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The Effect of the Dollar on the American Missionary Sending “Enterprise”
By J. Shaw
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The devaluing of the dollar not only impacts firms and
consumers; it also affects the nontraditional economies of
everyday life, such as the missionary sending “enterprise.”
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Every American foreign missionary develops incredible exchange rate acumen relative to the average person over time. The average missionary can spout off the top of his or her head the approximate exchange rate of the US dollar against the currency of his or her country of residence, and often, several different currencies. He or she develops incredible calculation ability: in a mere second the person can tell you that 800INR (Indian Rupees) equals about 20USD (United States Dollars). Missionaries understand much more than the average American consumer the day-to-day relevance of exchange rates.
The current US dollar crisis should be of concern to missionaries and their agencies alike. Lately, many people are thinking about the devaluation of the US dollar. In 2002, the euro (EUR) was worth $.86 of the US dollar. On 21 November 2007, the dollar hit a new low of $1.49 against the euro. That is a quarter of the dollar’s value lost in five years.1
Most economic pundits are frantic about the rising costs of imports, falling interest rates which contribute to inflationary pressures, the related subprime mortgage crisis, and increasing skepticism among investors in America and abroad as to the robustness of the dollar. However, the devaluing of the dollar not only impacts firms and consumers; it also affects the nontraditional economies of everyday life, such as the missionary sending “enterprise.”
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J. Shaw is a double masters student at the University of Texas at Austin (USA). He is on staff at his local church, The Austin Stone Community Church. |
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