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Why We Should Stop Printing $100 Bills
Why We Should Stop Printing $100 Bills
OPINION
Dec 10, 2010 11:16 AM CST

Why We Should Stop Printing $100 Bills

In short, because only criminals use them

(Newser) - The really pretty amusing news that the US had screwed up in printing its latest batch of a billion new $100 bills got Timothy Noah of Slate wondering: “Why does the world need 1 billion $100 bills? Indeed, why does the US continue to print C-notes at all?” The...

Fed Fires Back at China, Germany

Soaring unemployment an 'unacceptable outcome,' says Ben Bernanke

(Newser) - Ben Bernanke offered a full-throated defense of the Fed’s recent actions in a speech in Frankfurt today, saying the $600 billion quantitative easing plan was essential to reducing joblessness. “On its current economic trajectory, the United States runs the risk of seeing millions of workers unemployed or underemployed...

'Guidelines,' No Specifics, at G20

Obama slams China over currency manipulation

(Newser) - G20 leaders have agreed to curb “persistently large imbalances” in saving and spending and set “indicative guidelines” against trade imbalances, but more specific decisions on how to identify and fix said imbalances were left until next year, reports the New York Times . The finance minsters are to agree...

Obama Enters G20 Currency Fray

Germany blasts US currency policy ahead of summit

(Newser) - Days ahead of a G20 summit, President Obama has weighed in on an international debate over currency, as the US seeks to cull huge German and Chinese trade surpluses, the Wall Street Journal reports. At a New Delhi press conference, Obama seemed supportive of the Fed’s decision to buy...

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—...

G20 Nations Brush Off Goals by Geithner

He's proposing better guidelines on currency rates, deficits

(Newser) - G20 officials aren’t likely to accept US proposals to better monitor exchange rates along with trade deficits and surpluses, an insider tells Reuters . Timothy Geithner had hoped to set numerical targets for surpluses and deficits as well as "norms" on currency rate policy. "Right now, there is...

House Votes to Sanction China Over Currency

Bill passes with big majority, but Senate prospects unclear

(Newser) - The House has approved legislation that would allow the US to seek trade sanctions against China and other nations for manipulating their currency to gain trade advantages. The 348-79 vote yesterday sends the measure to the Senate, where its prospects are unclear. Senate supporters hope to get a vote on...

Obama Pressures China on Currency

Prez says he'll take action to protect US interests if yuan isn't revalued

(Newser) - President Obama has threatened to get tough with China if it doesn't hurry up and revalue its artificially low currency. The president spent most of a 2-hour meeting with Wen Jiabao yesterday pressuring the Chinese premier on the yuan issue, sending the message that "if the Chinese don’t...

Japan Jumps Into Currency Market to Weaken Yen

Investors cheer, but analysts worry

(Newser) - Japan has taken the extraordinary step of intervening in the currency market in an effort to drag down the soaring yen. Japanese monetary authorities bought dollars and sold trillions of yen, driving the yen down from 84.5 yen to the dollar to 82, the New York Times reports. Their...

India's Rupee Finally Gets a Symbol

It's a sign of a growing economy, says government

(Newser) - India's rupee has joined the ranks of the dollar, the pound, the euro, and the yen: It now can be designated with a symbol. After a nationwide contest, India's government announced the winning symbol for its currency, a combination of the Roman letter R and its Hindi equivalent. The government...

GOP Lawmaker: Put Reagan on $50 Bill
 GOP Lawmaker: 
 Put Reagan on $50 Bill 
TAKE THAT, ULYSSES S. GRANT!
Mar 3, 2010 12:16 PM CST

GOP Lawmaker: Put Reagan on $50 Bill

A Democrat counters that he's too controversial

(Newser) - A North Carolina congressman is trying to ensure Ronald Reagan a “place of honor on our nation’s currency” by replacing Ulysses S. Grant’s mug on the $50 dollar bill with the Gipper’s. Republican Patrick T. McHenry has introduced legislation ahead of next year's centennial of Reagan's...

EU Should Go After Goldman, Since US Won't
 EU Should Go After 
 Goldman, Since US Won't 


Greek Crisis
Feb 15, 2010 11:25 AM CST

EU Should Go After Goldman, Since US Won't

Firm helped Greece hide staggering debt, leading to near collapse

(Newser) - With the revelation that Goldman Sachs was peddling exotic instruments to help Greece hide its runaway debts as recently as November, something must be done, Simon Johnson writes. US authorities clearly aren't going to raise a finger—a few phone calls around Washington will ensure that the Fed looks the...

N. Korean Edict Meets Rare Resistance
 N. Korean 
 Edict Meets 
 Rare Resistance 
analysis
Dec 26, 2009 4:05 PM CST

N. Korean Edict Meets Rare Resistance

Unrest over private markets could signal trouble for Kim

(Newser) - When Kim Jong Il imposed new rules this month to crack down on private markets, he encountered a rare thing from his obedient citizenry—resistance. One eastern city had a riot, and public anger forced the government to beat a rare retreat on some of the new currency restrictions, reports...

World Scrambles to Boost Buck
 World Scrambles to Boost Buck 
Nov 13, 2009 3:43 AM CST

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—...

China Must Be Confronted on Currency
 China Must Be
Confronted on Currency
PAUL KRUGMAN
Oct 23, 2009 5:00 AM CDT

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...

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...

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...

Recession Will Pass, but Dollar May Be Doomed

(Newser) - The American economy is heading out of recession, but the long-term fate of the dollar may not be so bright, writes the Wall Street Journal. Growing numbers of economists and investors, including Warren Buffett, say that stimulus spending and rate cuts will boost inflation and weaken the greenback. At the...

China Ditching Dollar for Own 'Redback'

(Newser) - China is speeding up efforts to encourage the use of its currency in international trading, with analysts predicting that the Chinese renminbi will become one of the three top currencies by 2012, reports the Times of London. In recent months Beijing has inked currency-swap deals with central banks from Korea...

Collectors Eye California IOUs
 Collectors Eye California IOUs 
Jul 25, 2009 6:57 AM CDT

Collectors Eye California IOUs

(Newser) - California's recently issued IOUs are only the latest in a long history of dollar substitutes in America, the Wall Street Journal reports, and they're already being eyed by collectors of  temporary currency on everything from leather to plywood to old tires to clamshells. Schwarzenegger's scrip is plain in comparison to...

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