The once mighty dollar is suffering more humiliation as shops in New York City begin accepting euros and other foreign currency as payment. According to Reuters:

In the latest example that the U.S. dollar just ain’t what it used to be, some shops in New York City have begun accepting euros and other foreign currency as payment for merchandise.”We had decided that money is money and we’ll take it and just do the exchange whenever we can with our bank,” Robert Chu, owner of East Village Wines, told Reuters television.The increasingly weak U.S. dollar, once considered the king among currencies, has brought waves of European tourists to New York with money to burn and looking to take advantage of hugely favorable exchange rates.”We didn’t realize we would take so much in and there were that many people traveling or having euros to bring in. But some days, you’d be surprised at how many euros you get,” Chu said.”Now we have to get familiar with other currencies and the (British) pound and the Canadian dollars we take,” he said.While shops in many U.S. towns on the Canadian border have long accepted Canadian currency and some stores on the Texas-Mexico border take pesos, the acceptance of foreign money in Manhattan was unheard of until recently.

This is just another sign that the greenback’s reign is ending. Years of irresponsible expansion in the nation’s money supply are taking their toll. In contrast, the euro is rapidly gaining in value and prestige. Watch for the economic leadership of the world to move from the United States to the European Union.