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  #1 (permalink)  
Old 16th November 2007, 11:46 PM
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Dollars no good for the Taj Mahal

Foreign tourists to many of India's most famous landmarks will no longer be able to pay the entrance fee in dollars, the government says.

The ruling is aimed at safeguarding tourism revenues following the recent falls in the dollar.

Until now, foreign tourists to sites such at the Taj Mahal have had the option of paying in dollars or rupees.

The ruling will affect nearly 120 sites of interest run by the Archaeological Survey of India (ASI).

Of these, at least 27 are World Heritage sites, including the Taj Mahal.....

http://newsvote.bbc.co.uk/1/hi/world...ia/7098370.stm
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Old 17th November 2007, 12:24 AM
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Re: Dollars no good for the Taj Mahal

Major bad PR move. I am sure the numbskull that thought this up will be in charge of picking up trash in their parks soon.

Once again, they can go to the bank daily and exchange any dollars/euros etc. and have 0 loss of exchange.
Monthly or whatever, they can adjust their park tickets to world currency prices as they see fit.

Last edited by bwhhisc; 17th November 2007 at 12:31 AM..
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Old 17th November 2007, 09:29 AM
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Re: Dollars no good for the Taj Mahal

Depends where most of their visitors are coming from. It might be deemed insulting to people from other destinations, who may actually be a lot more important in terms of revenue. They might feel that if they accept dollars then they should also accept Yuan, Roubles, Euros, Yen etc! The concession to the dollar derived from its economic importance. The fact that they no longer feel the need, says an awful lot.

If the dollar can be dropped like this over something so trivial, it is likely to come under much more pressure when it comes to World Commodities. Why would the Chinese contract to buy from the Russians, Arabs or even Australian in US dollars?
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Old 17th November 2007, 09:45 AM
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Re: Dollars no good for the Taj Mahal

Quote:
Originally Posted by Rubber Duck
The concession to the dollar derived from its economic importance. The fact that they no longer feel the need, says an awful lot.
You have hit the nail right on the head.

Sure, Americans are being insulted and having their pride in the once mighty dollar hurt by this move. The change will be difficult for many 40-60 somethings to accept. It will require a generation change before people will drop the cocky attitude.

European tourism industry used to derive a majority of it's income from Americans also, but with the fall of the dollar Americans have stopped coming as they are shocked by the prices of everything when they calculate it in dollars. That did not increase the number of available seats on flights or hotel rooms, or decrease visitors to the tourist sites - the new wealth have picked up the slack without missing a beat.

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Last edited by jacksonm; 17th November 2007 at 09:57 AM..
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Old 17th November 2007, 10:01 AM
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Re: Dollars no good for the Taj Mahal

Therein lies the problem. The political will to address problems will take a decade to forge. In the interim, the US economy will drift listlessly.

US influence is diminishing. Iraq is not so much another Vietnam, as their Suez.
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Old 17th November 2007, 01:16 PM
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Re: Dollars no good for the Taj Mahal

Quote:
Originally Posted by jacksonm
Sure, Americans are being insulted and having their pride in the once mighty dollar hurt by this move. The change will be difficult for many 40-60 somethings to accept. It will require a generation change before people will drop the cocky attitude. .
I trust you know, but 99.9% of average Americans pay -zero- attention to world currency exchange rates etc.
Cocky attitude?...frankly, this topic isn't even mainstream or hardly front page news to the average person.
You should be more worried about what happens to the US economy is going to trickle down to other world
economies for both good and bad. Here's an article that kind of gives one perspective.

Strengthening Dollar
Advantages

Consumer sees lower prices on foreign products/services.
Lower prices on foreign products/services help keep inflation low.
U.S. consumers benefit when they travel to foreign countries.
U.S. investors can purchase foreign stocks/bonds at "lower" prices.

Disadvantages
U.S. firms find it harder to compete in foreign markets.
U.S. firms must compete with lower priced foreign goods.
Foreign tourists find it more expensive to visit U.S.
More difficult for foreign investors to provide capital to U.S. in times of heavy U.S. borrowing.

Weakening Dollar
Advantages

U.S. firms find it easier to sell goods in foreign markets.
U.S. firms find less competitive pressure to keep prices low.
More foreign tourists can afford to visit the U.S.
U.S. capital markets become more attractive to foreign investors.

Disadvantages
Consumers face higher prices on foreign products/services.
Higher prices on foreign products contribute to higher cost-of-living.
U.S. consumers find traveling abroad more costly.
Harder for U.S. firms and investors to expand into foreign markets.

A weak dollar also hurts some people and benefits others. When the value of the dollar falls or weakens in relation to another currency, prices of goods and services from that country rise for U.S. consumers. It takes more dollars to purchase the same amount of foreign currency to buy goods and services. That means U.S. consumers and U.S. companies that import products have reduced purchasing power.

At the same time, a weak dollar means prices for U.S. products fall in foreign markets, benefiting U.S. exporters and foreign consumers. With a weak dollar, it takes fewer units of foreign currency to buy the right amount of dollars to purchase U.S. goods. As a result, consumers in other countries can buy U.S. products with less money.

