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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...

Broke? Try Paying Like Our Ancestors, With Shells, Beans

(Newser) - Sure, the global economy might collapse spectacularly and send us all back to a barter system. But that’s inefficient, Greg Sabin writes on Mental Floss, and “almost all civilizations have come up with currencies.” A sampling of what might be in your wallet next week:
  • Shells: "
...

Dollar Headed for Biggest Gains Since '81: Bankers

Greenback set for 17.1% gain against euro

(Newser) - The dollar is poised for its biggest advances in 28 years, according to Deutsche Bank, which predicts a 17.1% gain against the euro by the end of the year. Other banks polled by Bloomberg are similarly bullish about the greenback, which has just endured its worst quarter since 2002....

Dollar Hits 2009 Low
 Dollar Hits 2009 Low 
May 22, 2009 6:48 AM CDT

Dollar Hits 2009 Low

Credit rating fears send greenback falling against pound, euro

(Newser) - The dollar fell to its lowest level of the year today as investors grew nervous that the US could lose its triple-A credit rating, Reuters reports. The greenback declined to $1.39 against the euro and $1.58 against the pound, echoing similar drops across the world. Yesterday, Moody's said...

Forget Dollars, Make Your Own Currency

'Complimentary' monetary systems next big thing, futurist says

(Newser) - Futurist Douglas Rushkoff is trying to talk Craig Newmark into creating “craigbucks,” a specialized currency for trading goods on Craigslist. Rushkoff, who notably predicted the rise of social media, thinks do-it-yourself “complimentary currency” is the future of money, Portfolio reports. Complimentary currencies typically spring up and thrive...

Boy George Replaces Queen on Fake Bills

British shop workers fooled by his-head-for-hers forgery

(Newser) - Boy George made a convincing stand-in for the Queen on a counterfeit note found in Britain this week, the Daily Telegraph reports. The £20 note was passed at a stationary shop and the staff didn't realize it was a fake until a bank worker checked the anti-forgery watermark and...

China: Ditch the Dollar as World Standard

Central bank says IMF asset could be solution

(Newser) - Highlighting international anger over the sorry state of the US economy, China has called for the dollar to be dumped as the global currency standard, the Wall Street Journal reports. China’s central bank said an International Monetary Fund asset could take over the dollar’s global role, Reuters reports....

Geithner: China 'Manipulating' Its Currency

Strong charge could roil relations at a delicate time

(Newser) - Tim Geithner today accused China of "manipulating" its currency, a volatile charge in the diplomatic world that is certain to anger Beijing and possibly prompt it to sell some of its massive reserves of US dollars, the New York Times reports. The Treasury nominee made the accusation in a...

Feds: Today's Counterfeiters Are Poor Copies

Ink-jet amateurs replace skilled crooks who once fooled experts

(Newser) - Secret Service agents are waxing nostalgic for counterfeiters of old, the Kansas City Star reports. The printers who once produced 20s, 50s, and 100s good enough to fool experts have been replaced by home office crooks who reproduce small bills on ink-jet printers. "It’s a lost art,"...

Dow Off 100 as Rate Rally Dies
 Dow Off 100 as Rate Rally Dies 
MARKETS
Dec 17, 2008 3:27 PM CST

Dow Off 100 as Rate Rally Dies

Stocks fall on poor earnings, more job cuts

(Newser) - Stocks turned lower as jubilation over the Fed’s rate cut yesterday died down and concerns about the slumping economy returned today, the Wall Street Journal reports. Losses by Morgan Stanley and Goldman Sachs dragged financials lower. The Dow closed down 99.80 at 8,824.34. The Nasdaq fell...

Russia's Credit Rating Lowered
 Russia's Credit Rating Lowered 
Dec 9, 2008 1:59 PM CST

Russia's Credit Rating Lowered

Putin in trouble

(Newser) - The plummeting ruble might just bankrupt Russia, the Financial Times reports. Standard and Poor’s has dropped the G8 member’s credit rating from BBB+ to the lowly BBB, warning that the country may have to spend all $200 billion in its sovereign wealth funds to recapitalize the banking system...

