October 15, 2007
The Newspaper of the NYSSCPA
Vol. 10, No.18

International Economy: We Are All Intertwined

By David G. Friehling, Rockland Chapter President

My wife and I celebrated our 25th wedding anniversary with a Mediterranean cruise at the end of the summer. As I prepared quarterly sales tax returns and extended income tax returns to clear my desk before we left, my wife and I discussed the safest way to bring the cash we would need with us on the trip. We had seen many reports about electronic theft occurring in Europe via ATMs, as well as the ever-abundance of pickpockets. We decided to bring a small amount in Euros with us when we left home, and to rely on a prepaid debit card that we got through AAA, so that we would not risk the possibility of electronically revealing our account numbers and their associated PINs to international hackers. When the cash ran out, we could do what we always do: go to the ATM. And as we debited our card, we would be receiving the daily exchange rate determined by the bank. That turned out to be a good decision; the dollar gained strength against the Euro late this summer! Here’s what we learned: Although the seascape and the historical sites differ dramatically from those in the U.S. (what we in America consider historic is nubile compared to the ruins we toured!), we are all operating in a 21st-century economy. When exiting ruins that are over 2,500 years old, there you find it: the bank ATM! We traveled a long distance to tour the hubs of ancient economies, while simultaneously pushing a few buttons to stay in touch with the modern one.

Don’t forget to check the Rockland website, as well as The Trusted Professional, for all of our upcoming events, including the ever-popular networking event in November.

David G. Friehling (when not touring the ATMs of foreign countries) can be reached at 845-639-0501 or friehlings1@aol.com.

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