[flagged]
Yen weakens past ¥160 per dollar, eroding intervention gains
71–74 of 74 posts
Re: Yen weakens past ¥160 per dollar, eroding intervention gains
#72Earlier quoted context omitted.
If I was in that situation and I’d help my friend not try to make a buck off them when they are down. Between electronic transfer and just settle the debt later, isn’t really an excuse…
Please explain how the situation I described is me "trying to make a buck". You're saying he regretted the terms he presented, and is forever resentful that I didn't drag him to a bank to look up the exchange rate at the time?
The economic term is "price gauging".
You charged a $15usd (~15%) fee when your friend was desperate and willing, when the standard fee for such transactions is at best 0% and worst 5%.
Re: Yen weakens past ¥160 per dollar, eroding intervention gains
#73Earlier quoted context omitted.
If I was in that situation and I’d help my friend not try to make a buck off them when they are down. Between electronic transfer and just settle the debt later, isn’t really an excuse…
It very much depends on the people and the relationship. Through many years, I've swung a few hundred$+ in either direction with a bunch of people, thousands with a couple. I much prefer zero stress - if money is tight, we just don't do expensive stuff, or steal the bill before they have a chance to pay. Mostly that means we stay cheap until we can safely cover multiple people if needed (running your safety-buffer lo…
The economic term is "price gauging".
OP increased the cost of forex from 0-5% to 15% when his "friend" was desperate.
Re: Yen weakens past ¥160 per dollar, eroding intervention gains
#74Earlier quoted context omitted.
shoobiedoo was now stuck with a locally useless $100 American. So, he was actually given a hassle to resolve of getting it converted back to yen. If the guy was so hot to not lose a dime, he could have said, “Loan me 10k yen right now, I will pay you back ASAP”. If the guy is in Japan with American currency, he likely knows the exchange rate and exactly the terms he was getting.
yep. at that time, I would have had to take it to the exchange, with my passport, pay a fee, and barely break even. I really didn't think that needed to be said, but people always come out of the woodwork to convince themselves they are morally superior
No I wasn't saying that. It's close, but you mentioned something about making money on the trade, so I just added the observation. It's totally dependent on the relationship, really!