What universal transaction perhaps best symbolizes the U.S. dollar’s rough year of 2007?

Giddy British tourists with more money to spend in New York than, seemingly, Donald Trump?

How about an universal attraction that won’t take dollars? In November 2007, India’s Taj Mahal, one of the seven wonders of the ancient world and India’s most popular shrine, announced it would no longer accept the dollar, citing the greenback’s weak currency status, and accept only rupees, Bloomberg News reported Thursday.

Since January 2001 or during the past six years the dollar has fallen about 55% against the euro, 35% against the British pound, and about 10% against the Japan’s yen. On Thursday the dollar was mixed

against the world’s major currencies. The dollar gained 0.62 cents to $1.4320 against the euro and 1.50 cents to $1.9831 against the British pound, but fell 0.25 yen against Japan’s yen.

When a currency, such as the dollar, declines versus another currency, that means the purchasing ability of those holding the dollar declines - - a sort of ‘non-legislative’ tax increase. It goes without saying that most citizens, and institutions, don’t like to hold currencies that decline in purchasing potential.

Continue reading Taj Mahal’s dollar refusal symbolic of greenback’s rough 2007

Original post by Joseph Lazzaro

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