One would have to be daft indeed to be currently unaware of the plummeting value of the United States Dollar on the global exchange market. Not always mentioned in conjunction with the “sub-prime meltdown” and the “likely, impending, certain, oh-shit-maybe-it’s-already-here…or-is-it” U.S. economic recession, the decrease in the USD’s worth worldwide is nonetheless inextricably linked to these phenomenon. In a wonderful example of the wholly unfortunate, in fact, the frantic blind punches being thrown at the recession by Washington are almost certainly contributing to the dollar’s 2007 New York Mets-esque trajectory to the toilet.
Ben Bernanke’s capitulating swipes at nearly every main Fed rate can only mean inflation in the long run, assuming that they succeed in doing that which they are supposed to – making the dollar less expensive to borrow and encouraging its being spent at the cost of those who tend to save. The recently-passed tax rebate checks, which I’m frankly surprised aren’t being delivered in the form of Best Buy gift cards, do the exact same thing, and have the added benefit of being tacked on to our standing national debt. Mike Huckabee, a favorite son of this blog, took a moment to stop lambasting perceived immorality to point out that borrowing more than $150 billion from China in order to purchase $150 billion in Chinese-manufactured goods hardly does the U.S. economy and real good. Douchebag has a point.
So, things have long been looking down. I mean, even the Canadian dollar is beating the USD, and it’s called a Loonie! Nonetheless, I have seen no better testament to the dollar’s impotence than the one with which I was presented last week. (Now, I’ll here be forced to admit that I don’t keep it as real as I once did with respect to the pop-music scene, so this may not be news to all.) In his recent video “Blue Magic,” Jay-Z prominently features sizebale stacks of money. Big deal, right? The Jigga Man (SP?) has long provided verification of his wealth through the visual presentation of cash in his videos. Well, in this particular instance, the currency in question happens to be the Euro.
Currently trading at 1.4674 USD, the Euro is indeed a sound investment for its stability, largely the result of being tied to a diverse array of economies. Nonetheless, it is more than a little troubling to imagine wealthy rappers – perhaps one of our country’s only currently viable exports – dropping the fattest of stacks of American currency on the market in favor of holding in Euros. Fuck the Fed rate; if the self-proclaimed American Gangster has is dumping his dollars on the global market, we are in some serious trouble. I wouldn’t dream of suggesting that Jay-Z owes the U.S. anything in terms of loyalty, but out of a purely self-interested sentiment, I can’t help but wishing the nostalgic appeal of Benjamins still held sway. I seriously doubt Diddy could tell you whose face was on the 100 Euro note, much less seamlessly weave that leader’s given name into a catchy tune. He’s busy re-making the band, anyway.