Which Currency To Buy?

[Yangpuss]

Those of you who followed the other thread know that I am a US victim of GWB's policies who is trying to preserve his assets, which are all in US dollars. Okay, after a night of studying and pondering, I am thinking that the best currencies for me to diversify into are:

Ringgits

Hong Kong dollars

Vietnamese Dong (maybe)

The last is because I am planning to live in Vietnam. But I still haven't studied enough on whether it's safe to invest in banks there.

What do you all think of these choices? They were chosen because they're all pegged currencies. I don't wish to invest in currencies that have already appreciated a lot against the dollar.

I know that I could avoid exchange commissions by going directly from dollar to dong, rather than from dollar to ringgit to dong, as I withdrew money for living expenses. But Dong seems like a more risky currency, though admittedly I'm totally ignorant on that subject and it's just an impression.

There is one other rather large problem: Everbank, which seems to be the only US bank that offers foreign currency accounts, does not offer accounts in Ringgits or Dong, only in Hong Kong dollars and about 14 other currencies that I've ruled out (though I might still decide to rule them back in).

I have written to HSBC, but I get the impression from what I saw on their website that they don't offer Ringgit accounts either.

So how would I invest in Ringgits, if that's what I wanted to do? I mean, how do you do this, if you don't live in Malaysia? You can't just go to an exchange and buy them, can you? You need a bank to keep them in, so you don't have to stuff them in your mattress!

Thanks for your thoughts.

[LaoPo]

Yangpuss, why the hurry and start buying all kind of currencies that really mean absolutely nothing in the Financial World, Power-related?

Take it easy. Why not open a US $ bankaccount first in either Singapore or Hong Kong and slowly decide what you want to do?

Open a small account in Vietnam and see first if you want to live there yes or no.

You can take action from there.

I have really no clue if you are allowed to take your US $'s out of the US though but you must know by now, right?

Also, before you decide to do anything, I would first (if I were you) take a round and talk to some importants banks in the Far East if you are going there, before 'hitting' Vietnam and ask for advise. After that follow your 'guts' and decide.

Good Luck

LaoPo

[thaistick]

Those of you who followed the other thread know that I am a US victim of GWB's policies who is trying to preserve his assets, which are all in US dollars. Okay, after a night of studying and pondering, I am thinking that the best currencies for me to diversify into are:

Ringgits

Hong Kong dollars

Vietnamese Dong (maybe)

Go long the dong!Long duck dong!

I have 50000 and 100000 Vietnam dong banknotes I won on Ebay.The rate is about 15000 dong=$1.The notes are cool as they are polymer,waterproof,and have clear windows in them.

I also have several thousand dollars in ringgits and yuan which I just store away in a safe deposit box for whenever they get around to giving up trying to fool investors.

The last is because I am planning to live in Vietnam. But I still haven't studied enough on whether it's safe to invest in banks there.

What do you all think of these choices? They were chosen because they're all pegged currencies. I don't wish to invest in currencies that have already appreciated a lot against the dollar.

I also think Vietnam has great potential and is a ground floor opportunity and think they have more oil buried under there then they know about.Check out Petrovietnam.Vietnam's banking and financial infrastructure are not well developed yet and I would just hold Vietnamese cash in a safe deposit box in Singapore or Bangkok.

Hong Kong dollars aren't exactly pegged rigidly like the ringgit or yuan but there is heavy intervention.Most of my money is in Singapore dollars as they are floating and don't have to wait for the governments of China and Malaysia to float their currencies.The yen will also rise as the Central bank of Japan is probably giving up on trying to control it anymore.China is now a bigger market for Japan than the US is.Floating Thai bahts are also good and will rise appreciably.

I know that I could avoid exchange commissions by going directly from dollar to dong, rather than from dollar to ringgit to dong, as I withdrew money for living expenses. But Dong seems like a more risky currency, though admittedly I'm totally ignorant on that subject and it's just an impression.

There is one other rather large problem: Everbank, which seems to be the only US bank that offers foreign currency accounts, does not offer accounts in Ringgits or Dong, only in Hong Kong dollars and about 14 other currencies that I've ruled out  (though I might still decide to rule them back in).

