I need to convert my savings (US$) into falling New Zealand Dollars in the next couple of days. Can any FOREX experts out there tell me where I'm likely to get filled on a NZ$ bid over the next few days? Or do I count myself lucky, take the little bonus and pull the trigger now?
If you deal with FOREX and would like to share your opinions on the NZ$, please email me:New Zealand's dollar declined amid speculation a report today will show economic growth is slowing, making it less likely the central bank will raise its benchmark interest rate anytime soon.
First-quarter gross domestic product probably rose 2.7 percent from the same quarter a year earlier, the slowest pace in two years, according to the median of 10 estimates in a Bloomberg survey. The release follows yesterday's current account report showing the deficit widened more-than-expected to a record as exports lagged imports.
"It is possible the expected increase in GDP will be lower due a larger-than-expected net export drag," said Sue Trinh, currency strategist at Bank of New Zealand Ltd. in Wellington. "The current account numbers reinforce to us that the top has been seen in the New Zealand dollar."
The other day, Becky---my fiancee---and I were driving through the lovely, master-planned community of Irvine, California. Irvine is a weird place. Everything is just perfect in Irvine. Perfect fake blond hair. Perfect fake boobs. Perfect fake tans (it's sunny most days). Perfect SUVs. Thousands of perfect homes that all look the same. All the perfect, little hyperactive brats gets perfect doses of psychiatric drugs from the perfect pharmacies located at any of the hundreds of millions of perfect strip malls.
You get the picture.
Perfection is difficult to maintain. For example, surveillance cameras are present at most intersections. There are LOTS of cops. If you want to have a garage sale in some parts of Irvine, the dictates of perfection require you to post "community approved" garage sale signs. There are also "community approved" For Sale signs when it comes time to sell your perfect dream stucco box in Irvine.
The appearance of the "natural world" in Irvine is especially weird. Countless numbers of man hours and God only knows how much money goes up in smoke just to make sure that every blade of grass is cut and manicured according to some Nazi specification. All trees and bushes are carved into Euclidian solid shapes by gangs of men armed with gas powered tools...
Which brings me to the reason why I'm writing this rant to all of you.
As Becky and I were making our way through the perfect, community approved gridlock traffic, we noticed a sign posted on a concrete planter/island in the middle of the road. The sign said, "Grass under renovation.
Grass under renovation.
It really hit both of us, at the same time: We have to get out of here.
And, as fate would have it, we're making damn fine progress on actually getting out of here.
Part of getting out of here involves sending all of our savings out of the U.S. to New Zealand.
After looking into how to avoid being defrauded by my bank when it comes to wire fees and the bogus exchange rate it provides to its customers/victims, I decided to sign up for a foreign exchange account at XE.com.
Now, which one of the following do you think would involve the most red-tape?
A) Getting a driver's license
B) Buying a gun
C) Setting up a corporation
D) Establishing a daytrading account to trade stocks and options on margin (that is, with money you don't have)
E) Having the ability to send your money out of the U.S. at will
Hmmm??? Any guesses?
'E' is the correct answer.
In order to open an account at XE, they have to verify that the applicant is not a terrorist, money launderer or other international criminal. They required scanned images of my driver's license and a major credit card (both sides). They required all of my banking information in order to contact the bank manager where the account was opened. A couple of contracts had to be printed out, signed and faxed back to XE. Then there was a phone interview where the account rep had me verify everything again. Also, why do I need this account?
It's routine for house pets to receive pre-approved credit card offers. Many people "buy" homes for hundreds of thousands of dollars with no money down. Years later, they refinance those homes with interest only loans and take cash out in order to buy groceries, SUVs etc. Sure! Haul your fat ass down to WalMart and let it rip! You're a patriotic American with equity...But try to take your chips off the table and get the hell out of this horror show before the big top collapses and suddenly you're dealing with a national security matter.
The moral of the story is this: When the music stops playing, don't get caught without a chair... And at least five quality acres surrounded by good neighbors.
By the grace of God (or dumb luck, depending on your perspective), it is still possible to get to a place that is more conducive to sanity and survival. Please use this time to procede to the nearest exit in an orderly manner. Either you move through that exit now, while it's relatively easy, or you try to get out with millions of other people who waited for clarity.
After all, there's nothing to see here.
Grass under renovation.