Keyword: currency

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  • Facebook’s cryptocurrency to debut next week backed by Visa, Mastercard, Uber, and others: WSJ

    06/14/2019 5:22:02 AM PDT · by DEPcom · 37 replies
    The Verge ^ | Jun 14, 2019 | Jon Porter
    Facebook has secured the backing of over a dozen companies for its upcoming Libra cryptocurrency set to be announced next week, The Wall Street Journal reports. These companies include major financial organizations like Visa and Mastercard, and internet darlings like PayPal, Uber, Stripe, and Each will invest around $10 million to fund development of the currency, and will become part of the Libra Association, an independent consortium that will govern the digital coin independently of Facebook.
  • Justices reject challenge to 'In God We Trust' on U.S. money

    06/10/2019 7:58:31 AM PDT · by jazusamo · 34 replies
    The Washington Times ^ | June 10, 2019 | Alex Swoyer
    The Supreme Court rejected a case Monday brought by an atheist who wanted to scrub “In God We Trust,” the U.S. motto, from the nation’s currency, claiming it was an entanglement of state and religion. Michael Newdow, an activist who previous challenged reciting the Pledge of Allegiance in schools, had set his sights on money, but lost at the district, circuit and now Supreme Court levels. On behalf of a group of atheists, Mr. Newdow argued America’s money lacked an reference to God until 1864, when it was added in. He said that amounted to an endorsement of religion.
  • China is letting value of yuan slide to offset trade war tariffs, US Treasury Secretary Mnuchin says

    06/09/2019 3:50:06 AM PDT · by cba123 · 18 replies
    SCMP ^ | UPDATED : Sunday, 9 Jun 2019 | Karen Yeung
    US Treasury Secretary Steven Mnuchin on Saturday accused China of allowing the value of its currency to slide in a bid to offset the impact of Washington’s trade tariffs on the cost of its goods to American consumers. “It’s not coincidental in my mind that the currency has moved from approximately 6.30 [yuan to the US dollar] to 6.90,” the official said on the sidelines of the G20 finance leaders’ meeting in Japan. (Please see link for full article)
  • Harriet Tubman won’t be featured on the $20 bill until 2028: Mnuchin

    05/22/2019 6:45:50 PM PDT · by SMGFan · 118 replies
    NYPost ^ | May 22, 2019
    Anti-slavery activist Harriet Tubman won’t appear on US currency for nearly a decade, Treasury Secretary Steven Mnuchin said Wednesday. An image of Tubman, a former slave who helped others escape to freedom through the Underground Railroad, was supposed to replace President Andrew Jackson on the $20 bill next year. “The primary reason we’ve looked at redesigning the $20 bill is for counterfeiting issues,” Mnuchin said in front of Congress on Wednesday. “Based upon this, the new $20 bill will now not come out until 2028,” he added. President Trump criticized the plan to replace Jackson on the note during the...
  • In Money We Trust?

    05/22/2019 2:57:48 AM PDT · by Kaslin · 25 replies ^ | May 22, 2019 | John Stossel
    Look at the dollar bills in your wallet. They say they are "legal tender for all debts."But are they? What makes them valuable? What makes them worth anything?Each bill says, "In God We Trust." But God won't guarantee their value.The $20 bill depicts the White House. Congress is on $50s. But neither guarantees the value of our dollars.I wouldn't trust them if they did. I don't trust politicians, generally, but I especially don't trust them with money. Since President Richard Nixon took the U.S. off the gold standard, the dollar has lost 80 percent of its value.So what makes money...
  • Why Yuan at Seven Would Risk Further Inflaming Trade Dispute

    05/20/2019 10:11:01 AM PDT · by BeauBo · 16 replies
    MSN ^ | 19 May, 2019 | Enda Curran and Tian Chen
    The yuan’s recent slide risks re-igniting one of U.S. President Donald Trump’s favorite criticisms of China: that Beijing weakens its currency to aid exporters. While analysts say the exchange rate is being driven by souring market sentiment as China’s economy slows and the U.S. ramps up tariffs, the slide towards 7 against the dollar comes during crunch trade negotiations. The offshore yuan has fallen almost 3% this month, making it the worst performing currency in Asia, and the onshore yuan broke the 6.9 level on Friday for the first time this year.
  • China’s currency is sending a warning signal about the trade war

    05/17/2019 12:49:25 PM PDT · by SeekAndFind · 24 replies
    CNBC ^ | 05/17/2019 | Patti Domm
    China’s currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it’s signaling that things aren’t going well. The question is whether that signal is intentional, and whether Chinese officials will step in to prevent the yuan from reaching a key psychological low of 7 to the dollar. That level has become a line in the sand for markets around the world, and if broken, it could trigger a negative reaction in risk markets globally, as investors move to price in a bigger economic impact from a longer, more contentious trade war. The yuan has...
  • Facebook Building Cryptocurrency-Based Payments System

