In Euros We Trust (At Least For Now)
More and more shops in New York City are gladly accepting Euros instead of dollars:
“Not far from Chu’s downtown wine emporium, Billy Leroy of Billy’s Antiques & Props said the vast numbers of Europeans shopping in the neighborhood got him thinking, ‘My God, I should take euros in at the store.’
“Leroy doesn’t even bother to exchange them.
“‘I’m happy if I take in 200 euros, because what I do is keep them’, he said. ‘So when I go back to Paris, I don’t have to go through the nightmare of going to an exchange place.’”
It shouldn’t be too surprising that in a world of competing fiat currencies, Americans would sooner or later start to accept and hold a currency that is relatively more scarce and in more demand—and hence more valuable—in place of their own hyper-inflated/hyper-devalued US Federal Reserve Notes.
Read the whole thing here.