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Author Topic: My Country don't accept Dollar anymore  (Read 6665 times)
d3wo
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July 03, 2011, 07:37:54 PM
 #1

Guys, Dollar fate is more serious than you think.

Check it out :
http://bisniskeuangan.kompas.com/read/2010/06/08/10562982/Transaksi.di.Indonesia.Harus.Rupiah.

http://www.analisadaily.com/index.php?option=com_content&view=article&id=97865:transaksi-keuangan-gunakan-dolar-terancam-pidana&catid=26:nasional&Itemid=44

use google translate.
or Should I translate it for you ?

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July 03, 2011, 07:52:23 PM
 #2

Well maybe being a little clearer as to which country you meant could be helpful.

I jumped in thinking it might be yet another Freeciv Galactic Milieu nation that only trades with other bitcoin-type currencies not with fiat at all. Smiley

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d3wo
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July 03, 2011, 08:03:11 PM
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Oops sorry my mistake didn't tell the country name, its Indonesia (north of australia).

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July 03, 2011, 08:07:10 PM
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The US dollar isn't officially accepted in a lot of countries.  Its not a big deal.

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July 03, 2011, 08:10:36 PM
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The US dollar isn't officially accepted in a lot of countries.  Its not a big deal.
It is when it's loosing all of it's value.

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Hawker
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July 03, 2011, 08:19:36 PM
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The US dollar isn't officially accepted in a lot of countries.  Its not a big deal.
It is when it's loosing all of it's value.

If the dollar isn't accepted officially in a country, and you happen to be there with only dollars, then you will always find market traders who will do an exchange for you.  It still has value.

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July 03, 2011, 08:33:34 PM
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Maybe I should throw my life savings into BitCoins.. .
just kidding lol

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July 03, 2011, 08:41:15 PM
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Maybe I should throw my life savings into BitCoins.. .
just kidding lol

Fixed Cheesy

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d3wo
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July 03, 2011, 08:41:57 PM
 #9

The US dollar isn't officially accepted in a lot of countries.  Its not a big deal.

Maybe you don't understand my links.
Let me do the quick summary translation for you :
If you get caught using us dollar for any transactions inside my country, You goto Jail!

This is only an information for you guys dollar holders, not an offender message  Smiley
Yes you are right Hawker, US dollar still have values,
but just don't forget to exchange it first  Wink jail. . . is not comfortable place to sleep

These extreme Laws is made recently by the govt, ussualy they never do that to US dollar.
I don't know why they act like that ? dis-trust ? affraid of inflation ? zimbabwe ?

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July 03, 2011, 08:48:06 PM
 #10

The US dollar isn't officially accepted in a lot of countries.  Its not a big deal.

Maybe you don't understand my links.
Let me do the quick summary translation for you :
If you get caught using us dollar for any transactions inside my country, You goto Jail!

This is only an information for you guys dollar holders, not an offender message  Smiley
Yes you are right Hawker, US dollar still have values,
but just don't forget to exchange it first  Wink jail. . . is not comfortable place to sleep

These extreme Laws is made recently by the govt, ussualy they never do that to US dollar.
I don't know why they act like that ? dis-trust ? affraid of inflation ? zimbabwe ?

Its called financial repression.  By making the currency less than fully convertible, the locals are forced to accept low returns on their savings so local businesses get access to cheap capital.  

http://en.wikipedia.org/wiki/Financial_repression

Its worked well for China and Malaysia as countries but its very harsh on people with savings in those countries.  It may work well for you guys as well.  But you are probably wise to assume that Bitcoin is a good investment for Indonesians.

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July 03, 2011, 09:25:38 PM
 #11

Its called financial repression.  By making the currency less than fully convertible, the locals are forced to accept low returns on their savings so local businesses get access to cheap capital.  

http://en.wikipedia.org/wiki/Financial_repression

Its worked well for China and Malaysia as countries but its very harsh on people with savings in those countries.  It may work well for you guys as well.  But you are probably wise to assume that Bitcoin is a good investment for Indonesians.