    05/03/2019 11:48:13 AM PDT · by cann · 18 replies
    WSJ ^ | May 2, 2019 | By AnnaMaria Andriotis, Liz Hoffman, Peter Rudegeair and Jeff Horwitz
    Facebook Inc. is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system on the back of its gigantic social network.
  • USA, USA, USA: Dollar Soars as Traders Pile into U.S. Assets

    04/24/2019 12:53:32 PM PDT · by SeekAndFind · 15 replies
    Money Show ^ | 04/24/2019 | Matt Weller
    Global capital is flooding into U.S. markets as many traders return from a long holiday weekend. Traders woke up to news that China may be reeling in its stimulus measures and that President Trump is vowing to reciprocate EU tariffs. Despite these potentially ominous headlines, the U.S. economy remains one of the few seeing steady growth, and traders are piling into U.S. assets. 1) US Dollar Index Tests 10-Month Highs As we noted last week, the U.S. Dollar index has formed “a large ‘ascending triangle’ pattern, which could foreshadow an explosive rally if the 97.70 barrier is eclipsed.” Rates peeked...
  • Katsushika Hokusai’s Iconic Artwork Bound for Japanese Currency

    04/10/2019 6:48:48 AM PDT · by simpson96 · 39 replies
    CNN ^ | 4/9/2019 | Staff
    An instantly recognizable artwork—Katsushika Hokusai’s woodblock print The Great Wave off Kanagawa—is set to appear on Japan’s 1,000-yen banknote. Just one of several new designs announced—others including images of industrialist, Eiichi Shibusawa; educational reformist, Tsuda Umeko; and more—the Hokusai note will depict Nobel Prize-nominated bacteriologist Shibasaburo Kitasato on the other side. The new designs will be circulating by 2024.
  • Maduro's cryptocurrency 'genius' once pushed US sanctions (Venezuela, Russia, Turkey)

    07/25/2018 3:37:03 PM PDT · by Texas Fossil · 10 replies
    AP News ^ | Mar. 19, 2018 | JOSHUA GOODMAN
    CARACAS, Venezuela (AP) — A chief strategist of Venezuela's government-backed cryptocurrency is a former U.S. congressional intern who once organized protests against the same socialist administration he's now helping to circumvent U.S. financial sanctions.Gabriel Jimenez, 27, was catapulted to something of tech stardom in Venezuela last month when he stood alongside President Nicolas Maduro and two Russian businessmen on national TV signing a contract to position the petro, as the fledgling currency is known, among international investors."It's a company founded and led by young Venezuelan geniuses, boys and girls of Venezuela, who have one of the most technologically advanced blockchain...
  • Tuesdays with Teeka: America’s Second Civil War

    10/09/2018 10:26:40 AM PDT · by Kaslin · 15 replies ^ | October 2, 2018 | Teeka Tiwari
    I see a Second Civil War breaking out in America. Now, I realize we’ve heard this before. And when I first uncovered this research, I almost dismissed it as sensationalist clickbait. But I’m glad I didn’t. This Civil War won’t be a shooting war. We’re not going to have a war between the North and the South on the battlefields of Fort Sumter or Gettysburg. It’ll be an economic Civil War… One in which states could exert their financial independence. And for the first time, we have the technology to make this possible. Before I get to the technology, I...
  • Turkey eager to use local currencies in trade: FM (with Venezuela)

    09/23/2018 9:54:10 AM PDT · by Texas Fossil · 14 replies
    Anadolu Ajansı (Turkish State Propaganda Source) ^ | 9-22-2018 | Fatih Hafız Mehmet and Tugcenur Yilmaz
    Currencies should not be used as instruments to attack other countries' economies, says Mevlut Cavusoglu, referring to US ANKARA / CARACAS, Venezuela Turkey is eager to use local currencies in bilateral trade deals to counter attacks by the U.S., Turkey’s foreign minister said late Friday. "We are so keen actually to use local currencies in our bilateral trade, not only between Turkey and Venezuela, but also between Turkey and other countries," Mevlut Cavusoglu told a joint press conference in Caracas with his Venezuelan counterpart Jorge Arreaza. Cavusoglu said since Washington has been using the dollar as a tool to attack other countries’ economies,...
  • Argentina's central bank hikes rates to 60% as the currency collapses