Everbank has yuan accounts with a $10000 minimum.I have $50000 in a Singapore dollar access account with them as well as $50000 in New Zealand dollar CD's.Dongs may be risky but not as much as Iraq dinars which I have invested plenty in for the long term.

I have written to HSBC, but I get the impression from what I saw on their website that they don't offer Ringgit accounts either.

So how would I invest in Ringgits, if that's what I wanted to do? I mean, how do you do this, if you don't live in Malaysia? You can't just go to an exchange and buy them, can you? You need a bank to keep them in, so you don't have to stuff them in your mattress!

I used my local Bank Of America and they only required a few days to get them.I also used American Express online and other online currency exchanges to get ringgits and yuan but their rates aren't as good as my local bank.My bank also gives me free safety deposit boxes so mine are filled with currencies and gold coins.

Thanks for your thoughts.

<{POST_SNAPBACK}>

[Harmonica]

Those of you who followed the other thread know that I am a US victim of GWB's policies who is trying to preserve his assets, which are all in US dollars. Okay, after a night of studying and pondering, I am thinking that the best currencies for me to diversify into are:

Ringgits

Hong Kong dollars

Vietnamese Dong (maybe)

The last is because I am planning to live in Vietnam. But I still haven't studied enough on whether it's safe to invest in banks there.

What do you all think of these choices? They were chosen because they're all pegged currencies. I don't wish to invest in currencies that have already appreciated a lot against the dollar.

I know that I could avoid exchange commissions by going directly from dollar to dong, rather than from dollar to ringgit to dong, as I withdrew money for living expenses. But Dong seems like a more risky currency, though admittedly I'm totally ignorant on that subject and it's just an impression.

There is one other rather large problem: Everbank, which seems to be the only US bank that offers foreign currency accounts, does not offer accounts in Ringgits or Dong, only in Hong Kong dollars and about 14 other currencies that I've ruled out  (though I might still decide to rule them back in).

I have written to HSBC, but I get the impression from what I saw on their website that they don't offer Ringgit accounts either.

So how would I invest in Ringgits, if that's what I wanted to do? I mean, how do you do this, if you don't live in Malaysia? You can't just go to an exchange and buy them, can you? You need a bank to keep them in, so you don't have to stuff them in your mattress!

Thanks for your thoughts.

Ringgits, Hongkong $ etc., bah!

The time to have been BEARISH (negative) the US Dollar was in December 2000 --not now when it has been dropping like a stone for 4 years and has taken such a beating against major currencies. This is the time to be jubilantly, unequivocally BULLISH -- for history NEVER fails to be repeated.

The biggest and most consistent error the wildebeast (gen. public) make is to continue to extrapolate an ongoing trend ad infinitum -- that means that just because the Dollar has been going down for 4 years, it will go down FOREVER.

This is the thought process of "mobs" and will eat you up alive from the inside if you let it!

You are sitting on the right set of circumstances at this juncture -- don't let 4 years of waiting be blown in one month by doing something silly.

If you want something to worry about, then worry about George!

[srisatch]

Those of you who followed the other thread know that I am a US victim of GWB's policies who is trying to preserve his assets, which are all in US dollars. Okay, after a night of studying and pondering, I am thinking that the best currencies for me to diversify into are:

Ringgits

Hong Kong dollars

Vietnamese Dong (maybe)

The last is because I am planning to live in Vietnam. But I still haven't studied enough on whether it's safe to invest in banks there.

What do you all think of these choices? They were chosen because they're all pegged currencies. I don't wish to invest in currencies that have already appreciated a lot against the dollar.

I know that I could avoid exchange commissions by going directly from dollar to dong, rather than from dollar to ringgit to dong, as I withdrew money for living expenses. But Dong seems like a more risky currency, though admittedly I'm totally ignorant on that subject and it's just an impression.

There is one other rather large problem: Everbank, which seems to be the only US bank that offers foreign currency accounts, does not offer accounts in Ringgits or Dong, only in Hong Kong dollars and about 14 other currencies that I've ruled out  (though I might still decide to rule them back in).

I have written to HSBC, but I get the impression from what I saw on their website that they don't offer Ringgit accounts either.

So how would I invest in Ringgits, if that's what I wanted to do? I mean, how do you do this, if you don't live in Malaysia? You can't just go to an exchange and buy them, can you? You need a bank to keep them in, so you don't have to stuff them in your mattress!