Dollar's Long Rally Likely to Stall in 2009
Dollar's Long Rally Likely
to Stall in 2009
ANALYSIS
Dec 8, 2008 5:28 AM CST

Dollar's Long Rally Likely to Stall in 2009

Recession, low interest rates will catch up with buoyant greenback

(Newser) - The once moribund dollar has soared 20% against foreign currencies since July, one of the few bright spots in a grim financial landscape. The dollar traded against the euro at $1.28 this morning, down from a high of over $1.60 this summer. But the dollar's rally is expected...

Fed Grabs Another $30B in Currency Swap

Lines set up with banks in Australia, Europe to ease credit

(Newser) - The Federal Reserve announced today that it had set up another $30 billion worth of currency swap lines—designed to put more dollars into world markets—in its latest effort to deal with the credit market. The Fed arranged two $10 billion reciprocal circuits with Australia and Sweden’s central...

Asian Markets Plunge
 Asian Markets Plunge 
Sep 16, 2008 3:25 AM CDT

Asian Markets Plunge

US financial turmoil sparks regional selling frenzy

(Newser) - Asia's markets took a huge hit today amid fears of a US financial meltdown, the Wall Street Journal reports. Markets in Hong Kong, Japan, and South Korea were spared from the global plunge yesterday due to a public holiday—but the respite proved to be short-lived. Japan and Hong Kong's...

Dollar Soars to 1-Year High
 Dollar Soars to 1-Year High 
Sep 8, 2008 8:06 AM CDT

Dollar Soars to 1-Year High

Greenback climbs higher still after Fannie-Freddie bailout

(Newser) - The dollar rallied to a 1-year high against the world's currencies today, following Treasury's decision to seize control of Fannie Mae and Freddie Mac. After an early hiccup, the greenback advanced to $1.41 against the euro while also climbing against the yen, the pound, and the Swiss franc. While...

Pound Plunges to Record Low Against Euro

Gloomy economic outlook sends British currency tumbling

(Newser) - The British pound has sunk to its lowest level ever against the euro since the European currency was introduced in 1999, the Financial Times reports. The fall follows Chancellor Alistair Darling's dire warning that the outlook for the British economy is the worst in 60 years. The pound dropped to...

'Buried Treasure' Riddle Stumps Feds

Man has been trying to exchange millions in moldy notes for years

(Newser) - It was found in a suitcase in an alfalfa field. It was in a tree. A treasure map led to a coffin full of money. Customs broker Franz Felhaber has been giving different stories about how he came to have up to $20 million in decomposing dollars for years, the...

Loving Low Dollar, Europeans Come to Shop

Tourism is up 21% in April alone

(Newser) - The weak dollar is forcing Americans to shelve travel plans, but Europeans are flying over to score on stellar exchange rates. With the British pound worth $1.99 and the euro $1.58, tourists are coming to the US to shop: More than 15 million visited in the first 4...

Paper Shortage Deepens Crisis in Zimbabwe

With inflation at 40M%, government can't print money to keep pace

(Newser) - International sanctions and hyperinflation have left Zimbabwe nearly unable to print money, the Guardian reports. Stocks are nearly depleted since shipments ceased early this month from the German firm that supplied paper for banknotes; worse, the license will soon expire on the software used to design and print the bills....

Paper Co. Cuts Off Supply of Zimbabwe's Bank Notes

Secretive German firm caves to pressure

(Newser) - The German company that supplies Zimbabwe with the paper for its hyper-inflated currency has caved to pressure from the German government and stopped doing business with embattled dictator Robert Mugabe. The secretive Bavarian firm, Giesecke & Devrient, had been airlifting tons of special blank bank notes—fortified with watermarks and...

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