I find it funny how economists come up with this fancy names to explain what was usually called inflate the debt away. I have to admit that "financial repression" sounds very good.
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July 04, 2011, 02:09:53 AM
 #12

Jail time for using US dollars within a country?  I remember the Communist Bloc in the 1980s, where ownership and trade in US dollars was illegal.  Problem was, many of the Communist Bloc's currencies were non convertible on international markets and the economies of those countries suffered greatly.

The real reason for making US dollar trade a criminal act was for the government to hoard the dollars for its own use to buy essential imports.  It had nothing to do with the US dollar being low quality or unsuitable for trade.  There was an idealogical vein in there too.

Indonesia banning the use of US dollars is Indonesia's loss, not the USA's.  Just imagine what current owners of US dollars inside Indonesia are supposed to do.  They've instantly been turned into criminals.

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d3wo
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July 04, 2011, 03:54:12 AM
 #13

No, US dollar holder is not criminal  Cheesy
It's ok to hold US dollar inside my country  Wink

but because hotels, malls, strores, aint gonna do US dollar anymore
all you have todo is exchange it first . . .  Grin

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July 04, 2011, 08:12:24 AM
 #14

No, US dollar holder is not criminal  Cheesy
It's ok to hold US dollar inside my country  Wink

Oh, okay, that clears it up.  One of your other posts stated using US dollars in Indonesia for any transaction resulted in jail.  One would assume if using US dollars was illegal then holding them would be as well.  That's at least the case in North Korea.

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newunit16
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July 04, 2011, 09:09:08 AM
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am i the only one that noticed this happened last year?
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July 04, 2011, 12:03:41 PM
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One would assume if using US dollars was illegal then holding them would be as well.  That's at least the case in North Korea.
Funnily enough North Korea is reputed to be the source of some of the world's highest quality counterfeits of US currency: http://en.wikipedia.org/wiki/Superdollar

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July 04, 2011, 01:40:49 PM
 #17

The US dollar isn't officially accepted in a lot of countries.  Its not a big deal.

Maybe you don't understand my links.
Let me do the quick summary translation for you :
If you get caught using us dollar for any transactions inside my country, You goto Jail!

This is only an information for you guys dollar holders, not an offender message  Smiley
Yes you are right Hawker, US dollar still have values,
but just don't forget to exchange it first  Wink jail. . . is not comfortable place to sleep

These extreme Laws is made recently by the govt, ussualy they never do that to US dollar.
I don't know why they act like that ? dis-trust ? affraid of inflation ? zimbabwe ?

I am pretty sure it was illegal for any German business to accept dollars when I lived there. I certainly remember having to change dollars all the time and not just for convenience. It is totally not uncommon for it to be illegal to accept foreign currency while of course your local vendor may accept it or even want it. By accepting dollars directly countries see this as devaluing their own currency.
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July 04, 2011, 02:02:16 PM
 #18

No, US dollar holder is not criminal  Cheesy
It's ok to hold US dollar inside my country  Wink

but because hotels, malls, strores, aint gonna do US dollar anymore
all you have todo is exchange it first . . .  Grin

this is normal for most countries
killer2021
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July 04, 2011, 02:07:02 PM
 #19

Many countries don't accept dollars. The simple fact is that fiat is easy to produce so everyone wants to control the printing press. The easy solution for that is to set up a central bank and for your people to use the domestic currency. Of course the end result is that most governments use the power of the printing press to debase the currency. Very easy to do with fiat.

Plus the average joe is too stupid to know what inflation is and how to protect themselves from it.

http://en.wikipedia.org/wiki/Hyperinflation#Examples_of_hyperinflation

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July 04, 2011, 06:13:21 PM
 #20

No, US dollar holder is not criminal  Cheesy
It's ok to hold US dollar inside my country  Wink

but because hotels, malls, strores, aint gonna do US dollar anymore
all you have todo is exchange it first . . .  Grin

Hotels will not let you exchange USD for Indonesian currency?  That is a bad move for tourism/business though the US is a very small source of international travel because we all work 60 hr weeks and take very little time off.
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