Thanks for your thoughts.

<{POST_SNAPBACK}>

Ringgits, Hongkong $ etc., bah!

The time to have been BEARISH (negative) the US Dollar was in December 2000 --not now when it has been dropping like a stone for 4 years and has taken such a beating against major currencies. This is the time to be jubilantly, unequivocally BULLISH -- for history NEVER fails to be repeated.

The biggest and most consistent error the wildebeast (gen. public) make is to continue to extrapolate an ongoing trend ad infinitum -- that means that just because the Dollar has been going down for 4 years, it will go down FOREVER.

This is the thought process of "mobs" and will eat you up alive from the inside if you let it!

You are sitting on the right set of circumstances at this juncture -- don't let 4 years of waiting be blown in one month by doing something silly.

If you want something to worry about, then worry about George!

<{POST_SNAPBACK}>

I tend to agree with that. Once all the pundits said a few months ago the dollar was without doubt in free fall you should surely have bought...and look what happened. It depends how brave/cautious you can be...I think I would stick with the US but I would also put some funds...well I have..into Euros, Yuan and Thai Baht...Baht because I live here...If the Yuan is revalued the Baht will surely follow....Most of my income comes from the UK so I am stuck with that...I would not put anything into Dong, except living expenses

[gobkk]

a bankrupt america

+ world hating america

_______________________

= dollar is dead

by late spring or early summer the dollar will hit $1.40/euro then the world will start panicking and then the stampede to the dollar exit will happen.

overnight while america is sleeping every country and central bank will push a few buttons electronically dumping every dollar.

america will wake up to find out every dollar is just printed paper.

adios to banks and pensions and mortgages and stocks and car loans and gasoline and anything connected to the dollar.

then the world will get to watch a real live mad max movie on every tv around the world.

poor comfortable suburbanites with the white picket fences and 2.3 children and a golden retriever and the family station wagon will watch the looting and rioting and the cities burning so will flee to the countryside where well armed rural hicks with rifles will pick them off.

and thats is not even taking into account the 10000 terrorists in america with their suitcase nukes and cropdusters.

well.....its off to ikea to buy a bunker!!!

[alex100]

Unfortunately the USA have re elected a right wing Christian Theocracy that has no regard for any other resident of our planet. In a global village driven by e commerce more and more people outside the US are having real prospects for economic advancement. Regional trading partners such as the Euro Zone and ASEAN are fast becoming as powerful as the US in terms of economic impact. Airbus is the perfect example. Unless the Americans mend their ways the dollar and their perceived internal security is very much at risk. The good news is it will mean more prosperity for the rest of us.

[aaaaaa]

I was told that Thai baht rate would be somewhat ixed against dollar - that they won't let it drop below 37 Baht per dollar coz it would be harmfull for Thai economy. any details / comments?

may be we should start investing in Baht ?

[Yangpuss]

LaoPo,

The reason why I suddenly feel like doing something quickly is that I think it's possible that China could float the yuan any day now. As someone else mentioned, they will try to surprise everybody with the timing. I think that's highly possible.

If that happens, does anybody believe the dollar can go up?

So I don't want to miss out on what seems like my last opportunity to salvage my savings from what may be an economic disaster.

On the other hand, Harmonica makes very good points. But I don't see a lot of risk in investing in pegged currencies. It seems they can only go up, when they release their pegs, which they will do when China takes the lead. Or do some of you think they can go down?

But my own gut instinct about the US economy is very negative.

Alex, the US have not elected a right wing Christian president. They've elected a satanist who goes to church only when cameras are present. His christianity is an act so phony that only Americans could fall for it.

Thaistick, the worrying thing about the dong, or about investing in any non-US bank anywhere, is the lack of insurance on one's deposit. I feel quite uncomfortable with that. Now I realize that if a financial meltdown occurs in the US, maybe the government reneges on its promise to cover your deposits, I don't know. But if that happened, there would surely be the scenario that gobkk describes, with anarchy. But maybe not. The Russians didn't riot when their banks went broke, did they? It might be that Americans are so thoroughly programmed and thought-controlled, that they will be good little boys and girls and behave themselves while Bush and his cronies run off with their life savings (actually, maybe it's not such a big deal to them because most Americans don't HAVE any life savings, they live off their credit cards!)

