Tag Archives | U.S. dollar

The Proposal to Redesign the Dollar That’s Weirdly Blowing Up the Internet

So what do you think of this proposed redesign of American paper currency, disinfonauts? From Foreign Policy:

When Travis Purrington, an Idaho-born designer, embarked in 2011 on a project to redesign the dollar as part of his master’s degree, he paid a visit to the Swiss designer Roger Pfund, a legend in the industry and the winner of a competition in the 1970s to redesign the Swiss franc. Pfund’s design was eventually passed over for another but his ideas live on in Switzerland’s national brand, including in its passport, another Pfund creation. “A bank note,” Pfund told Purrington, “is an ambassador for a country.”

That idea is certainly one way to understand Purrington’s ideas about how to redesign the moribund American banknote. Purrington’s 2011 master’s thesis at the Basel School of Design presents that proposal, and it’s blown up online in recent weeks. Wired marveled at the idea of having our money redesigned to celebrate science instead of presidents. 

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France Wants New System Of Global Currencies

1-christine-lagarde_384 Are the days of each nation having its own currency numbered? France is calling for a global financial system based around “international currencies,” RTE News reports:

France, as current head of the Group of 20 countries, will help the transition to a global financial system based on ‘several international currencies’, French Economy Minister Christine Lagarde said today.

Lagarde, speaking ahead of a G20 finance ministers meeting in Paris on Friday and Saturday, said the world had to move on from the ‘non-monetary system’ it now has to one ‘based on several international currencies’.

Accordingly, France wants to see less need for countries, especially the emerging economies, to accumulate huge foreign reserves, she said.

At the same time, international capital flows should be better regulated and the role of the Special Drawing Rights issued by the International Monetary Fund should be reinforced by the inclusion of China’s yuan in the system.

China, whose booming economy now ranks second only to the US in size after overtaking Japan, has accumulated massive forex reserves of more than $2.5 trillion on the back of its sustained trade surpluses and foreign fund inflows.

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Job Surge Boosts Economic Outlook

Employment has a slight rise, lay-offs see a decrease, college grads smile? Reuters reports:

A surprise surge in private-sector employment last month to its highest level on record provided the most bullish signal in months that the U.S. economy is on the mend.

“Sometimes numbers come as bolts from the blue; this is one of them,” said Ian Shepherdson, chief U.S. economist at High Frequency Economics.

Private employers added 297,000 jobs in December, triple the median estimate by economists and up from the gain of 92,000 in November, an ADP Employer Services report, whose data goes back to 2000, showed on Wednesday.

The report undercut the prices of the U.S. Treasury securities, and helped the U.S. dollar gain against the yen and the euro. U.S. stocks opened lower though they did pare losses after the jobs news.

[Continues at Reuters]

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