Euro-Wielding Shoppers See U.S. As "Fabulous Discount Mall"

New York Times:

Margaret Dragonette arrived in New York last week -- three nieces, a cousin and loads of empty luggage in tow. By the time Ms. Dragonette, an administrative assistant for a nonprofit in Liverpool, was heading home, her group had filled six large suitcases and five carry-on bags. The bags were so stuffed with Juicy Couture T-shirts, Guess watches and Croc sandals that her nieces would have to wear the Ugg boots she was giving them for Christmas on the plane.

"Your money just keeps on going," said Ms. Dragonette, awed at the buying power of her British pounds, each worth $2.03 at the time.

The dollar was so weak, said her cousin, a 27-year-old nurse, "We had trouble spending all our money." Add a new superlative to New York's long list: world's most fabulous discount mall.

With the dollar near its lowest rate against the pound in 26 years, and its lowest rate against the euro ever, many Europeans are looking at the United States the way some Americans have long viewed Latin America and the Caribbean and, once upon a time, Europe -- a cheap place to flex their strong currency.

Read the whole story: New York Times

Comments

[loki]

And the world laughed as Rome burned.

[ricrico]

I've lived in Buenos Aires Argentina for the past three years and just sold my studio condo for 62% profit after 3 weeks on the market.My Argentine realtor just came back from Florida and was shocked to see waterview Ft.Lauderdale condos unsold at $250K whose equivalents here in BA are quickly bringing US$500K to US$1mil and up. Who's third world now? Wonder where it's all going to end/the clients here are often foreigners but Argentinos are also paying these high property prices.

[Kungfublood]

That's right folks why be shackled to your own economy when you can shop America and be shackled for real while saving big biG BIG! So big you will be electrified by your savings! Be Prepared for the most shOcKiNg shopping experience of your short lives!* Be sure to ask airport personal about the free arm and leg jewelry now available for free! At all the best international airports in this backward country!
Remember America is "The New Third World Country" so don't drink the water!

[Kungfublood]

That's right folks why be shackled to your own economy when you can shop America and be shackled for real while saving big biG BIG! So big you will be electrified by your savings! Be Prepared for the most shOcKiNg shopping experience of your short lives!* Be sure to ask airport personal about the free arm and leg jewelry now available for free! At all the best international airports in this backward country!
Remember America is "The New Third World Country" so don't drink the water!

[JMEB]

Reminds me of the mid-80s, before the Plaza Accords strengthened the dollar again.

These things run in cycles. Cycles of incompetent governments, like the spendthrift GOP one that we endured for 12 years.

[Gary47]

That's true, except you get far better quality and design in Europe, even in Russia.

[MajorKong]

So, we're like Mexico for Europeans now?

[robinhood1]

Maybe the Eurotrash could buy up all the empty condos in Florida and help out our banks.

How's this for an offer to foreigners: Buy a house or condo in the US for at least $250,000 and get a free green card from the Department of Homeland Security. Offer good through 12-31-09, or whenever the US real estate market recovers, whichever is sooner.

[curiousasheck]

It sure will take a LOT of European tourists to make up for the reduced spending by Americans.

[fourex]

That's correct, Bush has turned the U.S. economy and its currency into third world bazaar.

[loki]

Alright! The Republican NeoNaziCon Capitalist dream is coming true. America, the discount wonder of Cheap Chinese made crap.

We should be so very proud of what we have become.

[curiousasheck]

Not a bad way to clear out all the junk being sold in this Country when you think about it.

Buy cheap Chinese junk from Wal-Mart. Add a profit. Ca Ching thank you buh bye enjoy your flight back to England!

[tililek]

Wonder how much of what she so proudly purchases was shipped here from China.

Do you think any were actually American made?

[gcallaghan]

Retarded Codpieceboy's efforts to tun the USA into Tijuana North are beginning to bear fruit.

[pschaeffer]

This looks like the good news to me. Jobs, income, and commerce coming back to USA as the dollar falls. The record of modern history is clear. Strong nations are built on weak currencies. Don't believe me? Ask the Chinese.

As for Wall Street... If it was up to the Wall Street the dollar would be still be soaring and the real (non-bubble) economy going to h***. What's good for the Goldman Sachs bonus pool is not good for America and Goldman always favors a high dollar.

Take your choice. A strong dollar for the hedge funds and investment bankers or a low dollar for workers and companies that actually produce goods and services in the US.