Archive for the ‘greenback’ Category

Dollar’s clout sinks worldwide

March 13, 2008
By ALAN CLENDENNING, AP Business Writer 

SAO PAULO, Brazil – Antique store owners in lower Manhattan, ticket vendors at India‘s Taj Mahal and Brazilian business executives heading to China all have one thing in common these days: They don’t want U.S. dollars.

These handout images provided by the Bureau of Engraving and ... 
The new Five Dollar note.  But is it only worth $4.30 today?
Image from the Bureau of Engraving and Printing for illustration
only.

Hit by a free fall with no end in sight, the once mighty U.S. dollar is no longer just crashing on currency markets and making life more expensive for American tourists and business people abroad; its clout is evaporating worldwide as foreign businesses and individuals turn to other currencies.

A man looks out from a currency exchange office in Brasilia, ...
A man looks out from a currency exchange office in Brasilia, Feb. 28, 2008. From antique stores in lower Manhattan to the gates of India’s Taj Mahal, euros and British pounds are now more welcome than the U.S. dollar, as the greenback continues weakening with no apparent end in sight.
(AP Photo/Eraldo Peres)

Experts say the bleak U.S. economic forecast means it will take years for the greenback to recover its value and prestige.

Read the rest:
http://news.yahoo.com/s/ap/20080313/ap_on_bi_ge/diving_dollar;_ylt=Ai
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