Wonking Out: The Meaning of the Plunging Euro

This time, a weak currency does reflect a weak economy.

#currency, #economics-theory-and-philosophy, #euro-currency, #european-central-bank, #federal-reserve-system, #interest-rates, #internal-sub-only-nl, #international-trade-and-world-market, #united-states-economy, #us-dollar-currency

The Dollar Has Muscled Higher While the Euro Lost Ground

Why? Part of the answer is interest rates.

#currency, #euro-currency, #internal-sub-only-nl, #international-trade-and-world-market, #united-states-economy, #us-dollar-currency

Euro Hits Parity With U.S. Dollar for First Time in 20 Years

In recent months, pressure on the euro has been mounting while investors have been flocking to the U.S. dollar, a haven in times of economic upheaval.

#banking-and-financial-institutions, #currency, #euro-currency, #european-central-bank, #eurozone, #federal-reserve-system, #inflation-economics, #lagarde-christine, #powell-jerome-h, #united-states-economy, #us-dollar-currency

Wonking Out: Wasn’t Bitcoin Supposed to Be a Hedge Against Inflation?

Another crypto myth bites the dust.

#bitcoin-currency, #economics-theory-and-philosophy, #federal-reserve-system, #gold, #inflation-economics, #interest-rates, #internal-sub-only-nl, #international-trade-and-world-market, #united-states-economy, #us-dollar-currency, #virtual-currency

Weakened Euro May Become Equal to the U.S. Dollar

The euro hasn’t fallen below the one-to-one exchange rate with the U.S. dollar for two decades. But as economic risks grow, more analysts predict deeper lows for the shared currency.

#currency, #economic-conditions-and-trends, #euro-currency, #europe, #european-central-bank, #eurozone, #interest-rates, #international-trade-and-world-market, #russian-invasion-of-ukraine-2022, #united-states, #us-dollar-currency

Wonking Out: Why the Dollar Dominates

There still aren’t any plausible rival currencies.

#currency, #economics-theory-and-philosophy, #euro-currency, #internal-sub-only, #united-states-economy, #us-dollar-currency

U.S. blocks Russia’s access to dollars for bond payments, heightening risk of default.

The U.S. Treasury tightened its restrictions on Russian financial transactions on Monday, when more than half a billion dollars in bond payments were due.

#credit-and-debt, #currency, #embargoes-and-sanctions, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #ukraine, #united-states-international-relations, #us-dollar-currency

Dollars or Rubles? Russian Debt Payments Are Due, and Uncertain.

Citing sanctions, the Russian government warned it might pay foreign debt obligations in rubles. Credit rating agencies say a default is imminent.

#blackrock-inc, #credit-and-debt, #credit-ratings-and-credit-rating-agencies, #currency, #embargoes-and-sanctions, #european-central-bank, #fitch-ratings, #government-bonds, #jpmorgan-chasecompany, #politics-and-government, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022, #siluanovanton, #us-dollar-currency, #vanguard-group-inc

Western Sanctions Show Russian Vulnerability in Global Economy

Even countries with limited trade relationships are intertwined in capital markets in today’s world. Could the Russia sanctions change that?

#banking-and-financial-institutions, #currency, #economic-conditions-and-trends, #embargoes-and-sanctions, #international-trade-and-world-market, #politics-and-government, #russian-invasion-of-ukraine-2022, #us-dollar-currency

Bitcoin, Inflation and the Misguided Fear of Government Money Creation

Bitcoin can’t solve a problem we don’t actually have.

#banking-and-financial-institutions, #bitcoin-currency, #currency, #economics-theory-and-philosophy, #inflation-economics, #interest-rates, #internal-sub-only-nl, #international-trade-and-world-market, #united-states-economy, #united-states-politics-and-government, #us-dollar-currency

Why Janet Yellen’s Signature Is Not on U.S. Currency

Until a new treasurer is selected, currency will continue to bear the autograph of former Treasury Secretary Steven Mnuchin.

#biden-joseph-r-jr, #mnuchin-steven-t, #treasury-department, #united-states-politics-and-government, #us-dollar-currency, #yellen-janet-l

Biden Agenda Sinks Under its Own Ambitions

A key Democrat’s decision to pull support from the president’s sprawling climate and social agenda is rooted in the scope of the bill.

#coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #infrastructure-investment-and-jobs-act-2021, #law-and-legislation, #united-states-politics-and-government, #us-dollar-currency

Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly).

Digital payments technology is forcing the financial system to evolve. Banks feel their power waning and want to regain control.

#american-bankers-assn, #bank-of-america-corporation, #bank-of-new-york-mellon-corporation, #banking-and-financial-institutions, #bitcoin-currency, #blockchain-technology, #cohen-h-rodgin, #currency, #dimon-james, #el-salvador, #federal-reserve-system, #jpmorgan-chasecompany, #montag-thomas-k, #moynihan-brian-t, #new-york-city, #northern-trust-corporation, #office-of-the-comptroller-of-the-currency, #sullivancromwell, #us-bancorp, #us-dollar-currency, #virtual-currency

Should We Fear Bitcoin, or Celebrate It?

Readers discuss the pros and cons of cybercurrencies. Also: R. Kelly’s conviction; a new look for the American flag.

#banking-and-financial-institutions, #bitcoin-currency, #blockchain-technology, #flags-emblems-and-insignia, #kelly-r, #sex-crimes, #us-dollar-currency, #virtual-currency

Why Washington Worries About Stablecoins

The Federal Reserve, Treasury and other regulators are worried that a technology that pledges stability will actually be a source of turmoil.

#banking-and-financial-institutions, #federal-reserve-system, #financial-stability-board, #office-of-the-comptroller-of-the-currency, #regulation-and-deregulation-of-industry, #stablecoin, #treasury-department, #united-states-economy, #us-dollar-currency, #virtual-currency

The Way the Senate Melted Down Over Crypto Is Very Revealing

It almost derailed the bipartisan infrastructure bill’s passage.

#american-jobs-plan-2021, #bitcoin-currency, #blockchain-technology, #ehrsam-fred, #infrastructure-public-works, #law-and-legislation, #portman-rob, #regulation-and-deregulation-of-industry, #senate, #tax-evasion, #treasury-department, #united-states-economy, #united-states-politics-and-government, #us-dollar-currency, #virtual-currency

China Moves to Tame Inflation Before Prices Rise Too Much

Rising costs at its factories could trickle out into the rest of the world economy.

#china, #consumer-behavior, #currency, #economic-conditions-and-trends, #factories-and-manufacturing, #inflation-economics, #international-trade-and-world-market, #prices-fares-fees-and-rates, #renminbi-currency, #stockpiling, #united-states-economy, #us-dollar-currency

Krugman Asks: Does the U.S. Dollar’s Dominance Really Matter?

The irrelevance of dollar dominance. 

#bitcoin-currency, #currency, #money-laundering, #united-states, #us-dollar-currency

Still Getting Your Head Around Digital Currency? So Are Central Bankers.

If you are trying to grasp Bitcoin and understand what China’s digital yuan means, America’s Federal Reserve is right there with you.

#banking-and-financial-institutions, #brainard-lael, #federal-reserve-bank-of-boston, #federal-reserve-system, #giancarlo-j-christopher, #libra-currency, #massachusetts-institute-of-technology, #peoples-bank-of-china, #powell-jerome-h, #united-states-economy, #us-dollar-currency, #virtual-currency

Europe Struggles to Defend Itself Against a Weaponized Dollar

Despite warm words from Biden, U.S. secondary sanctions against Iran, Russia and others punish European companies and prompt new calls for strategic autonomy.

#biden-joseph-r-jr, #borrell-fontelles-josep, #economic-conditions-and-trends, #embargoes-and-sanctions, #euro-currency, #europe, #european-union, #international-relations, #international-trade-and-world-market, #politics-and-government, #trump-donald-j, #united-states-international-relations, #us-dollar-currency

How Can Biden Bring Back Manufacturing Jobs? Weaken the Dollar

Critics of a strong currency say it hurts American factory workers by making imports cheap.