    08/30/2018 10:50:10 AM PDT · by Red Badger · 33 replies
    cnbc ^ | 08/30/2018 | Sam Meredith
    Investors are increasingly concerned Latin America's third-largest economy could soon default as it struggles to repay heavy government borrowing. The peso is down more than 45 percent against the greenback this year, exacerbating pre-existing fears over the country's weakening economy and inflation running at 25.4 percent this year. "I know that these tumultuous situations generate anxiety among many of you ... I understand this, and I want you to know I am making all decisions necessary to protect you," Macri said. Argentina is struggling to cope with yet another financial crisis. Investors are increasingly concerned Latin America's third-largest economy could...
  • Stocks rally hits pause, peso and lira tumble (Venezuela, Turkey)

    08/31/2018 5:37:21 AM PDT · by Texas Fossil · 20 replies
    Yahoo News (from AFP) ^ | August 30, 2018 | AFP
    Stock markets dropped Thursday on profit-taking after a recent run higher on optimism on trade deals, and news on more US tariffs on China, while Argentina's peso and the Turkish lira tumbled. The peso slumped to a new record low, prompting Argentina's central bank to raise its benchmark interest rate to 60 from 45 percent in a bid to arrest a slide in its value. The drop came even after the International Monetary Fund's agreed to consider Argentina's request to speed up payments under its $50 billion loan. The peso fell 13 percent against the US dollar, taking its losses...
  • U.S. court rejects atheists' appeal over 'In God We Trust' on money

    08/29/2018 7:05:36 AM PDT · by Leaning Right · 20 replies
    Reuters ^ | AUGUST 28, 2018 | Jonathan Stempel
    A federal appeals court on Tuesday said printing “In God We Trust” on U.S. currency is constitutional, citing its longstanding use and saying it was not coercive. The 8th U.S. Circuit Court of Appeals in St. Paul, Minnesota rejected claims by 29 atheists, children of atheists and atheist groups that inscribing the national motto on bills and coins violated their First Amendment free speech and religious rights.
  • Venezuela 'paralysed' by launch of sovereign bolivar currency

    08/21/2018 5:03:49 PM PDT · by Libloather · 30 replies
    BBC ^ | 8/21/18
    Venezuela came to a standstill on Tuesday as the country tried to deal with its newly introduced currency. Thousands of businesses closed in order to adapt to the "sovereign bolivar", and many workers stayed at home. President Nicolás Maduro launched the new banknotes on Monday, revaluing and renaming the old bolivar currency. The government says this will tackle runaway inflation, but critics say it could make the crisis worse. The notes went into circulation on Tuesday.
  • Turkey's lira weakens 6% more on threat of more U.S. sanctions; U.S. Pastor's Appeal Rejected

    08/17/2018 8:19:58 AM PDT · by SeekAndFind · 11 replies
    Reuters ^ | 08/17/2018 | Daren Butler, David Dolan
    Turkey’s battered lira weakened more than 6 percent against the dollar on Friday, after a U.S. warning that Ankara should expect more economic sanctions unless it hands over detained American evangelical pastor Andrew Brunson. It has lost nearly 40 percent of its value against the dollar this year, hit by both the diplomatic rift and investor alarm about President Tayyip Erdogan’s influence over monetary policy. Erdogan, a self-described “enemy of interest rates”, wants to lower borrowing costs despite high inflation. The currency crisis has deepened concerns about the broader economy - particularly Turkey’s dependence on energy imports and whether foreign-currency...
  • Turkey’s Currency Meltdown

    05/24/2018 12:14:14 PM PDT · by BeauBo · 65 replies
    Wall Street Journal ^ | 23 May 2018 | WSJ Editorial Board
    Turkey’s lira fell as much as 5% on Wednesday (23 May '18), and it’s lost more than a fifth of its value this year... On Wednesday the (Turkish Central) bank lifted a key lending rate to 16.5% from 13.5%... Mr. Erdogan has wanted to keep interest rates low before the June 24 parliamentary and presidential elections when he hopes to consolidate even more power.
  • Iran Faces Economic Challenges as Its Currency Plunges

    05/04/2018 12:39:21 PM PDT · by detective · 18 replies
    Algemeiner ^ | May 4, 2018 | Doron Itzchakov
    The sharp decline in the value of the Iranian currency is causing upheaval in the Iranian economy, and challenging the government and the banking sector. The local currency’s plunge to a rate of 6,000 tomans to the dollar, despite the high level of oil and gas revenues, reflects a lack of trust between the citizens and the banking system. A consideration of Iran’s economic policy sheds light on the limitations of the “dual economy” practiced by the Islamic Republic since its inception. At a time when Iran’s moves in the geopolitical sphere are getting the lion’s share of public attention,...