Thai Bahts and Singapore dollars have already appreciated against the dollar, that's why I'm not considering them.

I am in CM, not the US, so I can't go to my local bank and buy Ringgits. So how would I buy them here in Thailand? I mean, i don't want to have to convert my dollars to baht first and then convert them to Ringgits. Can you buy currencies at Thai banks with US dollars wired in from the US? For that matter, will you get a fair rate of exchange? Maybe it's better to go to Penang and buy them.

Does anyone know if you can buy Amex travellers checks here in Thailand, made out in Ringgits, with US dollars? I don't think you can buy Ringgits from them over the internet. I don't recall seeing that that currency was available online, and also, don't know if they can send them to you internationally, and if the whole process is too expensive anyway.

Incidentally, who keeps saying that the dollar has rallied strongly off its lowest point? That's certainly not true re the baht. Maybe it's rallied against the euro a bit, but we are in Thailand.

So, whether it's investing with HSBC or some Vietnam bank, I know it will worry me a lot that if the bank goes broke, I'm screwed. That might keep me from sleeping at night.

Putting your money in a safe deposit box seems like an interesting idea. Tell me, are they REALLY safe? I mean, how can you be sure some corrupt bank employee won't open your box? Corrupt people have been known to be employed by banks.

Also, one must take into account the fact that with Everbank, the interest rates on the Yuan and HK dollar accounts are zero. Same thing with keeping it in a safe deposit box. That's the thing that still might make me decide to keep my money in the US. Losing 4 to 5% interest a year also must be taken into account.

Now, I'm very impressed with Harmonica's ideas and might still follow them. But my gut troubles me. I really think GWB is going to be the most unpopular president in history by the time he leaves office. The arguments that America has overextended itself to the point of disaster are credible to me. But I know that if all the experts say something, you had better do the opposite. Is that always true? Can anyone think of a time when all the experts were right on a major economic issue?

Incidentally, what is the best, safest, most economical way to buy gold? And how do you know that the piece of paper they give you is really exchangable for gold? What if the company that issued the paper goes broke? (I'm assuming here that you don't actually get the gold itself, just paper. Maybe that's wrong).

Sorry. My life experience has made me a very skeptical guy

Edited February 17, 2005 by Yangpuss

[britmaveric]

But my own gut instinct about the US economy is very negative.

Well its on an upward trend, so I think your thinking is completely wrong.

I dare say you are bound to lose you arse on your logic. Oh well your dosh to lose!!!

[Yangpuss]

Hmmm...if a bank goes broke and shuts its doors, what happens to the contents of your safe deposit box that is inside the bank?

[aaaaaa]

Japan's recession

Last updated: February 17 2005 02:00

Japan's 'recession' sparks global fears

Thu 17 Feb 2005

"... At Société Générale Asset Management, Akio Yoshio, the chief economist, foresaw that the economy would "hit bottom" in the April-to-June quarter this year before staging a recovery.

A further decline in Japan’s performance would raise doubts over stability of global growth, with data on Tuesday showing Germany, the world’s third-largest economy, shrinking by 0.2 per cent in the last three months of 2004.

Italy’s economy contracted by 0.3 per cent and Holland’s by 0.1 per cent, although strong performances by France and Spain helped the eurozone overall achieve 0.2 per cent growth."

any opinions - how would it influence the issue of currancies ?

[LaoPo]

Sorry. My life experience has made me a very skeptical guy 

<{POST_SNAPBACK}>

I agree, but not only skeptical, also very insecure.

If you allow me to say so, you expect all the right answers from us, and indeed everybody try to give you an answer, based on his/her perspective, knowledge and maybe experience in life and financial background.

That's basically all we can do.

The final decision is yours, whether we are right or not, and that makes it more and more difficult for you since NOBODY on this forum is absolutely right...or wrong, otherwise this particular Lady or Gentleman would sit on his 60 Meter Yacht and smile...about so much (non)sense.

I'm afraid you have to make up your mind and decide WHAT YOU WANT TO DO

Good Luck though

LaoPo

[LivinLOS]

But my own gut instinct about the US economy is very negative.

Well its on an upward trend, so I think your thinking is completely wrong.

