There are losers, but there are also winners
Australians who become down and out in PI and other places have not been intelligent enough to correctly plan for their overseas retirement. One would have to be really, really dumb not to know that there are wild fluctuations in the value of the AUD, and understand the implications for themselves.
AUDUSD rates that I recall (I did currency transfers, at these times) are:
2001 0.53 (fell below 0.50 in 2002, but I was unable to take advantage of the low)
2009 0.64
2012 1.14
2015 0.72.
And I will never forget when the little Aussie bleeder temporarily hit 400 yen. Being primarily paid in AUD, we hit those Akasaka Mitsuke nightspots all night long.
I am sure that it is not only Australians who have failed miserably in their financial planning.
Ikks.
[I]P.S. Note that there are many reasons for the fluctuations of the AUD, but historically the main reasons are its popularity with currency traders coupled with the ready availability of large amounts of the currency (big traders are able to magnify AUD rate changes to their own advantage), and the long term consistent strength of the Australian economy (escaping relatively unscathed from the worldwide financial crises of the last 30 years - unlike the U.S. - as our politicians constantly remind us). [b]Believe it or not![/b][/I]
[QUOTE=ChochaMonger;1805565][b]AUD falls again, Aussie wingman cancels[/b]
[blue]Originally posted in AC forum here: [URL]http://www.internationalsexguide.info/forum/showthread.php?1972-Angeles-City&p=1805565&viewfull=1#post1805565[/URL][/blue]
Well, my Aussie wingman from a few months ago just let me know that would not be able to return to Puss Heaven next month. Apparently, he is quite shaken up by the further fall of the Aussie dollar today and the forecast of more economic downgrades to follow. He said if the Aussie dives to P25, as many financial pundits predict, it would force him to declare an indefinite moratorium on his mongering career in Thailand and the Philippines.
It is just as well he decided to cancel his trip. The last thing I needed was helping identify the splatter on the pavement below if he decided to use the express checkout via the hotel balcony due to more economic bad news from Oz. Besides, it would have been most undignified watching him scare up bargain puss on Johnny Street and the LA Caf salvage lot.
Aussie pensioners are feeling like the German 6th Army at Stalingrad when the Red Army launched Operation Uranus squeezing the Germans in a pincer maneuver and cutting them off. Conventional wisdom told Aussie pensioners to keep their nest eggs in AUD instead of pesos. Now a lot of those guys are finding their nest eggs shrunk almost overnight. They want to drink themselves to death but are finding they may not be able to afford it. Their favorite spotlight dancers are now rising ever higher out of reach and they must endure watching the Koreans make it rain pesos from the balconies.
This is a classic example of what can go wrong when retiring to a supposedly cheap mongering paradise without building in a huge buffer for currency shocks, and no exit plan in the event that Puss Heaven becomes unfordable. For the more well-heeled high-rollers, please have a kind heart and give a down and out Aussie monger a jug. Don't be the type who boasts about tipping the girls way over market, but one who steps over a down and out fellow monger sleeping on the pavement with the stray dogs.[/QUOTE]