Skip to comments.Revealed: How immigrants in America are sending $120 BILLION to their struggling families back home
Posted on 01/31/2013 11:38:18 AM PST by Obama_Is_Sabotaging_America
Migrants working in the United States sent a staggering $120 billion back to their families last year, it was revealed today.
The amount of money being sent by migrants across the entire world reached $530 billion last year, making it a larger economy than Iran or Argentina, the data from the World Bank showed.
(Excerpt) Read more at dailymail.co.uk ...
Y’all know what Thomas Sowell says about this, right?
This author screwed the pooch on the very first word.
Yup. If they are sending that amount of money overseas, then they better stop bitching about this immigration overhaul BS.
No, what does he say?
Aren't they generous!
How so? Do you have a problem with the word “migrants?”
Around here - Northern Palm Beach County - it all goes to Guatemala. Anchor babies in strollers on every corner.
The plan is to bring all these relatives to the US and put them on welfare, SSI, SS, Medicare etc. That will slow the outflows,but increase the cost.
This is a global issue. It is also an incentive for the Third World to send more and more of its population to the developed countries as a matter of policy. Is it any wonder why the Mexican government doesn't clamp down on its border with the US? They get more in revenue from their nationals in the US than they collect in oil revenue.
Big deal. Its their money. They can do with it as they please.
Now, can do something about expelling the ILLEGAL aliens and securing our borders?
The guys I know all have two families - one in Guatemala and one in the states. The pretend families they produce here (without stop, mind you) are just cash cows that allow them to send most of their earnings home.
Just think, if we had looser border control, they could ALL come here and there would be no need to send the money out of the country. Problem solved. /sarc
Ok...so can we END FOREIGN AID to all of those countries NOW?
The way things are going here, we are soon likley to be exporting our people to better economic countries and sending that wealth back to the USA (sarc, sort of).
Interesting, so your point would be that the dollar is used unofficially as a trading currency in multiple countries. Because as you know, dollars are only good in the USA which means somehow they are coming back... thus inflation. So your theory would then suggest these black markets are somehow impervious to the laws of money supply.
As we continue to export mechanized agriculture there is nowhere else for them to go but the sweatshops of the world. At a secondary level, the same is true for the export of manufacturing technology where printed money is loaned for big industrial projects.
Yep, it's global.
Not true for a large fraction of it. There is a reason it is called "reserve currency." It's used for trade.
Black markets the world over accept dollars.
The way 0bama’s America is going, it be long before ‘wealthier’ people in foreign countries will be sending money to their families in the U.S.
Agreed the USD is the currency of choice for black markets across the world, but it too is subject to inflation. If the dollar loses value, purchase and exchange power is lost. Many smart investor watch the black market to judge true currency strength. So in the end, the idea that USD oversees mitigates inflation does not hold. I would direct you to this informative piece on inflation. The comments by Freepers are very good Link
I just scanned some Federal Reserve documents (like this one, albeit it is eight years old, or this one). They show that foreigners actually hold more cash than in the USA, 55% of the total money stock. Nor are they talking about that money only being used here. BTW, I doubt seriously their analysis of the total cash floating around in the drug trade. They said it is only a $20-30 billion cash stock (95$) based upon the average domestic currency turnover rate of 30-50 times per year! I'd suspect the drug trade to be a third of that turnover rate given the nature of the supply chain. Given that the total amount of currency has tripled since 1995 my guess is that there is a half trillion floating around abroad. That ain't chump change when it comes to the total amount of cash they print.
Another big mitigating force against inflation right now is investment in precious metals, an investment that produces nothing and reduces monetary velocity considerably.
I said it before: Charge the Mexican govenrment $2000 per month per illegal immigrant and watch the federales protect our border for us. The Libs have got to love this idea. It's a new source of revenue for them.
So that’s what’s keeping the dollar afloat. Chandra Singh sends 100 bucks back to India, and that’s $100 less money circulating in the US economy, so the dollar maintains that much of its value, despite the federal government printing them like Argentine Junta pesos or German Weimar reichsmarks. So the more immigrants, legal or otherwise, the sounder the dollar. Support your country. Hire a Mexican today. He’ll send money back home./sarc