A friend of mine is on a fixed income that he receives in US funds, but is living in Canada, which means that everytime he has to exchange currency, he's increasingly losing money.
What can he (or any US citizen) do to avoid losing money?
2007-09-14 07:19:27 · 4 answers · asked by beehasitall 2 in Social Science ➔ Economics
Please no wisecracking answers like Gerard's please. This is serious and it involves a senior with very few options.
2007-09-14 07:32:18 · update #1
Invest abroad or sell futures on the U.S. dollar.
2007-09-14 08:38:19 · answer #1 · answered by NC 7 · 1⤊ 0⤋
No one person can affect currency markets.
The government of the US can affect the value of the dollar, but it is in the U.S. interest to have a lower valued dollar to make the cost of the goods it produces , more competitive on world markets. Also a lower valued dollar means foreign goods cost more to import to USA so people start to buy at home instead of importing goods.
Also the 700 Billion current account deficit and the 700 billion balance of trade deficit, along with the trillions in debt owed by the US all work to lowering the value of the dollar
2007-09-14 07:31:19 · answer #2 · answered by bob shark 7 · 0⤊ 0⤋
If things keep going the way they are itll fix itself with companies in Euroland starting to invest in America so that they can pay in dollars and exporting bmws built in America to Germany.
2007-09-14 07:54:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Move back to the USA... I think ciraretts are $10 a pack..Canada .. Or get a job...
2007-09-14 07:28:18 · answer #4 · answered by Gerald 6 · 0⤊ 0⤋