia is even considering this with the unstable way the dollar to peso has been going these last few years?

Get Rhythm, when you got the blues. Johnny Cash

Brians says on May 18, 2007, 04:10:

Miami I agree with everything you said other than tariffs. They eventually just hurt you and I but something needs to be done. The Chinese Yuan is a potential time bomb that needs to be dealt with strongly. Paulson was thought to be a stronger man for the job but as of yet I have not seen much in the way of action.

Brians says on May 18, 2007, 04:21:

Note on the G7 meeting There's some suggestions that FX will be discussed. But the ministers' stance is unlikely to differ from the G7 position on currencies, which is that China and other countries should allow their currencies to trade more freely, exchange rates are best set in open and competitive markets, and abrupt market moves arenn't good for growth.

Bank of Japan said that they will raise rates again even if growth is low. Every country is aware of the problem. Believe me this is a problem that will need to be dealt with soon. A loss of liquidity will kill worldwide growth especially in higher yielding curriencies like Colombia. BTW Paulson is not attending this G7 meeting. Anyway I hate to keep hammering a point but trees don't grow straight to the sky. Colombia is positioned well longer term but there will be issues at some point well before we see 1,500 to the dollar.

miamimike says on May 18, 2007, 06:35:

Brians the Import Tariff worked well in the 80s with The Japan -ese and can work with the Chinese. You first need a US President with the cojones to instiute it. Reagan had them Bush does not is the plain truth of the matter. It simply is impossible to trade fairly with a Nation whose country freezes their currency such as China. Colombia will not be positioned well until this shortcoming is addressed and their massive Textile Industry job losses are proof of that as it is here in the USA,,,

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.,

scotty says on May 18, 2007, 13:09:

yup we need a prez with cojones, but who would that be? look at the line up what a bunch of losers. Edwards? Romley? Hillery? are these the people to lead this nation, do these people represent strength? NOPE!

Get Rhythm, when you got the blues. Johnny Cash

tomtom33 says on May 18, 2007, 13:38:

Actually, while I don't much care for her politics, Hillary does have a pair. So does McCain.

aztec says on May 18, 2007, 13:42:

tomtom33 literally? Now we understand Bill much better.

tomtom33 says on May 18, 2007, 14:49:

Yep, that's why he went for Monica.

griffbos says on May 18, 2007, 16:25:

hmm China supposly two days before meeting with US officls mind you says they are loosing the reins on the yuan. It is a joke if you ask me the only way to get them to free market the Yuan is tariffs on China goods coming into the States, the only people that will be hurt by it is Walmart and the Chineses. Speaking o Walmart the weak dollar has to be killing them since almost everything they sell is imported to the USA. all those orders now cost them more.