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Passage Seven
Imagine waking up and finding the value of your assets has been halved. No, you're not an investor in one of those hedge funds that failed completely. With the dollar slumping to a 26-year low against the pound, already-expensive London has become quite unaffordable. A coffee at Starbucks, just as unavoidable in England as it is in the United States, runs about $8.
The once all-powerful dollar isn't doing a Titanic against just the pound. It is sitting at a record low against the euro and at a 30-year low against the Canadian dollar. Even the Argentine peso and Brazilian real are thriving against the dollar.
The weak dollar is a source of humiliation, for a nation's self-esteem rests in part on the strength of its currency. It's also a potential economic problem, since a declining dollar makes imported food more expensive and exerts upward pressure on interest rates. And yet there are substantial sectors of the vast U.S. economy-from giant companies like Coca-Cola to mom-and-pop restaurant operators in Miami-for which the weak dollar is most excellent news.
Many Europeans may view the U.S. as an arrogant superpower that has become hostile to foreigners. But nothing makes people think more warmly of the U.S. than a weak dollar. Through April, the total number of visitors from abroad was up 6.8 percent from last year. Should the trend continue, the number of tourists this year will finally top the 2000 peak? Many Europeans now apparently view the U.S. the way many Americans view Mexico-as a cheap place to vacation, shop and party, all while ignoring the fact that the poorer locals can't afford to join the merrymaking.
The money tourists spend helps decrease our chronic trade deficit. So do exports, which thanks in part to the weak dollar, soared 11 percent between May 2006 and May 2007. For first five months of 2007, the trade deficit actually fell 7 percent from 2006.
If you own shares in large American corporations, you're a winner in the weak-dollar gamble. Last week Coca-Cola's stick bubbled to a five-year high after it reported a fantastic quarter. Foreign sales accounted for 65 percent of Coke's beverage business. Other American companies profiting from this trend include McDonald's and IBM.
American tourists, however, shouldn't expect any relief soon. The dollar lost strength the way many marriages break up- slowly, and then all at once. And currencies don't turn on a dime. So if you want to avoid the pain inflicted by the increasingly pathetic dollar, cancel that summer vacation to England and look to New England. There, the dollar is still treated with a little respect.
52. Why do Americans feel humiliated?
A) Their economy is plunging B) They can't afford trips to Europe
C) Their currency has slumped D) They have lost half of their assets.
53.How does the current dollar affect the life of ordinary Americans?
A) They have to cancel their vacations in New England.
B) They find it unaffordable to dine in mom-and-pop restaurants.
C) They have to spend more money when buying imported goods.
D) They might lose their jobs due to potential economic problems.
54 How do many Europeans feel about the U.S with the devalued dollar?
A)They feel contemptuous of it B)They are sympathetic with it.
C)They regard it as a superpower on the decline. D)They think of it as a good tourist destination.
55 what is the author's advice to Americans?
A)They treat the dollar with a little respect B)They try to win in the weak-dollar gamble
C)They vacation at home rather than abroad D)They treasure their marriages all the more.
56 What does the author imply by saying “currencies don't turn on a dime” (Line 2, Para 7)?
A)The dollar's value will not increase in the short term.
B)The value of a dollar will not be reduced to a dime
C)The dollar's value will drop, but within a small margin.
D) Few Americans will change dollars into other currencies.
