There is a way to, in effect, spend your dollars on other forms of money, and apparently the number of people doing so is increasing. EverBank, based in Jacksonville, has sold foreign-denominated certificates of deposit for years, but those instruments have never been more popular than they are today. This year, according to Chuck Butler, president of EverBank World Markets, customers of that bank unit hold about $1 billion in foreign-currency C.D.’s and money-market accounts — up from about $300 million five years ago. Although the current figure represents about a sixth of EverBank’s total assets under management, the first thing you’ll see at the bank’s Web site is the question “Are you well positioned for today’s economy? See how foreign currencies may be your answer.”
Sounds like the anti-dollar trade is getting more than a little crowded. The story concludes:
…one reason EverBank is spending more time signing up new customers than warding off charges of anti-Americanism these days probably has less to do with an outbreak of financial enlightenment than an outbreak of pessimism.
Exactly. Which is why I’m happy fading the anti-dollar trade.
New York Times Magazine