Adventures in Currency Exchange -
From "The Ghost in the Little House, A Life of Rose Wilder Lane", by William Holtz -
"Ostensibly, Rose was covering the meeting of the state delegate assembly, and she took copious notes on plans for industrial and agricultural production. But the incident that struck home to her was her experience with currency exchange rates. As seasoned travelers, she and Peggy had discovered that rates were always better on the street than on the government exchange, and in Baku they set out to change a ten-pound note. Their inquiries in the streets, however, produced only baffled stares or withdrawal; the women suspected fear of the police, or cheka. Finally one man led them to an imposing building where he indicated they should buy some tickets to enter. Which they did - and found themselves admitted to a huge room filled with hundreds haggling men of many nationalities. Rose and Peggy had, in fact, bought themselves seats on the state currency exchange!
They showed their ten-pound note and immediately received bids of up to 144 (million roubles to the pound). Peggy instinctively said 146, and throughout a morning of haggling the women held their 'bull' position out of sheer amusement. Finally a Persian broker met their price and delivered them mounds of roubles by way of a porter with a wheelbarrow. Whereupon the cheka did arrive, and Rose and Peggy found themselves before a commissar who lectured them on the dangers they posed to the state economy, driving the rouble down with their ten pounds sterling. They were permitted to leave with their bales of money; but they found that prices had already risen as a result of their speculation."
Regards, Don |
