The good fortune of the Euro — not to mention the Czech Crown — makes for dismal tidings for American expatriates and their European colleagues paid in dollars.
According to The Prague Post, employees of American firms and institutions in the Czech Republic have taken the equivalent of a 15 percent salary cut as a result of the dollar’s devaluation.
U.S.-based tax-exempt organizations in the Czech Republic, with their fundraising base back home, are also taking a hit.
One economist told the Post that the dollar’s fall could eventually drag down foreign currencies with it, as the American market for imported consumer goods diminishes.
“Free fall: Expats paid in dollars watch their salaries drop”
The Prague Post, November 28, 2007
The start of the end for the U.S. as we know it.