while sitting around eating a stale sandwich surrounded by toothless monkeys
Hooray for shopping!
and got this lovely image from the St Louis fed:
Hooray for obscure market responses!
recipe: two dogs, two guns, countless blades, an assortment of gear, and some serious attitude
Key fingerprint = 6708 3570 D9F1 7DAD 96A8 DBCD 6569 4C20 1709 B302
Labels: internal strife, retribution., revolution?
Entry tickets to the world famous Mughal tomb in Agra and about 120 sites run by the Archaeological Survey of India will be available only at a fixed rupee rate after the dollar lost more than 12 per cent of its value against the local currency this year.
Tourists had been encouraged to pay in dollars where possible, a legacy of the time when foreign currency was difficult to come by because of India’s cash inflow restrictions. However, with the fall of the dollar against most other leading currencies and the surge of the rupee on the back of India’s booming and liberalised economy, the greenback will no longer be welcome at the door.
As a result, tourists will pay nearly a third more to enter India’s top tourist attractions by paying in rupees than the previous fixed dollar rate.
The dollar has suffered other blows to its image of late, not least when it was reported that Gisele Bündchen, the Brazilian supermodel, would sign contracts that were paid only in euros because of the slide in the American currency – although her agent was quick to deny the story for fear of angering clients in the United States.
The dollar has also suffered the indignity of being ridiculed by the American rapper Jay-Z, who chose to cruise the streets of New York in European-made Bentleys and Rolls-Royces with a briefcase stuffed full of €500 notes.
The Indian Ministry of Culture said that it was ditching the dollar to correct “any anomaly” caused by currency fluctuations that were adversely affecting its income.
The Government had fixed a $5 entrance fee for World Heritage sites such as the Taj Mahal and $2 for other monuments of interest at a time when the dollar was worth about 50 rupees. Buoyed by capital inflows into the surging Bombay stock market, the rupee rose yesterday to 39.28 rupees against the dollar.
The new fixed entry fee of 250 rupees and 100 rupees means that a foreign tourist will pay the equivalent of about $6.40 (£3.10) and $2.50 (£1.20) respectively. Indians pay a significantly lesser rate of about 20 rupees to enter official monuments, many of which are in dire need of maintenance. The ministry is planning to extend this favourable price to nonresident Indian citizens and to tourists from other South Asian countries.
More than four million tourists visited India last year, earning about $6.6 billion in foreign exchange. The unprecedented inflow of money from overseas has brought with it inflationary difficulties and problems for exporters, particularly IT services companies, which on average earn half or two thirds of their income from the US.
India’s central bank bought a record $11.87 billion in September to intervene in the rupee’s appreciation. It continued to be active in the currency markets in October and this month.
Labels: crushing the enemy, emotions, only child, thoughts
Labels: cocaine, crack rock in a can, hacking
TEHRAN (AFP) — Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said on Saturday, labelling the greenback an "unreliable" currency.
"At the moment, selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies," Nozari was quoted as saying by the ISNA news agency.
"The dollar is an unreliable currency, considering its devaluation and the oil exporters' losses," he added.
The world's fourth largest oil exporter, Iran has massively reduced its dependence on the dollar over the past year in the face of US pressures on its financial system and the fall in the dollar.
Nozari did not specify in which currencies Iran was now being paid. In the past, officials have said most oil income was in euros, with a significant percentage in yen.
Japan, which purchases 20 percent of Iran's crude oil, has recently agreed to pay for the crude oil in yen, officials have said. The UAE dirham has also been mooted as a possible payment currency.
Iran has in the past months been whittling down the proportion of dollars in its oil revenue income. Officials in October said that dollars accounted for only 15 percent of payments and predicted the amount would fall to zero.
However, the oil income is still being booked in dollars.
The United States has in recent months successfully encouraged major European and Asian banks to cut their dealings with Iran in a bid to make the Islamic republic give way on its controversial nuclear programme.
Washington has also blacklisted major Iranian banks for alleged support of terrorism and seeking nuclear weapons, charges denied by Tehran.
Iran has also reduced its dollar assets held in foreign banks and urged OPEC to take collective action to price oil in other currencies such as the euro, instead of the US currency which is used across the world at present.
The fall of the dollar, which has weakened considerably against the euro and other currencies in the past 12 months, has affected the revenues of OPEC members because most of them price and sell their oil exports in the US currency.
Labels: Hillary Clinton Southern accent