Its probably more accurate to say that the US is in the final stages of a credit driven bubble.. Manufacturing jobs are falling.. Real inflation is rising fast.. Personal debt and bankrupcies are rocketing.. As everyone took out 'home equity' at record low interest rates and now they are on the way up these payments will get tougher and tougher..

Upward trend only if you take the manipulated numbers at face value.. Lies ###### lies and statistics.

Another 80 billion for Iraq...

[Harmonica]

>>>>>The Russians didn't riot when their banks went broke, did they? It might be that Americans are so thoroughly programmed and thought-controlled, that they will be good little boys and girls and behave themselves while Bush and his cronies run off with their life savings (actually, maybe it's not such a big deal to them because most Americans don't HAVE any life savings, they live off their credit cards!)<<<<<<<

Uncle George has set America back by hundreds of years in terms of goodwill squandered and the benevolence that used to charaterize Americans and America. What a waste!

And don't forget that the majority voted for him -- twice and that he had an approval rating upwards of 80% just prior to the Iraq war.

It is not possible to have a healthy Economy with the Black Hole of Iraq sucking billions like a sponge.

14 rate cuts in 2001 and this is all we got? This in itself ought to show that what's coming is going to be heavy.

By the time he's done there might be 1-3 more countries sent packing to the Stone Age -- this is quite possibly the tool to be used to revive the Dow Jones if it heads south bigtime and especially if it takes out the 2002-2003 low of 7,200.

On savings, heheheh, actually the savings that americans have is the untapped "credit available" in their multiple credit card arsenals ... heheheh

most are living from paycheck to paycheck -- if they miss 2, its back to the parents' house or ... the Salvation Army.

All the above notwithstanding, its still the best country on Earth, bar none -- and what's more; there is no second place contender!

[alex100]

Brainwashing rules apply -- you have no real freedom of speech - try standing outside the Whitehouse and complaining - if you have a good job it will dissappear and the next day youself and your family wil be on wefare or maybe dissapear like thousands others.

The freedom and democracy that you percieve to proctect was created due to a srikmish that you chose to build a nations entire ideals upon. In reality at the time its was nothining more than a thorn in the side of the greatest empire the planet has ever seen. And still today the lessons of great leadeship from the Briitsh Empire has still not been emulated by our psedou successors that are the USA - we have given you the chance to be world leaders - and you have failed dramailtically. In truth you are not good or intelligent enough to take up the task of world leadership. You have failed in Korean - Vitenam - and in the Middle East. It is now only a matter of time until internal unrest pulls the USA apart - then what happens?????

[Harmonica]

Brainwashing rules apply -- you have no real freedom of speech - try standing outside the Whitehouse and complaining - if you have a good job it will dissappear and the next day youself and your family wil be on wefare or maybe dissapear like thousands others.

The freedom and democracy that you percieve to proctect was created due to a srikmish that you chose to build a nations entire ideals upon. In reality at the time its was nothining more than a thorn in the side of the greatest empire the planet has ever seen. And still today the lessons of great leadeship from the Briitsh Empire has still not been emulated by our psedou successors that are the USA - we have given you the chance to be world leaders - and you have failed dramailtically. In truth you are not good or intelligent enough to take up the task of world leadership. You have failed in Korean - Vitenam - and in the Middle East. It is now only a matter of time until internal unrest pulls the USA apart - then what happens?????

You'd better pray that internal unrest does NOT pull the USA apart -- for if it does, China will walk thru' your empire (what empire?) in one afternoon -- that is, if other european countries don't invade first ... heheheh

[aaaaaa]

guys - isn't it suppose to be banking/ biz/ economy subject?

politics we can't change anyway - especially on that big scale....

[~G~]

All the above notwithstanding, its still the best country on Earth, bar none -- and what's more; there is no second place contender! 

<{POST_SNAPBACK}>

[Spee]

Brainwashing rules apply -- you have no real freedom of speech - try standing outside the Whitehouse and complaining

<{POST_SNAPBACK}>

You guys kill me. If you think freedom of speech gives you freedom from immunity to what you say, then by all means, walk into the nearest airport terminal and yell "b*mb."

Same thing with your scenario. If you are stupid enough to think you can walk by the white house and say whatever the heck you want, you are living in dreamland.