Ideally, the dollar and all nations' currencies should be valued at a level that is neither too high nor too low. Such a level would help sustain long-term economic growth and stability both here and abroad. However, this ideal is difficult to reach since many factors affect the value of a nation's money. Some of the factors are complex, but many are quite simple.

http://www.chicagofed.org/consumer_i...eak_dollar.cfm

Last edited by bwhhisc; 17th November 2007 at 01:27 PM..
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Old 17th November 2007, 01:38 PM
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Re: Dollars no good for the Taj Mahal

Quote:
Originally Posted by bwhhisc
I trust you know, but 99.9% of average Americans pay -zero- attention to world currency exchange rates etc.
Unless they are somehow involved in international business, this is true.

But when the average family or teenager wants to go on that European vacation and they see that it all the sudden costs 1.5 times more than they planned, those unseen sights inside the USA start to seem all that more attractive. As a result, American tourists going to Europe have dropped off sharply over the past several years. The reason being that they no longer have the purchasing power there which they once had. The hotels are no less full today, though - they are full of Chinese and Russians.

The attitude toward Americans in Europe used to be (70s - 90s) that they were treated like Gods anywhere they went because of their dollars. Nowadays Europeans have a powerful currency of their own that Washington can't manipulate and so most European businesses generally couldn't care less about Americans anymore.

I can actually remember the times when landlords of most of the better houses and apartments in Germany (close to US military facilities) refused to rent to anyone other than Americans, because they could charge so much higher and it was still cheap for Americans. Privates in the Army were buying brand new BMWs, etc when the German Mark was 5 and 6 to the dollar. Not anymore...

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Old 17th November 2007, 01:48 PM
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Re: Dollars no good for the Taj Mahal

Quote:
Originally Posted by jacksonm
Unless they are somehow involved in international business, this is true.

.
That's why he said 99.9% :p
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Old 17th November 2007, 02:06 PM
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Re: Dollars no good for the Taj Mahal

Quote:
Originally Posted by domainguru
That's why he said 99.9% :p
Yes, and 0.1 % is not a high enough percentage to keep the economy afloat in a global market.

Bill has a point about advantages and disadvantages, but the underlying problem is not the actual value of the dollar, but the fact that the US is insolvent. Its economy has been heavily inflated by borrowing against bubble asset prices from abroad to buy cheap imported consumer goods. The government if anything has been more remiss than its people in addressing issues. The US faces serious issues and yet these have not been addressed. Frankly the Banks' rescue plan for the Sub-Prime is little more than window dressing. They are creating a $75 Billion dollar fund to cover a Trillion dollars of liability, and even then the three major banks that could not agree on a deal are only proposing to put up 20% an the anti between the lot of them. In terms of flying this will make the Spruce Goose look like an F16!
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Old 17th November 2007, 02:32 PM
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Re: Dollars no good for the Taj Mahal

Quote:
Originally Posted by Rubber Duck
but the underlying problem is not the actual value of the dollar, but the fact that the US is insolvent.
On this statement we 100% are in totally agreement!
Hopefully given the huge US and related world economy, only the politicians will be required to hold
their ankles while the corrections are implemented. :p
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Old 17th November 2007, 02:39 PM
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Re: Dollars no good for the Taj Mahal

Quote:
Originally Posted by bwhhisc
On this statement we 100% are in totally agreement!
Hopefully given the huge US and related world economy, only the politicians will be required to hold
their ankles while the corrections are implemented. :p
Well they have been Rogering everyone else for so long now, it has to be their turn! :p
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Old 17th November 2007, 02:43 PM
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Re: Dollars no good for the Taj Mahal

Quote:
Originally Posted by Rubber Duck
Well they have been Rogering everyone else for so long now, it has to be their turn! :p
ROTFLOL, to be honest the whole political system needs a major overhaul. We need someone that is more in tune
with international and global solutions and is willing to compromise to bring more equality to the world order. Looking
forward, appears that our next batch of candidates for 2008 elections are for the most part a bum lot.
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Old 17th November 2007, 02:44 PM
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Re: Dollars no good for the Taj Mahal

My Taj Mahal IDN still accepts dollar.... Don't know if Wot has changed policy on his ascii cctld.


Quote:
Originally Posted by Rubber Duck
Foreign tourists to many of India's most famous landmarks will no longer be able to pay the entrance fee in dollars, the government says.

The ruling is aimed at safeguarding tourism revenues following the recent falls in the dollar.

Until now, foreign tourists to sites such at the Taj Mahal have had the option of paying in dollars or rupees.

The ruling will affect nearly 120 sites of interest run by the Archaeological Survey of India (ASI).

Of these, at least 27 are World Heritage sites, including the Taj Mahal.....

http://newsvote.bbc.co.uk/1/hi/world...ia/7098370.stm
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Old 17th November 2007, 04:34 PM
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Re: Dollars no good for the Taj Mahal

Quote:
Originally Posted by bwhhisc
ROTFLOL, to be honest the whole political system needs a major overhaul. We need someone that is more in tune
with international and global solutions and is willing to compromise to bring more equality to the world order. Looking
forward, appears that our next batch of candidates for 2008 elections are for the most part a bum lot.
Run Al, Run! :^)
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