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Sunday, May 1, 2011

The Dollar

On my first trips to the Middle East everything that would be bought by foreigners such as hotel rooms and rental cars was priced in dollars. Everyone wanted dollars instead of the local currency. Then you could buy anything with dollars but now you are likely to be asked for local currency if you try to pay in dollars. Hotel rooms, rental cars, and even things in the bazaars are now more likely to be priced in euros. The first time I was in Europe the dollar was worth more then the euro but now it costs more than a dollar and a half to buy one euro.
Now there is even talk of the oil countries pricing oil in euros and not the weaker dollar. Imagine what that could do to gas prices. The administration has said our gas prices should go up to the European price level and that would be a way to get it there. In Turkey we were paying around the equivalent of 9 dollars a gallon for gas, something to look forward to.

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