US dollar

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Congress Could Do Away With the $1 Bill

Would be replaced by coin in money-saving move

(Newser) - In a move that could change the face of strip clubs forever, Congress is considering doing away with the dollar bill. It wouldn't ax the denomination entirely, but would instead replace the bills with the $1 coin, a move that would save taxpayers (who almost universally dislike dollar coins... More »

Montana Lawmaker: Pay Me in Gold, Please

Jerry O'Neil says he's worried about the dollar

(Newser) - A state lawmaker in Montana has found a unique way to express his concern about the national debt: Jerry O'Neil is demanding that he be paid in gold and silver coins instead of US dollars, reports the Daily Inter Lake . O'Neil wrote to the state legislature with his... More »

Booming China Wants More of Our ... Soybeans

Exports are up, but so is the trade deficit

(Newser) - China is growing richer, and it wants more and more of what our land produces. US exports to the country are up 50% over 2008, and food led the pack last year—soybeans in particular. Why? They're cheaper to import than feed grain, and are used to beef up... More »

Japan, China Cut Currency Deal, Shun Dollar

Leaders also discuss North Korea

(Newser) - Japanese Prime Minister Yoshihiko Noda met with Chinese President Hu Jintao in Beijing today, and emerged with a number of deals—including one that will marginalize the US dollar in Asia. The countries agreed to promote direct yuan-yen trades, the Wall Street Journal reports; until now, the money has usually... More »

Putin on US: It's a 'Parasite'

Debt fight shows why world should move away from dollar, Russian leader says

(Newser) - Vladimir Putin is using Soviet-era terminology to criticize the US over its huge debt load. The Russian prime minister, speaking to a pro-Kremlin youth rally yesterday, called the US a "parasite" and said Russia and other countries should seek a new reserve currency to replace the dollar, reports Reuters... More »

Dollar Nears 3-Year Low

Set for biggest weekly plunge since January

(Newser) - The dollar’s value today remained near its lowest in three years against multiple currencies, and it’s set for its largest weekly drop since January, Reuters reports. The figures follow the Federal Reserve’s suggestion that it had no immediate plans to tighten its monetary policy, prompting a big... More »

Ahead of Visit, China's Hu Talks 'Common Ground'

Provides written answers to cherry-picked questions

(Newser) - Chinese President Hu Jintao is speaking to the American media—albeit through written answers to questions he selected from lists submitted to him by the Washington Post and the Wall Street Journal —for the first time since 2008. Among the topics? "Common ground," the dollar, and the... More »

Ahead of G20, Obama, Sarkozy Seek United Economic Front

French, American presidents meet at White House

(Newser) - President Obama and Nicolas Sarkozy discussed ways to stabilize the world economy and prevent another global financial crisis today at the White House ahead of the G8 and G20 meetings, Bloomberg reports. While the two countries would seem to be at odds on world finance—many French officials believe that... More »

We Must Return to the Gold Standard

Our sagging economy proves that it's time to stop conjuring dollars

(Newser) - There was a time when money meant something, but now—as evidenced by the Federal Reserve’s “ plan to conjure $600 billion to support the sagging economy”—“dollars can be conjured.” In fact, writes James Grant in the New York Times , “in the digital age,... More »

China: Feeble Dollar Is Hurting Our Economy

'Out of control' printing of dollars is triggering inflation, says minister

(Newser) - China has countered American anger over its artificially low currency with a complaint of its own. America is printing dollars at an "out of control" rate, sending up commodity prices around the world and saddling China with "imported inflation," the country's commerce minister grouses. Inflation in China—... More »

Dollar Rises, Markets Dip

World markets down as investors predict interest rate hikes

(Newser) - The dollar climbed to a three-month high today on rosier-than-expected Fed economic predictions while markets fell on expectations that central banks will soon begin to raise interest rates. The greenback gained against 15 of 16 of its most commonly traded currencies, while major European and Asian stock indices were down... More »

Dow Seesaws on Jobs, Dollar, Then Closes Up 22

Jobs rally undercut by, dollar boom, sinking commodities

(Newser) - Stocks posted modest gains today after a morning rally off an unexpectedly strong jobs report. The surge lost steam when a rise in the dollar sapped commodity stocks, the Wall Street Journal reports.
  • The Dow rose 22.75 points to close at 10,388.90.
  • The Nasdaq added 21.21,
... More »

World Scrambles to Boost Buck

Weak dollar doesn't help anyone—except the US

(Newser) - Central banks around the world are stepping up measures to keep the American dollar strong and their own currencies weak. The dollar 's drop to near 15-month lows this week sparked fears that exports will become uncompetitive, threatening their fragile economic recoveries. Pacific Rim countries are especially concerned that China—... More »

In Palin We Don't Trust: Fox Checks Coin Claim

GOP, not Dems, moved 'In God We Trust' to edge of coin

(Newser) - Even Fox News has started fact-checking Sarah Palin. Last night anchor Bret Baier responded to Palin's claim during a speech Friday that the phrase "In God We Trust" had recently moved from the face to the rim of the new dollar coin: Another case of Obama pushing a secular... More »

Geithner to Bankers: Crackdown Is 'War'

Treasury secretary tells Wall Street it must accept regulation

(Newser) - Tim Geithner had tough words for Wall Street bankers yesterday, telling the financial industry's annual conference that they had no credibility to protest new regulation. The Treasury secretary said government had a responsibility to crack down on dangerous practices on the Street and design new laws allowing seizures of institutions... More »

Count the US Dollar Down, But Not Out

Fears of a looming currency crash are overblown

(Newser) - With the US economy in a prolonged slump and the Fed likely to keep interest rates low for the foreseeable future, many worry that a dollar crash will be the next shoe to drop. Currency pessimists can point to a 6-month decline in the dollar; this week the currency hit... More »

China Must Be Confronted on Currency

Shackling the yuan to the dollar threatens world economy

(Newser) - China has been allowed to get away with its outrageous currency policy for far too long and it's time the world did something about it, writes Paul Krugman. The nation has been keeping its currency effectively pegged to the dollar, and this policy will result in even greater trade imbalances... More »

Euro Cracks $1.50, Dollar Hits New Lows

Investors shun low-yielding greenback for riskier currencies

(Newser) - The dollar fell below the $1.50 threshold against the euro yesterday for the first time in 14 months, as investors with renewed appetites for risk continue to abandon the greenback. The dollar is at its lowest level against six other currencies in more than a year, and foreign exchange... More »

China's Rise Threatens to Turn US Into Britain

America will end up as an also-ran if it can't reinvigorate its economy

(Newser) - America used its financial clout to knock the British Empire into second place last century and it's in danger of receiving the same treatment from China in the not-too-distant future, writes Zachary Karabell. China is the American government's biggest creditor, much as the US was to Britain in 1946, Karabell... More »

Oil States Plot to Ditch Dollar

Gulf Arabs in talks to replace greenback with mix of currencies

(Newser) - The American dollar is dropping against the yen and euro amid reports that the Gulf states are planning to replace use of the greenback in oil trading in favor of a basket of mixed currencies. The Arab states are in advanced discussions with China, Russia, Japan and France to end... More »

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