SPARE AUTO PARTS : For example: As a local of CountryX, I have 25,000 rallods, which is theamount of my monthly salary and is sufficient to sustain me for a monthat local prices. During dollarization, my 25,000 rallods are exchangedfor 100 dollars, which will be the amount of my recalculated monthlysalary and will sustain me for a month, at the new recalculated pricesof goods and services. If my country was a net importer under therallod currency, it will be a net importer under the dollar, sorallod/dollar flight (and therefore inflation) continues at the samepace, just under a different currency. Has anything changed besideseliminating travelers' need to exchange currency when crossing borders(a laughable concern to central banks)?PS: In this hypothetical, CountryX is converting from its own rallods tothe international financial standard, the common basis for all worldwidecurrency exchange rates: the Singapore dollar.
SPARE AUTO PARTS : I don't think you are looking closely enough. Signifigantly lowerIt has happened already. Last spring the Irish were rapped over theknuckles by the European Central Bank for approving what the E.C.B.deemed an "inflationary" budget.Damn, I wanted to look like I knew the future. Of course the cracks in the Euro concept are appearing. That's why the Irish were the only "participants" I had the courage to mention by name. The problem I'm imagining is when Ford aka Volvo tries to introduce a Volvo badged upscale barely European SUV at deep discount to the BlakMitWhite.I don't think that is a realistic possibility simply because of theEuropean requirement that cars sold in Europe undergo final assemblyin Europe in order to avoid stiff tariffs. I can't remember offhand areference for this requirement--I think I found it either in anH.M.C.E. tariff schedule, a British newspaper, or one of Cusumano'sbooks on the Japanese automobile industry--but it has been around fora long time.
SPARE AUTO PARTS : One consequence is that when Japanese automobile manufacturers startedexporting cars to Britain on a large scale in the mid-1980's, Nissanand Toyota had to open plants within Britain to supply the Britishmarket, where British workers assembled the cars from knockdown setsshipped from Japan. I own a 1989 Nissan Bluebird which was assembledat the Nissan plant in Washington, England (near Sunderland), and evena casual inspection of the body welds shows that they are of poorerquality than on a 1986 Nissan Maxima which I also own back in Kansas,which was manufactured at Oppama (near Tokyo) and shipped whole to theU.S. under less stringent American import rules.The requirement that non-E.U. automakers' products be assembled andsubstantially manufactured within the E.U. has resulted in their notbeing able to compete effectively with U.S. and European models onbuild quality. Meanwhile, in the U.S. European models haveessentially disappeared except for Volkswagen and high-end Germanluxury sedans, because the European makers simply can't compete onquality even with American-marque cars built in the U.S. and Canada,much less with Japanese cars either assembled in the U.S./Canada orshipped whole from Japan.
SPARE AUTO PARTS : Meanwhile, soon after they got established in the British market withtheir knockdown sets, the Japanese switched to E.U.-sourced parts, inorder to avoid shipping costs AND stiff import duties on loose autoparts. (I've experienced the stiff import duties firsthand when aparticular line of air filter has been discontinued in Europe, forexample, and it has been necessary to order a replacement filter fromthe U.S. If I had not been taxed off the roads in Britain, I wouldhave found it useful to sneak spare auto parts in my luggage pastCustoms every time I came back from the U.S.!) The first Nissans toroll out of Washington had Tsuchiya air cleaners, Niichi-Ra sparkplugs and distributors, Atsugi alternators, etc. Now it's Lucasalternators, Magnarelli spark distribution units, etc. (according tothe Haynes service guide for the Nissan Bluebird, which duplicatesrepair instructions for different nationalities of component parts).
SPARE AUTO PARTS : The irony is that British car dealers have gotten so used to operatingwithin a closed market and charging such high markups that they arenow receiving serious competition from specialist auto importers whobring cars in from the U.S. and Japan, where they are more reliable,and are able to undercut similar models offered in the British marketeven after freighting costs, tariffs, customs broker fees and so on. Two years ago price-gouging reached such high levels that Britons weregoing elsewhere in the E.U., where car taxes are much higher (inIreland, for example, new cars are subject to a 33% tax whereasBritain assesses only V.A.T. at 17.5%) and dealer markups on cars areaccordingly much less, and ordering new cars with right-hand drive. The European Commission was forced to intervene when the automakers,to stem this end run around their British dealer networks, tried tomake it impossible to order right-hand-drive for delivery to theContinent.
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