Word: euros
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...governments are already moving. In March, Madrid pledged $1.3 billion to modernize Spain's tourism infrastructure to fight off competition from sunshine destinations like Turkey and Egypt, which have become more competitive as the euro has appreciated. In Spain's Canary Islands, where tourism represents upwards of 60% of the local economy, the municipal tourism board recently began a series of seminars to help tourism workers cast off their perceived grumpiness. Course materials advise cabbies to "ensure your taxis smell nice, and don't drive too fast" and remind hotel staff that "a smile costs nothing...
...central China, $146,000 worth of coupons was snatched up within 10 minutes at a promotional event, and the city has pledged more vouchers, totaling $73 million. In Britain, it's estimated that 5 million more citizens will choose a staycation this year rather than venture to the pricey euro zone...
...Nicolas Sarkozy The French leader's rightist party won 27% of the Euro vote despite low turnout...
...really make sure money stays in the community is through creating a local currency. Christian Gelleri, a former Waldorf high school teacher in the Lake Chiem area in Germany, has launched a regional currency, the Chiemgauer, equivalent in value to the Euro. According to Gelleri, the Chiemgauer, accepted at more than 600 businesses in the region and with about $3,000,000 Euros worth in circulation, has three times the velocity of the Euro, circling through the economy an average of 18 times a year as opposed to 6. One reason for the fast turnaround is that the Chiemgauer...
...Gelleri, it was stable in the 1950s, '60s, and '70s but starting in the '80s velocity has decreased as more money has been diverted to the financial sector. This scenario may benefit financial centers, but money tends to drain away from other places. Gelleri says that both the Euro and the U.S. dollar have slowed way down. "In the last several months velocity has declined sharply because there's less GDP and more money," he says. "The money doesn't flow. More money is being printed, but it's not going into circulation...