Anybody know what a change in currency trading platform means?
 

The Philippine banks just announced that they will be adopting a new dollar-peso trading platform. I have an aunt who has been retired for 2 years now and whom I got to wisen up early on in the 1st year of her retirement to keep her bank investments in US dollars and dollar bank investments with Philippine banks. She also has a dollar insurance package with the same bank's insurance arm, that has 3 more years before it matures. My question is this, with that announcement by local banks, should my aunt and I be worried? If yes, why? If no, why? Should she abrogate he dollar insurance plan and keep the money in the bank instead? Move 50% of her money out of the Philippines or what?

The reason I am asking is because our bank manager can't really what explain the announcement means to us and also because my aunt considers me financial adviser (when her head isn't caught up in the clouds or being whispered into by self serving relatives) and she will never forgive me if I manage to lose all her retirement money. Warning: my aunt has a tendency to join money scams and lose her shirt so what I really want to know is, is it normal for banks to adopt new currency trading platforms or is that just a scam to protect the government while they legally take what others worked really hard to save up? :worried:

When I checked in Wikipedia, the scenario I got wasn't good. The only countries that they have listed which adopted new dollar to whatever denomination platform trading change usually ended up on the brink if not in a civil war. That would namely be Argentina and Russia. Argentina even had to freeze all bank accounts and close their banks. Seems only China managed to use the technique successfully. :headshake

Gold in the mattress is an excellent hedge against pending government financial collapse.

Not that I know anybody who actually does this. (*wide-eyed innocent look*)

I'm no financial expert, but I'm pretty sure that particular euphemism translates roughly to "we've found another way to make ourselves richer and you poorer."

Indeed Wolf, keeping gold in the matress would be a good option. If there were any gold to be had. The Philippine banking interest is a mere laughable pittance by your standards.

Elspode, your translation is definitely what I thought the government meant. In the Philippine government, only the politicians seem to be getting unexplainably wealthy all the time while the whole economic system is on the brink of a major collapse. We have a president who is supposed to be an economist but doesn't seem to know what it is she is doing right now.

Maybe I should tell my aunt to sit tight and hope for the best. May the financial gods take pity and smile upon the Philippines even a little bit. :3_eyes:

You forgot to add ...and a Glock under the pillow.http://www.cellar.org/images/smilies/omg2.gif

Actually, that would be uncomfortable. You've clearly never tried it.

Next to the pillow, strategically concealed in a pile of very cute, girly, stuffed animals.

These are also useful.

Can I use a can of spray mace instead?

Gold in the matress is hard to move quickly in the event of a fire or something. :(

Yeah, but unlike cash stuffed in the mattress, you can get it back in one big lump after they let you sort through the wreckage.

Mayo jars buried in the backyard work too.

Anyone have a spare metal detector - and a bulletproof vest?http://www.cellar.org/images/smilies/wink.gif

Yeah, but in the Philippines, you'd have to beat the looters to it first. So keep the baseball bat and glock handy. Any gold in any mattress is like open city :rolleyes:

You could always melt the gold into a metal headboard and paint it black.

If I had enough gold to make a headboard for my bed, I'd live in a gated house with my own mercenary army.

Even in England (just for the fun of it).

IF, they let you sort first, which I doubt. Most likely officials would get to sort first. ;)

A CHANGE IN CURRENCY TRADING PLATFORM:

My ex-wife wears different shoes on her next shopping binge.