Peculiarly enough Australian is one of the few countries that 'use' the US
dollar. You cannot go into any shop or spend us dollars in Australia. You
have to change them first.
I think Duty Free shops may be the exception....but exception it is.
In this country the Aussie dollar is still king
Kind regards,
Michael Moore
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----- Original Message -----
From: "Bob" <[EMAIL PROTECTED]>
To: "e-gold Discussion" <[EMAIL PROTECTED]>
Sent: Saturday, February 10, 2001 4:16 PM
Subject: [e-gold-list] Big loan yet to be called
> > Subject:
> > More Than Half Of U.S. Dollars In Circulation Are Circulating
Abroad (was Re: ip: NCPA
> > Policy Digest 2-9-01)
> > Date:
> > Fri, 9 Feb 2001 23:21:14 -0500
> > From:
> > "R. A. Hettinga" <[EMAIL PROTECTED]>
> > To:
> > Digital Bearer Settlement List <[EMAIL PROTECTED]>
> > References:
> > 1
> >
> >
> > At 11:10 AM -0600 on 2/9/01, National Center for Policy Analysis wrote:
> >
> >
> > > COUNTRIES "DOLLARIZE" FORMALLY AND INFORMALLY
> > >
> > > Ecuador, El Salvador, Panama, and a few Caribbean and Pacific
> > > island nations now officially use U.S. currency. The process is
> > > called "dollarization," and there are a number of economic
> > > benefits to countries that do so.
> > >
> > > o Substituting the strong, stable U.S. dollar for a weaker
> > > domestic currency insulates a country from economic shocks
> > > such as currency devaluation or runaway inflation because
> > > the local government can't inflate the currency.
> > >
> > > o A stable currency makes economic calculation less risky
> > > for business -- and thus makes possible long-term loans at
> > > fixed rates, such as mortgages, which were previously
> > > unobtainable in those countries.
> > >
> > > Having foreigners using dollars is nothing new -- it is estimated
> > > that 55 percent to 70 percent of the $480 billion in U.S. paper
> > > currency in circulation is circulating outside the United States.
> > > Many countries have semi- or unofficial ties to our currency.
> > >
> > > o Argentina, for example, has fixed their peso to equal one
> > > dollar, and half the country's bank deposits are in
> > > dollars.
> > >
> > > o Most of Latin America, the former Soviet Union and even
> > > Vietnam have heavily dollar-dependent economies -- people
> > > often make purchases of big-ticket items like cars in
> > > dollars.
> > >
> > > o It is estimated that Russia has more dollars in
> > > circulation than rubles.
> > >
> > > When Ecuador made the switch, the country swapped $400 million in
> > > U.S. Treasuries and other assets for cash through a Miami bank
> > > and had the whole caboodle flown down.
> > >
> > >
> > > Source: Emily Yoffe "How Do You Replace the Sucre With the
> > > Dollar?" Explainer, Slate, February 7, 2001.
> > >
> > > For text
> > >
> >
>http://slate.msn.com/code/explainer/explainer.asp?Show=2/7/2001&idMessage=7
035
> >
> > --
> > -----------------
> > R. A. Hettinga <mailto: [EMAIL PROTECTED]>
> > The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
> > 44 Farquhar Street, Boston, MA 02131 USA
> > "... however it may deserve respect for its usefulness and antiquity,
> > [predicting the end of the world] has not been found agreeable to
> > experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
> >
>
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