#biden-joseph-r-jr, #china, #currency, #customs-tariff, #international-trade-and-world-market, #labor-and-jobs, #renminbi-currency, #united-states-economy, #us-dollar-currency

China’s Stronger Currency Could Be a Fig Leaf for Biden

The renminbi has reached its strongest level in more than two years and shows no signs of stopping, signaling Chinese dominance in manufacturing and giving Biden breathing room.

#china, #coronavirus-2019-ncov, #currency, #economic-conditions-and-trends, #international-relations, #peoples-bank-of-china, #renminbi-currency, #us-dollar-currency

U.S. Budget Deficit Hit $3.1 Trillion Amid Virus Spending Surge

A surge in spending, combined with falling tax receipts have sent the deficit soaring, complicating plans for additional stimulus.

#federal-budget-us, #federal-taxes-us, #finances, #mnuchin-steven-t, #stimulus-economic, #unemployment, #united-states-economy, #us-dollar-currency

Who Gets Hurt When the World Stops Using Cash

Some people don’t have credit or debit cards, so a growing number of state and local governments are requiring businesses to accept cash.

#consumer-protection, #content-type-service, #coronavirus-2019-ncov, #coronavirus-risks-and-safety-concerns, #credit-cards, #debit-cards, #hygiene-and-cleanliness, #mobile-commerce-and-payments, #personal-finances, #shopping-and-retail, #us-dollar-currency

Surging Euro Presents E.C.B. With a Dilemma

A rising currency is eroding the competitiveness of European exporters. Officially, the central bank isn’t allowed to do anything about it.

#euro-currency, #europe, #european-central-bank, #eurozone, #interest-rates, #international-trade-and-world-market, #lagarde-christine, #stimulus-economic, #us-dollar-currency

The Fiction That Makes the World Go Round

“Money: The True Story of a Made-Up Thing,” by Jacob Goldstein, is a conversational account of currency — an abstraction propped up by group faith.

#banking-and-financial-institutions, #books-and-literature, #currency, #goldstein-jacob-journalist, #innovation, #money-the-true-story-of-a-made-up-thing-book, #us-dollar-currency

Turkey Braces for Yet Another Currency Crisis

A sharp drop in the value of the lira is testing businesses and residents while they are coping with the pandemic.

#antalya-turkey, #bulgurlu-hakan, #currency, #economic-conditions-and-trends, #erdogan-recep-tayyip, #grundig-ag, #home-appliances, #istanbul-turkey, #north-atlantic-treaty-organization, #turkey, #us-dollar-currency, #ventilators-medical, #world-bank

European Markets Offering an Alternative to the S&P 500

European stocks have been unloved by investors for years. Now, as the euro soars, they offer an alternative to the S&P 500.

#coronavirus-2019-ncov, #currency, #euro-currency, #europe, #futures-and-options-trading, #standardpoors-500-stock-index, #stocks-and-bonds, #stoxx-600, #united-states, #us-dollar-currency

New Gold Rush Pushes Price to Record Highs

Prices are up 27 percent this year, as the Fed’s policies drive investors to hold more gold.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #currency, #federal-reserve-system, #gold, #inflation-economics, #interest-rates, #stocks-and-bonds, #united-states-economy, #us-dollar-currency, #world-gold-council

It’s All About the Franklins … the Aretha Franklins

What if the people who appeared on our $5, $10 and $100 bills weren’t just (mostly) dead former presidents?

#franklin-aretha, #hirose-ruby-1904-60, #jackson-andrew, #johnson-marsha-p-1945-92, #mankiller-wilma, #rogers-fred, #tubman-harriet, #united-states, #us-dollar-currency

A Penny for Your Thoughts Could Be a Lot Harder to Find

Coins have become scarce as virus lockdowns keep people from emptying their coin jars in exchange for paper bills.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #currency, #federal-reserve-system, #shortages, #shutdowns-institutional, #united-states-economy, #united-states-mint, #us-dollar-currency

Bars and Restaurants Peel Cash From Walls to Help Idled Workers

Owners are removing currency that had been stapled or taped inside their businesses to donate to employees affected by the coronavirus shutdown.

#bars-and-nightclubs, #bartenders, #coronavirus-2019-ncov, #fort-lauderdale-fla, #layoffs-and-job-reductions, #myrtle-beach-sc, #philanthropy, #restaurants, #us-dollar-currency