close your eyes
 

[it's the economy, stupid] Kann es sein, dass Spendenorganisationen ihr Spendenaufkommen dafür ausgeben, Leuten, die schon mal was gespendet haben bis ans Lebensende Briefe zu schreiben, auf dass sie noch mehr spenden?
 
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[it's the economy, stupid]
Es folgte ein intern prestigeträchtiger Job: Leiter der S-Klasse-Montage. Ein gerade 33-Jähriger verantwortlich für 4200 Leute, für die Produktion des Flagschiffs der Marke, das war neu in der Geschichte von Mercedes. Aber die damalige Krise machte die bleierne Daimler-Bürokratie durchlässig. Bernhard überraschte. Drei Tage im Monat arbeitete er nach Büroschluss in der Spätschicht am Band. Anzug aus, Overall an. "Am ersten Tag ließ ich mich anlernen, am zweiten unterstützen, und am dritten musste ich es können", sagt er. "Ich habe damals das Autobauen von Grund auf gelernt."

aus Die Zeit

 
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[it's the economy, stupid] Keep your bucks for you
An interesting unconventional well-written article on the possible end of the dollar as #1 reserve currency in this month's Prospect. The euro's big chance by Niall Ferguson, professor of history at the Stern School of Business, New York University:


When I asked a smaller group of Wall Street bankers the same question (who thought the euro could plausibly replace the dollar as the principal international reserve currency?), they were more doubtful - though one observed that the euro is already the preferred currency of organised crime because, unlike the Fed, which no longer issues bills with a value above $100, the European Central Bank issues a high-denomination E500 note. That makes it possible to cram around E7m into a briefcase - which can come in useful in some parts of Colombia. Maybe on Wall Street too.

 
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[it's the economy, stupid] How to exchange money on the black market (or not)
When you go to a country with a weak currency you should never change your dollars, euros, yens etc. at home. You should do the exchange on the spot. It is because countries with soft currencies are more eager to trade their shitty money than hard currency countries. As the risk is much higher for let's say a German bank to hold Turkish lira which devalue almost on a daily base than for Turkish banks to stock euros and liras. Liras are reprinted in Turkey not in Germany.

In the past especially Eastern bloc countries had a flourishing black market to exchange currencies. When you made a trip to Czechoslovakia, you had at least three different rates for German marks. The German one, the official Czech one and the Czech street rate. To make things more complicated there were several black market rates. When you tried to exchange your German marks on the street the dealers always used the same trick. As an example the rate was 15 Czech crowns to one German mark. So you gave two hundred marks and the guy gave you a wad of Czech banknotes. You counted them and it turned out that hundred crowns were missing. So you gave the packet back to your seller. And he added the missing banknote while removing five to ten of the hundred crown notes below without you noticing it. Who would ever go through a pile again to recount it?

An acquaintance of mine watched this procedure for a couple of times. One day he met someone who offered him 21 crowns for one mark. He accepted to exchange two hundred marks. When he counted the money there were only 40 hundred crown banknotes. He said to the dealer: Ok, everything is fine. Who wasn't happy of course and started shouting and threatened to inform the police. Which just raised a smile on the face of my acquaintance. He left and never succeeded to spend all his cheaply obtained money. There simply was nothing useful to buy for it except bread, toilet paper and beer.

P.S. I am not sure if the amounts, exchange rates or even the country is correct but I think you can get the gist anyway.
 
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last updated: 2008.08.26, 00:00
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