Even though no country on earth has a Bill of Rights like the US, it does have limits. The Bill of Rights does not grant freedom to say and do whatever you feel like saying and doing, whenever you feel like saying and doing it.

The freedom and democracy that you percieve to proctect was created due to a srikmish that you chose to build a nations entire ideals upon.

<{POST_SNAPBACK}>

If you don't like it, then why don't you and all of your pals move over to Iran and Syria, and help them finish building their utopia?

I hope all of you "Chicken Littles" go out and get all of your money the heck out of the American economy and go p*ss it away in the Iranian money market.

At the same time, why don't you stay the heck out of Thailand since it is so closely aligned with America and American policy.

You have noticed that when American officials go to Southeast Asia (such as Bush and Clinton did this week for the tsunami relief effort), they go to Thailand first. They don't go to Jakarta or Brunei.

They go to Thailand because Thailand and America are staunch allies. If you don't like America and American policies, then how can you like Thailand and Thai policies?

Edited February 19, 2005 by Spee

[Spee]

better pray that internal unrest does NOT pull the USA apart -- for if it does, China will walk thru' your empire (what empire?) in one afternoon

<{POST_SNAPBACK}>

Get a &lt;deleted&gt;' grip there Harm!

Do you not think that American officials and Chinese officials have not figured this out already?

Do you not think there is a reason why there are billions of American dollars invested in the Chinese economy?

Do you not think the American government is cutting the Chinese government some slack (such as with the hundreds of billions of dollars of intellectual property theft taking place there every year), without getting something back in return?

Do you not think there are hundreds of people smarter than you and me, in leadership positions in China and America, who have already figured out that economic cooperation is better military mutual annihilation?

Don't you think the citizenry living in these wacked-out middle east domains would be better off if their fanatical leaders would adopt similar policies?

This "Chicken Little" "sky is falling" mentality is simply delusional.

[Harmonica]

Buy US Dollars! Sell Baht now!

[alex100]

Brainwashing rules apply -- you have no real freedom of speech - try standing outside the Whitehouse and complaining - if you have a good job it will dissappear and the next day youself and your family wil be on wefare or maybe dissapear like thousands others.

The freedom and democracy that you percieve to proctect was created due to a srikmish that you chose to build a nations entire ideals upon. In reality at the time its was nothining more than a thorn in the side of the greatest empire the planet has ever seen. And still today the lessons of great leadeship from the Briitsh Empire has still not been emulated by our psedou successors that are the USA - we have given you the chance to be world leaders - and you have failed dramailtically. In truth you are not good or intelligent enough to take up the task of world leadership. You have failed in Korean - Vitenam - and in the Middle East. It is now only a matter of time until internal unrest pulls the USA apart - then what happens?????

<{POST_SNAPBACK}>

You'd better pray that internal unrest does NOT pull the USA apart -- for if it does, China will walk thru' your empire (what empire?) in one afternoon -- that is, if other european countries don't invade first ... heheheh

<{POST_SNAPBACK}>

They have all tried in the past - the righfull rulers of the planet will prevail - the language is the key

[Digger]

Brainwashing rules apply -- you have no real freedom of speech - try standing outside the Whitehouse and complaining - if you have a good job it will dissappear and the next day youself and your family wil be on wefare or maybe dissapear like thousands others.

The freedom and democracy that you percieve to proctect was created due to a srikmish that you chose to build a nations entire ideals upon. In reality at the time its was nothining more than a thorn in the side of the greatest empire the planet has ever seen. And still today the lessons of great leadeship from the Briitsh Empire has still not been emulated by our psedou successors that are the USA - we have given you the chance to be world leaders - and you have failed dramailtically. In truth you are not good or intelligent enough to take up the task of world leadership. You have failed in Korean - Vitenam - and in the Middle East. It is now only a matter of time until internal unrest pulls the USA apart - then what happens?????

<{POST_SNAPBACK}>

You'd better pray that internal unrest does NOT pull the USA apart -- for if it does, China will walk thru' your empire (what empire?) in one afternoon -- that is, if other european countries don't invade first ... heheheh

<{POST_SNAPBACK}>

They have all tried in the past - the righfull rulers of the planet will prevail - the language is the key

<{POST_SNAPBACK}>

Well lets hope that whoever they are, that they can spell better than you Alex