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Decline of the Dollar: Europeans Go Shopping, and Americans Should not Worry

The Boston Globe writes about an Irish woman travelling to the US for "an extended weekend of binge shopping" and claims: "With dollar low, US is one big outlet: Europeans arriving in droves for bargains"

Meanwhile, Bloomberg's John M. Berry tries reassue his readers in the Seattle Times article "Dollar down, euro up, so what?" He argues that the "U.S. dollar is still at the center of the world's financial system, and its importance isn't fading in the face of exaggerated claims to the contrary." (Via EU Digest)

Lawrence Summers, however, says "Wake up to the dangers of a deepening crisis." Bill Clinton's last secretary of the treasury writes in The Financial Times.

Morever, The Telegraph reports: "China has surged ahead of Germany for the first time to become the world's top exporter, prompting ever louder demands from the United States and Europe to revalue the yuan."

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Kyle Atwell on :

If you are an American like me, who has been saving money for the past 6 months in preparation for a move to Brussels, the dollar decline is most certainly something to worry about. Everyday the dollar drops against the euro, I see a bigger part of my savings eaten away... less savings means fewer Belgian waffles when I finally arrive in Brussels--and I like Belgian waffles. The decline in the dollar is also affecting American students who want to live in, study in, and explore Europe... we may just see a rise in American college graduates with Spanish as a second language rather than French or German!

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David on :

"we may just see a rise in American college graduates with Spanish as a second language rather than French or German!" That is already the case. Spanish is by far the most popular second language in America, but the study of Mandarin is rapidly rising, even in high schools. French is fading, and, alas, the study of German is nearly dead.

Joerg - Atlantic Review on :

Last week I learned this in an email from the State Departement: More college students are taking foreign languages, and language enrollment is at its highest since the 1960 survey. The overall increase from 2002 to 2006 in 11 of the 15 most popular languages grew faster than the overall 6.2% increase in the number of college students. Spanish, French and German continue to grow and are the most popular languages. Together they represent more than 70% of language enrollments. However, their dominance is slowly decreasing in the face of growing interest in languages such as Arabic (up 127%), Chinese (up 51%), and Korean (up 37%). The strong increase in Arabic enrollments moved the language onto the top 10 most studied list for the first time. 466 institutions of higher learning offer Arabic. The 15 most popular languages on college campuses in fall 2006 were (percentage of students and increase from 2002): 1) Spanish: 52.2% (+ 10.3%) 2) French 13.1% (+ 2.2%) [b]3) German 6.0% (+ 3.5%)[/b] 4) American Sign Language 5.0% (+ 29.7%) 5) Italian 5.0% (+ 22.6%) 6) Japanese 4.2% (+ 27.5%) 7) Chinese 3.3% (+ 51.0%) 8) Latin 2.0% (+ 7.9%) 9) Russian 1.6% (+ 3.9%) 10) Arabic 1.5% (+126.5%) Press release: http://www.mla.org/pdf/enrollment_survey_release.pdf Full Report: http://www.mla.org/pdf/enrollmentsurvey_final.pdf

Sue on :

You are right. My daughter has to drop French, which she enjoys, and switch to Spanish if she wants to go to a local science-oriented magnet high school (it offers only Spanish and Latin). Of course, Spanish is very useful for an American citizen.

Sue on :

Sorry, my reply was to David above.

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